Barings Closes $19B Global Direct Lending Strategy

Barings closed over $19B in committed capital for its Global Direct Lending strategy, in a roughly two-year raise drawing institutional, insurance, and wealth investors. The close brings the Charlotte, NC-based firm's Global Private Finance platform to more than $67B in assets, backed by an origination network spanning North America, Europe, and Asia Pacific. 

In other fundraising updates, Stellus Capital Management held a final close on Stellus Credit Fund IV at approximately $1.5B in investable capital, with 44 portfolio companies funded to date. Lauxera Capital Partners closed Lauxera Growth II at €520M, above its hard cap and nearly double its debut fund, in under 18 months; more than 90% of LPs re-upped. The vehicle targets growth-stage European healthtech across medical devices, digital health, and life science tools. Elsewhere, Mouro Capital announced a $400M first close for its third fintech and AI infrastructure fund, anchored by Banco Santander, bringing the London-based firm's total commitments since founding to more than $1B.

Among allocators, San Bernardino County Employees' Retirement Association is conducting an asset allocation review, with consultant NEPC recommending the pension hold its current strategic targets – 48% total equity, 39% fixed income, and 11% real assets – given SBCERA's 89% funded status and the limited return improvement available from more aggressive rebalancing. Separately, Alameda County Employees' Retirement Association made its first 2026 real assets commitment, approving $40M to ISQ Global Infrastructure Fund IV; and Lubbock Fire Pension Fund approved a $4M commitment to H.I.G. Small Cap & Growth Buyout Fund IV on the recommendation of CAPTRUST.

In people news, PGGM CEO Edwin Velzel will depart at year-end after nearly nine years, with a successor search underway; and Clay McCoy joined Evercore's private capital advisory group as a senior managing director, covering infrastructure secondaries, joining from Campbell Lutyens where he led North American infrastructure secondaries advisory.

Read on for all the day’s fundraising news headlines.

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