Private Credit

Debt’s Bull Case ‘Remains Intact’

March 2023 – 5 min read

In this Q&A, Pieter Welman describes how an evolving political backdrop and the urgency of the energy transition are shaping the opportunity in infrastructure debt.

Ten years ago, Barings made the decision to set up an infrastructure debt team, initially to handle in-house funds. "We were one of the early investors in this space to set up teams," says Pieter Welman, head of global infrastructure.

As the business grew, the team launched a third-party offering and raised a commingled high-yield debt infrastructure fund. Its focus is primarily on North America and Europe, and with a book worth close to $15 billion now, Welman believes "size does give you an advantage, but it is also important to demonstrate that you have 'flexible capital' and are willing to work with different partners and come up with innovative structures". He surveys the current infrastructure debt scene and finds there is a lot to be positive about.

Want to read the full article?

View PDF
Headshot of Pieter Welman smiling at the camera.

Pieter Welman

Head of Global Infrastructure

Important Information

The document is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This document is not, and must not be treated as, investment advice, investment recommendations, or investment research.

In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved and before making any investment decision, it is recommended that prospective investors seek independent investment, legal, tax, accounting or other professional advice as appropriate.

Unless otherwise mentioned, the views contained in this document are those of Barings. These views are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Parts of this document may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this document is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information.

Forecasts in this document reflect Barings’ market views as of the preparation date and may change without notice. Projections are not guarantees of future performance. The value of investments and any income may fluctuate and are not guaranteed by Barings or any other party. Examples, portfolio compositions, and investment results shown are for illustrative purposes only and do not predict future outcomes. Actual investments may differ significantly in size, composition, and risk. No assurance is given that any investment will be profitable or avoid losses. Currency exchange rate fluctuations may impact investment value.

Investments involve risks, including potential loss of principal. Past performance is not indicative of future results. Investors should not only base on this document alone to make investment decision.

This document is issued by Baring Asset Management (Asia) Limited. It has not been reviewed by the Securities and Futures Commission of Hong Kong.

Related Viewpoints