APCL Group is a UK-based operator of critical hard infrastructure assets, serving key end-markets including defence and industrial sectors.

This transaction underscores Barings continued focus on backing high-quality assets and experienced management teams through tailored financing solutions.

The financing was provided jointly by Barings and a co-lender.

“We are pleased to partner with Balaena and the APCL management team,” said Tom Kilpatrick, Managing Director, Capital Solutions & Private Finance at Barings. “This investment represents a compelling opportunity to back a proven operator of critical hard infrastructure assets in the UK, and we look forward to supporting its next phase of growth.”

About Barings
Barings is a $481 billion* global alternative asset manager that partners with institutional, insurance and wealth clients and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual with a minority investment from MS&AD, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets.

*As of March 31, 2026

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