Barings and North Carolina Investment Authority Expand Partnership with $2.1 Billion Mandate

CHARLOTTE, N.C.--(BUSINESS WIRE)--Barings, one of the world’s leading alternative investment managers, and the North Carolina Investment Authority (NCIA) announced today an expanded partnership representing $2.1 billion in committed capital for Barings’ real estate debt and capital solutions strategies.

Barings has served as an asset manager for the North Carolina Retirement Systems, whose assets are now invested by NCIA, for over ten years. This partnership 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.

“North Carolina has been an important partner to Barings for more than a decade,” said Mike Freno, Chairman and Chief Executive Officer of Barings. “Together, we are focused on solving complex investment challenges and supporting long-term outcomes for North Carolina’s public employees.”

“Our goal is to make the best investments and work with the best partners for our hardworking state employees and retirees,” said NC Treasurer Brad Briner, who serves as the Chairman of the Board of NCIA. “For over a decade, Barings has been integral to our overall success and by now broadening the scope of our partnership, we anticipate this will help us keep our pension plan stable and secure.”

The expanded partnership will leverage Barings’ broad real estate debt capabilities to invest $1 billion 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 both corporate and non-corporate issuers across the capital structure with a focus on secured debt.

“We’re grateful for the opportunity to deepen our collaboration with NCIA’s talented team on a mandate of this scale and complexity,” said Graham Seagraves, Head of North American Institutional and Consultant Relations at Barings. “This partnership brings together multiple capabilities to create a solution that advances the Retirement Systems’ long-term objectives amid a dynamic market environment.”

About Barings

Barings is a $502 billion* global alternative asset manager that partners with institutional, insurance and wealth clients and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual with a minority investment from MS&AD, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets.

*As of June 30, 2026

About NCIA:

The North Carolina Investment Authority was created by the General Assembly under the 2025 State Investment Modernization Act. It is governed by a Board of Directors and chaired by the elected State Treasurer. NCIA manages the NC pension fund totaling $149 billion as of June 30.