Investment Philosophy

Our infrastructure debt investment philosophy is based upon the financing of critical, long-lived, capital intensive assets with competitive barriers that meet key social and/or economic needs. We view investment grade quality infrastructure debt as a complimentary addition to core fixed income allocations and therefore are focused on investments with meaningful downside protections (seniority, covenants, security) and incremental relative value versus comparable quality investments. We believe disciplined origination and credit underwriting can deliver portfolio diversity, reduced correlation to economic cycles, and attractive, risk-adjusted returns.

Our primary strategy consists of lending to essential infrastructure projects and assets in the following regions and sectors:

• Regions: Americas, EMEA, Australia/NZ
• Core Infrastructure: Toll roads, ports, airports and rail lines
• Power and Energy: Conventional and renewable power generation, transmission & distribution, and midstream
• Public Private Partnerships: Government payments for availability-based assets (roads, hospitals, educational, and government facilities, etc.)

Our Value Add

• Proven Track Record: Longstanding track record with no credit or default losses.*  Consistent incremental spread pick up versus comparable rated investments
• Differentiated Global Origination: As a reliable and flexible capital provider to the global private debt markets, Barings has developed valuable relationships with banks, sponsors and issuers that drive consistent and diversified deal flow. More than 300 investment opportunities screened within the last two years
• Globally Diversified Portfolio: Approximately 50% of portfolio consists of non-U.S. issuers, representing investments domiciled in 20 countries
• Alignment of Interests: Proprietary capital is typically invested alongside that of third-party accounts
• Scale: Over $3.6 billion of global infrastructure debt investments originated since 2015
• Dedicated Investment Team: Comprised of 10 dedicated investment professionals

*Identifiable track record begins in 2004.