/Investor DB

Barings BDC

Institutional investor

Charlotte · 10 people tracked

Also known as BARING ASSET MANAGEMENT LIMITED · BARING INTERNATIONAL FUND MANAGERS (IRELAND) LIMITED · BARING INTERNATIONAL INVESTMENT LTD · Barings · BARINGS (U.K.) LIMITED · BARINGS AUSTRALIA PTY LTD

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Investment thesis

Barings is a global diversified asset management organization with a long history in fixed income, private credit, real estate, and alternatives. Through Barings BDC, a publicly listed business development company created from the 2018 acquisition of Triangle Capital Corporation, the firm makes middle market investments. Subsequent mergers with MVC Capital and Sierra Income Corporation added scale to the Global Private Finance platform, positioning Barings BDC as a market-leading BDC.

Source: firm website, verified Sep 29, 2026.

HQ
Charlotte, NC, US
Leads rounds
Follows
Instruments
Equity · Debt
Founded
2016
Last 12 months
2 investments
AUM
$392.8B
Tracked investments
10
IPOs
2

Team · 10 people

from the firm's website & public directories
Mike Freno· Chairman and Chief Executive Officer

Named Chairman and CEO of Barings in 2020 to lead the firm's next phase of growth.

Eric Lloyd· Directorin
Ian Fowler· Executive Officerin
Jill Olmstead· Directorin
John Switzer· Director
Jonathan Bock· Executive Officer
Mark Mulhern· Director
Melissa LaGrant· Executive Officerin
Thomas Finke· Director
Thomas Okel· Directorin

What they invest in

from 10 of 10 portfolio companies

Enterprise Software ×4SaaS ×4Fintech ×3Hardware ×2Healthtech ×2InsurTech ×2Logistics & Supply Chain ×2Advanced Manufacturing ×1

HQs:United States×3Australia×1Germany×1United Kingdom×1

Investments · 10 tracked

founders shown can be your intro path

By year:2026 · 22024 · 12023 · 12022 · 12021 · 16 dated

Accelerantaccelerant.aiin𝕏NYSE: ARXJun 2023 · $150M

Accelerant is a data-driven marketplace that connects specialty insurance underwriters with capital providers through proprietary AI and analytics.

AI & Machine LearningData & InfrastructureFintechInsurTechSaaS

Jeff Radke(Founder)inChristopher Lee-Smith(Global Head of Distribution, Director and Co-Founder)in

Co-investorsAltamont Capital PartnersMS&AD VenturesEldridge

Bridger Aerospacebridgeraerospace.comNASDAQ: BAER

Bridger Aerospace provides aerial firefighting and special mission services aimed at protecting lives, property, infrastructure, and the environment from wildfires.

Climate TechDefense TechHardware

Sam Davis(President and Chief Executive Officer)inAdolphus “Bill” Andrews(Chief Operating Officer)inAnne Hayes(Chief Financial Officer)

Co-investorsVillage GlobalBain CapitalBlackstone

Martello Remartellore.cominAug 2024 · $935M✓ verified

Martello Re is a reinsurance firm that supports life and annuity insurers by providing access to capital and investment capabilities to help them grow profitably and meet policyholder obligations.

FintechInsurTechCharlotte, US

Matthew Kabaker(Director)Taylor Bodman(Director)Eric Hoffman(Director)Jeffrey Meskin(Director)Dennis Ho(Chief Executive Officer)Ellen Conlin(Director)

Co-investorsCenterbridge Partners, L.P.Real Tech Capital

Armstrong Transport Grouparmstrongtransport.cominJul 2026

Armstrong Transport Group is a logistics and freight brokerage company that manages transportation operations and relationships between carriers, shippers, and freight providers.

B2B MarketplacesLogistics & Supply ChainCharlotte, US

Cameron Ramsdell(Chief Executive Officer)inDavid Morris(CFO and EVP of Agent Recruiting)inVamsi Tirnati(Chief Technology Officer)inDerrick Howk(Chief Operating Officer)Emily Chiarizia(General Counsel)in

Co-investorsCarousel

Biocompositesbiocomposites.comin𝕏

Biocomposites develops and manufactures calcium-based and medical-grade polymer composite devices used in orthopaedic surgery, including products designed for use in the presence of infection.

BiotechHealthtechMedical DevicesNew MaterialsKeele, GB

Co-investorsAdams Street PartnersTA Associates

FLX Networksflxnetworks.comin𝕏Nov 2022 · $10M

FLX Networks operates a membership platform connecting asset management and wealth management firms, offering networking, investment insights, analytics, distribution services, event management, and marketing/PR tools through a single agreement.

