[ad_1]
(Bloomberg) — Upstart private credit firm Corinthia Global Management approached Barings and parent MassMutual about buying certain Barings assets and overseeing some of its portfolios, after poaching more than 20 people from the firm, according to people with knowledge of the matter.
Corinthia proposed acquiring assets from Barings including the firm’s shares in Barings BDC, its publicly-traded business development company, at market value, one of the people said, asking not to be named discussing a private matter. That stake is valued at more than $100 million, according to Barings’ most recent regulatory filings.
The new private credit manager also offered to provide portfolio management services to Barings Global Private Finance, which includes Barings’ direct lending operations, and assume management of its funds over time, subject to investor and regulatory approvals, the person said. The company also proposed sharing some revenues, the person added.
Discussions haven’t advanced and the two firms are not currently engaged in talks regarding the proposal, the people said.
“We are not in discussion with Corinthia,” Barings spokesperson Melanie Gounardes said in an emailed statement. “We have successfully transitioned to new leadership in our Global Private Finance platform,” adding “we are focused on serving our clients globally and are committed to investing and managing their assets with our deep bench of senior leaders.”
Since the recent departures, Barings has appointed Bryan High as its new head of global private finance and Eric Lloyd as chairman of global private finance, Gounardes added.
Representatives for Corinthia and MassMutual declined to comment.
Read more: Nomura-Backed Corinthia Hires Private Debt Team From Barings
Corinthia is a new private credit manager backed by Nomura Holdings Inc. that officially launched on Thursday. The company made waves by poaching more than 20 people from Barings in one of the largest so-called team lifts at an alternative asset manager in recent years, including multiple employees based in London and the US.
The new venture will be led by Paul Weightman, an Australian investment veteran who was previously the executive chairman of Cromwell Property Group. Ian Fowler and Adam Wheeler, who served as the co-heads of Barings’ global private finance group, will be joining Corinthia management.
Private credit has grown to $1.7 trillion globally, prompting numerous firms to seek exposure to the asset class.
Read more: Corinthia Launches Private Credit Firm After Barings Hires
More stories like this are available on bloomberg.com
©2024 Bloomberg L.P.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 16 Mar 2024, 02:51 AM IST
[ad_2]
Source link