Barings highlights new private credit deal

Barings has announced that it is sole lender of additional credit facilities to Westbridge Advisory, a portfolio company of Hamburg-based private equity firm GENUI.

The investment manager – which has seen its private credit business hit the headlines in recent months due to the Corinthia scandal – said that the facilities will be used to finance existing debt as well as for growth capital for further expansion.

Westbridge is an energy and sustainability consultant in the European property sector.

“We have been impressed with the growth of Westbridge since we first committed credit facilities in 2022 and we are delighted to increase our financial commitment,” said Felix Beckmann, director, global private credit at Barings. “Barings deeply values our relationship with GENUI and Westbridge Advisory, and we look forward to the next stage of the success story of the business.”

Barings has confirmed its commitment to private credit and the wider private finance sector after Corinthia Global Management – a new investment platform backed by investment giant Nomura – poached a number of top executives from Barings’ private credit division.

Alternative Credit Investor revealed earlier this month that since the departures, Barings has committed and closed more than $1bn (£789m) in new global private finance deals, according to a source familiar with the company, and is in the process of recruiting senior investment professionals in North America and Europe as it seeks to grow the capabilities of its $32.78bn global private finance business.

Read more: Barings re-hires private credit veteran Shettle