Enterprise SoftwareFintechSaaS

Brian Moran(Founder & CEO)inKevin Barresi(Chief Technology Officer)in

Co-investorsDaybreak Partners

Northstar Recycling Companynorthstarrecycling.comin𝕏Oct 2021

Northstar provides managed waste and recycling programs for furniture and home product manufacturers, handling diverse material streams and vendor coordination to improve landfill diversion and cost control.

Advanced ManufacturingCircular EconomyCleantechEnterprise SoftwareImpact & Social GoodLogistics & Supply ChainLittle Falls, US

Seth Goodman(Chief Executive Officer)inNoah Goodman(President)in

Co-investorsRidgemont Equity

Operasanoperasan.de

operasan is a German company that operates nephrology and dialysis centers, providing outpatient treatment for patients with kidney disease across 30 locations.

Digital HealthHealthtech

Co-investorsDBAGDeutsche Beteiligungs AG

Permaconnpermaconn.comin

Permaconn provides fire alarm management and signalling systems designed for remote and hard-to-reach locations in Australia, offering self-managed solutions with dual connectivity redundancy to ensure system reliability.

Cloud ComputingEnterprise SoftwareHardwareIoTSaaSAustralia, AU

Co-investorsFive V Capital

Rightslinerightsline.cominJul 2026

Rightsline provides a cloud platform for managing rights and royalties, serving businesses in industries such as publishing and media/entertainment studios.

Enterprise SoftwareMedia & EntertainmentSaaS

Rob Delf(Founder)in

Co-investorsKlass CapitalHg Capital

Exits · 2

2 IPOs

AccelerantNYSE: ARXBridger AerospaceNASDAQ: BAER

Portfolio news

latest coverage across their companies

Fund performance · per public LP disclosures · 8

as of Jun 2025
FundVintageCommittedNet IRRTVPIDPI
Barings Emerging Generation Fund IILPs: Los Angeles City Employees' Retirement System2022—11.7%1.15x0.03x
Barings CMS FundLPs: South Carolina Retirement System Investment Commission2021—2.0%——
Barings Private Equity Asia VIIILPs: Northern LGPS2021——1.11x—
Barings Transportation Fund LPLPs: North Carolina Retirement Systems2021—8.6%1.68x0.37x
Barings Capital Investment CorporationLPs: South Carolina Retirement System Investment Commission2020—11.0%——
Barings Emerging Generation FundLPs: Los Angeles City Employees' Retirement System2020—16.4%1.52x0.18x
Barings Asia Real Estate IILPs: Maine Public Employees Retirement System2018—-5.4%0.86x0.13x
Barings Core Property Fund LPLPs: Connecticut Retirement Plans and Trust Funds2008—4.8%1.52x1.06x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Public market activity · per SEC filings

what is this? ⓘ
SC 13G filingSC 13G

Disclosed stake · filed Apr 2022

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SC 13G/A filingSC 13G/A

Disclosed stake · filed Feb 2021

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SC 13G/A filingSC 13G/A

Disclosed stake · filed Apr 2020

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SC 13G/A filingSC 13G/A

Disclosed stake · filed Feb 2020

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SC 13G/A filingSC 13G/A

Disclosed stake · filed Feb 2020

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SC 13G/A filingSC 13G/A

Disclosed stake · filed Feb 2020

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SC 13G/A filingSC 13G/A

Disclosed stake · filed Sep 2019

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SC 13G filingSC 13G

Disclosed stake · filed May 2019

view filing ↗
SC 13G filingSC 13G

Disclosed stake · filed Feb 2019

view filing ↗
SC 13G filingSC 13G

Disclosed stake · filed Feb 2019

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SC 13G filingSC 13G

Disclosed stake · filed Feb 2019

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SC 13D/A filingSC 13D/A

Disclosed stake · filed Feb 2019

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499 insider ownership filings (Forms 3/4/5)

at Barings BDC, Inc. (BBDC)

From the firm's own SEC EDGAR filings — stakes and insider roles in public companies, typically portfolio companies after an IPO. Not a portfolio list published by the firm.

Frequently asked questions

How many investments has Barings BDC made?
Barings BDC has 10 tracked investments, 2 of which have exited, including 2 dated in the last 24 months.
Where is Barings BDC located?
Barings BDC is headquartered in Charlotte, US.
Does Barings BDC lead rounds?
Barings BDC typically participates in rounds rather than leading them.

Media · Podcasts & interviews

from their channel

Build Your Career at Barings: Early Talent Programs

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The Expanding CLO Opportunity

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EM Debt: Still Undervalued?

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Replacing Equity Beta with High-Carry Credit

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How We Deliver Value

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Mike Freno: Live from the Milken Institute Global Conference

Barings

Images

Barings BDC photoBarings BDC photoBarings BDC photoBarings BDC photoBarings BDC photo

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