Barings LLC (“Barings”) is a leading provider of investment advice to institutional clients, registered investment companies and other pooled investment vehicles. Barings and its predecessor organizations have been providing investment advice since 1940. As of December 31, 2018, Barings and its subsidiaries managed a total of $305 billion in client assets.

Barings is a wholly-owned indirect subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”). MassMutual’s affiliated companies include financial services companies that provide investment management services and individual protection insurance to clients worldwide.

The origin of Barings follows the paths of several early pioneers in investments and financing – Babson Capital Management LLC (“Babson”), Baring Asset Management Limited (“BAML”), Cornerstone Real Estate Advisers LLC (“CREA”) and Wood Creek Capital Management, LLC (“Wood Creek”). Babson, through its predecessor, David L. Babson & Company, Inc., was founded in 1940. Babson was acquired by MassMutual in 1995 and on January 1, 2000, the Investment Management Division (“IMD”) of MassMutual was consolidated into Babson.

On the other side of the Atlantic, BAML traces its roots to 1762, when the Baring brothers founded a merchant and banking firm in London. The firm was one of the first U.K. firms to form an investment department in 1955. Throughout the 1970s and 1980s, the firm continued to expand its asset management business internationally and, in 1989, combined its asset management activities within BAML, headquartered in London. BAML was acquired by MassMutual in 2004. In July 2016, BAML became an indirect, wholly-owned subsidiary of Babson. Babson changed its name to Barings LLC on September 12, 2016.

Adding to the rich history of pioneering investment advice, the IMD began advising on real estate debt transactions nearly 30 years ago for MassMutual. In 1994, CREA was established to provide real estate equity management to MassMutual and eventually third parties. In 2010, CREA combined with Babson’s real estate debt group to form a comprehensive real estate adviser. CREA changed its name to Barings Real Estate Advisers LLC on September 12, 2016 and merged with and into Barings on December 30, 2016.

Similarly, Wood Creek was established as an alternative assets investment manager in 2005 as part of a joint venture with MassMutual. Wood Creek became a wholly-owned subsidiary of Babson in 2011. On September 16, 2016, Wood Creek merged with and into Barings.

References to Barings throughout this Firm Brochure also refer, where applicable, to the activities of Babson and its predecessors, David L. Babson & Company, Inc., CREA, Wood Creek and those of MassMutual’s former IMD. Barings, together with its subsidiaries, is a global, diversified asset management firm with expertise in fixed income, equity, real estate and alternative asset markets. Barings is headquartered in Charlotte, North Carolina and has offices in 17 countries, including a long-standing established presence in Europe and the Asia-Pacific region. In North America, Barings provides a broad range of investment advisory and management services to sophisticated investors, including among others, pension plans, endowments, foundations, government entities and agencies, insurance companies, banks, private investment funds such as hedge funds, private equity funds and structured funds, registered investment companies, large family offices and other capital markets participants. Barings also provides investment advisory and management services to its ultimate parent company, MassMutual, and certain of MassMutual’s subsidiaries and affiliates. Barings’ investment activities are divided as follows:


Barings’ Fixed Income Group consists of five separate investment teams – INVESTMENT GRADE, GLOBAL HIGH YIELD, STRUCTURED CREDIT, EMERGING MARKETS and GLOBAL PRIVATE CREDIT. The Fixed Income Group manages portfolios of fixed and floating rate income assets and highly diverse corporate debt portfolios. The Fixed Income Group invests in a variety of fixed income and financing instruments across various industries as well as credit qualities and maturities in North America, Europe, Latin America, Africa/Middle East and the Asia-Pacific region. Investment capabilities include the management and trading of domestic and international senior secured loans, second lien loans, high yield bonds, unitranche, mezzanine, limited partnerships, private placements, government and agency obligations, mortgage and asset-backed securities, collateralized mortgage obligations, corporate debt securities, structured credit securities, municipal bonds, money market instruments, U.S. dollar and non-U.S. dollar denominated bonds, derivative instruments, convertible securities, and sponsorship of various funds, collective investment trusts, and pooled investment vehicles.


Barings’ Public Equity Group manages equity funds and separate accounts focused on public equity strategies. Investment capabilities include global natural resources, MLP, special situation, large cap U.S., small cap U.S., and balanced funds. ALTERNATIVE INVESTMENTS:

Barings’ Alternative Investments Platform consists of three separate investment groups – REAL ESTATE, FUNDS & CO-INVESTMENTS and PRIVATE EQUITY / REAL ASSETS. The Alternative Investments Platform seeks to find differentiated sources of return across private equity, real assets, asset-based investments and the four quadrants of real estate.

Barings’ Real Estate Group consists of four separate investment teams – PRIVATE REAL ESTATE EQUITY, PRIVATE REAL ESTATE DEBT, PUBLIC REAL ESTATE EQUITY SECURITIES and PUBLIC REAL ESTATE DEBT SECURITIES. Barings’ Real Estate Group manages real estate equity and debt products, including commercial mortgage origination, permanent mortgages, mezzanine and high yield, affordable housing and related activities. Investment capabilities include the management of public real estate securities, equity investments in real estate, real estate debt and alternative investments, mortgage loan servicing, and sponsorship of various pooled investment vehicles. Barings offers advisory services in the following real estate related investment sectors: Barings manages portfolios of public real estate securities (domestic and global, debt and equity) for mutual funds and institutional clients on a discretionary and non-discretionary basis. Barings provides investment advisory services with respect to direct real estate equity investments and asset management services. Equity investments in real estate typically span all property types including, but not limited to, multifamily, affordable housing, retail, office, industrial, parking, land, hotels, self-storage and student housing, as well as Section 42 affordable housing tax credit investments. Additionally, these properties may be completed (i.e., fully developed and operational) or in the development stage(s).

