Key Takeaways
- • Barings and the North Carolina Investment Authority (NCIA) announced an expanded partnership representing $2.1 billion in committed capital for Barings' real estate debt and capital solutions strategies.
- • The mandate comprises $1 billion for loans secured by institutional-quality commercial real estate across North America and Europe, $800 million for Barings' CMBS strategy, and $300 million for its Capital Solutions strategy.
- • The partnership builds on more than ten years of Barings serving as an asset manager for the North Carolina Retirement Systems, which covers 875,000 active and retired public employees.
- • NCIA manages the North Carolina pension fund totaling $149 billion as of June 30, and is chaired by State Treasurer Brad Briner.
Summary
Barings, described as one of the world's leading alternative investment managers, and the North Carolina Investment Authority (NCIA) announced an expanded partnership representing $2.1 billion in committed capital, according to a Business Wire release. The mandate covers Barings' real estate debt and capital solutions strategies.
The largest component is $1 billion to be invested in loans secured by institutional-quality commercial real estate in strategic locations across North America and Europe. An additional $800 million has been committed to Barings' Commercial Mortgage-Backed Securities (CMBS) strategy. The mandate also includes $300 million in committed capital for Barings' Capital Solutions strategy, which originates customized financings for corporate and non-corporate issuers across the capital structure with a focus on secured debt.
Barings has served as an asset manager for the North Carolina Retirement Systems, whose assets are now invested by NCIA, for over a decade. The release states that this relationship has supported attractive risk-adjusted returns for the state's 875,000 active and retired public employees, including teachers, police officers, firefighters, and public servants.
Mike Freno, Chairman and CEO of Barings, said the firm is focused on solving complex investment challenges and supporting long-term outcomes for North Carolina's public employees. NC Treasurer Brad Briner, who chairs the NCIA Board of Directors, said broadening the partnership is expected to help keep the pension plan stable and secure. Graham Seagraves, Head of North American Institutional and Consultant Relations at Barings, said the partnership combines multiple capabilities to advance the Retirement Systems' long-term objectives amid a dynamic market environment.
Barings is a $502 billion global alternative asset manager as of June 30, 2026, and is a subsidiary of MassMutual with a minority investment from MS&AD. NCIA was created under the 2025 State Investment Modernization Act and manages the North Carolina pension fund, which totaled $149 billion as of June 30.
The largest component is $1 billion to be invested in loans secured by institutional-quality commercial real estate in strategic locations across North America and Europe. An additional $800 million has been committed to Barings' Commercial Mortgage-Backed Securities (CMBS) strategy. The mandate also includes $300 million in committed capital for Barings' Capital Solutions strategy, which originates customized financings for corporate and non-corporate issuers across the capital structure with a focus on secured debt.
Barings has served as an asset manager for the North Carolina Retirement Systems, whose assets are now invested by NCIA, for over a decade. The release states that this relationship has supported attractive risk-adjusted returns for the state's 875,000 active and retired public employees, including teachers, police officers, firefighters, and public servants.
Mike Freno, Chairman and CEO of Barings, said the firm is focused on solving complex investment challenges and supporting long-term outcomes for North Carolina's public employees. NC Treasurer Brad Briner, who chairs the NCIA Board of Directors, said broadening the partnership is expected to help keep the pension plan stable and secure. Graham Seagraves, Head of North American Institutional and Consultant Relations at Barings, said the partnership combines multiple capabilities to advance the Retirement Systems' long-term objectives amid a dynamic market environment.
Barings is a $502 billion global alternative asset manager as of June 30, 2026, and is a subsidiary of MassMutual with a minority investment from MS&AD. NCIA was created under the 2025 State Investment Modernization Act and manages the North Carolina pension fund, which totaled $149 billion as of June 30.
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