The $4.5 billion non-traded BDC issued two tranches of Series D senior notes to institutional investors in a private placement.
The firm reported a 14% QoQ increase in private wealth inflows, supported by growth across its evergreen funds and easing redemption pressure in its credit and real estate vehicles.
The deal will lower the surviving fund's base management fee to 1% and broaden investor access through brokerage and advisory channels.
The non-traded BDC accepted all 1.8 million shares tendered in Q3, with investors to receive non-interest-bearing, non-transferable promissory notes instead of immediate cash.
Withdrawal requests at Barings Private Credit Corporation reached 10.68% of outstanding shares in Q3, with just 46.84% of validly tendered shares accepted on a pro-rata basis.
CFO Kirill Bouek's resignation follows the departure of the non-traded BDC's President, Raymond Barrios, in August.
The commencement date adjustment follows Blue Owl's request for a new notice, citing a material difference between the originally proposed and announced purchase amounts.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
The firm also provided updates on its private equity evergreen fund and non-traded BDC, as well as plans to launch new products targeting the wealth segment.
Mark Goldberg of Alternative Investments Market Intelligence analyzes why redemption queues across non-traded BDCs could take years to clear despite easing withdrawal demand.