Barings provides investment advisory services with respect to real estate-related debt investments such as commercial mortgages, affordable housing mortgages, residential mortgages, syndicated commercial real estate debt, loan participations, mezzanine debt, and preferred equity loan facilities.

Barings is a mortgage loan servicer, providing private mortgage servicing for MassMutual and non-affiliated advisory clients. In addition, it provides private mortgage servicing in transactions where its affiliates, including MassMutual, and other advisory accounts co-invest with other non-advisory third party investors.

Barings’ Funds & Co-Investments Group develops customized investment programs and offers strategic advice to help investors reach their goals and objectives across segments of the private market. The Funds & Co-Investments Group makes minority investments in unaffiliated, third-party funds, as well as related equity co-investments, and transactions in the secondary market. Specific segments of the market where the team invests include buyouts, growth equity, venture capital, natural resources, infrastructure and real estate.

Barings’ Private Equity / Real Assets Group focuses on real asset and asset-based investments across different sectors, including, among others, transportation, financial services, agriculture, media & entertainment, energy infrastructure, pharmaceuticals, midstream agriculture and telecommunications. Barings provides investment advice regarding the purchase and sale of interests in partnerships, limited liability companies and other private funds (including hedge funds, private equity funds and other structured funds) with various investment strategies. The underlying assets of these interests include a broad range of debt and equity securities, as well as derivatives and other instruments.

Additional Information

In addition to the investments mentioned elsewhere in this Firm Brochure, Barings can invest in any security or financial instrument consistent with a client’s investment policies and restrictions. Examples of the other types of securities or instruments in which Barings invests include, without limitation, the following: senior secured loans; asset-backed securities (“ABS”); mortgage-backed securities (“MBS”); collateralized debt obligations (“CDOs”); equity in CDO funds; emerging market debt instruments; fixed income instruments; international (non-U.S.) government, agency or corporate securities; money market instruments; derivatives such as options, caps/floors, interest rate swaps, other swap types (e.g., credit default and total return swaps); futures; private placements; commercial mortgage-backed securities (“CMBS”); private equity; preferred equity; mezzanine; convertible securities; real assets (e.g., intellectual property rights, timber rights and rail cars) and repurchase agreements. Barings is the sponsor of various pooled investment vehicles to which it provides investment advice. Investors elect to invest in or with these vehicles by purchasing an interest in the Barings’ sponsored fund(s), through direct fund raising or through an affiliated broker-dealer. In these cases, the fund is the client of Barings. Accordingly, the investors in these funds are not advisory clients of Barings and do not impose restrictions on how to invest or manage the commingled fund. Barings, in its capacity of as manager or general partner of a fund, can create limited liability companies or limited partnerships (“SPEs”) for regulatory purposes, to hold certain assets or to hold title to real property assets. These SPEs are ultimately owned by the fund. Fund investors generally are not allowed to directly invest in these SPEs.

Barings provides investment management and advisory services in standard and customized specific account formats. These services are provided pursuant to a written investment advisory agreement between Barings and the client under which Barings agrees to manage the client’s funds in accordance with client-mandated investment objectives. Barings tailors services based on the client’s individual needs. For example, Barings could create a separately managed account for a client’s investment and will allow the client to provide specific investment objectives and guidelines for its account. Barings also allows the client to impose specific restrictions on investments, including types of investments within a separately managed account.

From time to time for certain investment strategies, Barings allows clients to invest in a co-investment vehicle alongside client accounts. Co-investment opportunities are not available or offered to all clients.

Barings can enter into sub-advisory agreements with affiliated and third party investment advisers or be engaged as a sub-adviser to assist in the management of certain funds, accounts and/or assets. In such instances, Barings will negotiate a sub-advisory agreement that details the services to be provided and the fee arrangement, among other items.

Barings also participates in “model-only” programs. In these programs, Barings provides an “investment model” to a nonaffiliated program sponsor. Barings acts as a non-discretionary investment adviser presenting a model portfolio to the program sponsor that is responsible for execution, client reporting, and all other client services. Fees and features of each model-only program vary. The program sponsors have sole discretion with respect to implementing a model, in whole or in part, for any client account. Any such implementation will be effected through trading arrangements entered into by the applicable program sponsor with third parties, and Barings therefore does not effect any trades in connection with its model-only advisory service. Generally, Barings does not have an advisory relationship with the underlying program clients. Delivery of this Firm Brochure to any underlying program client is for informational purposes only, and should not be construed to imply that any advisory relationship exists with Barings.

Barings is a signatory to the United Nations-supported Principles for Responsible Investment initiative. As a signatory, Barings has committed to adopt and implement the six principles that are a part of the initiative where consistent with Barings’ fiduciary responsibilities.

Barings believes that incorporating Environmental, Social and Governance (“ESG”) into our analysis gives us a more holistic understanding of the complex issues, risks, and value drivers that may impact our client portfolios. ESG risks are assessed during the due diligence stage for new investments and monitored through each proceeding stage of the investment. The ESG working group at Barings asses ESG trends across asset classes and how they may impact our clients. 8 Assets Under Management:

Barings’ regulatory assets under management as of December 31, 2018 (rounded to the nearest dollar):

Discretionary: $ 239,343,345,085 Non-Discretionary: $ 7,501,263,759 Total: $ 242,262,618,089 please register to get more info

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