Upstart private credit firm Corinthia Global Management, backed by Nomura Holdings Inc., approached Barings and parent MassMutual about buying certain Barings assets and overseeing some of its portfolios, after poaching more than 20 people from the firm, according to Bloomberg News.
Corinthia proposed acquiring assets from Barings including the firm’s shares in Barings BDC, its publicly-traded business development company, at market value, as reported by Bloomberg. That stake is valued at more than $100 million, according to Barings’ most recent regulatory filings. Corinthia also offered to provide portfolio management services to Barings Global Private Finance, which includes Barings’ direct lending operations, and assume management of its funds over time, reported Bloomberg.