MassMutual’s Direct Private Investments Team and MassMutual Asset Finance to Transition to Barings
March 1, 2023 by Massachusetts Mutual Life Insurance Company and Barings
Move will broaden investment solutions for insurance companies and other institutional investors
CHARLOTTE, N.C. and SPRINGFIELD, Mass., Feb. 27, 2023 /PRNewswire/ — Massachusetts Mutual Life Insurance Company (“MassMutual”) and Barings, one of the world’s leading investment managers and subsidiary of MassMutual, today announced plans to transition MassMutual’s Direct Private Investments (“DPI”), a leading fund finance provider, and MassMutual Asset Finance (“MMAF”), an equipment finance company, to Barings. The transition, which will occur in the second quarter of 2023, will enable the businesses to scale their investment strategies with access to additional third-party institutional investors through Barings’ global platform, while enabling Barings to provide a broadened set of complementary investment solutions to its clients.
“We are excited to welcome DPI and MMAF to Barings as we continue to expand our multi-strategy capabilities across public and private asset classes to meet the unique needs of insurance companies and other institutional investors,” said Mike Freno, Chairman and CEO of Barings. “We will continue to partner closely with MassMutual to seek out opportunities to create scale, develop our offerings, and unlock value across our platform.”
DPI provides customized proprietary secured loans to private capital managers and funds backed by a range of private capital assets. The team has originated more than $35 billion in private direct investments since inception and will continue to serve its borrowers with the same standards of confidentiality. MMAF originates, underwrites, funds, and manages large ticket capital equipment transactions throughout the United States. Since inception, MMAF has funded more than $20 billion in new equipment purchases.
“Both the DPI and MMAF teams have seen tremendous growth and success in the market with differentiating asset strategies,” said Eric Partlan, incoming Chief Investment Officer of MassMutual. “By joining Barings and having access to its institutional-quality platform, these teams will be better positioned to continue sourcing high-quality assets and expanding their offerings to third-party investors, ultimately bolstering MassMutual’s efforts to generate long-term value for our policyowners.”
DPI and MMAF will report to Barings’ President, Eric Lloyd, who oversees a diverse set of organizations, including cross-asset investment teams. The structure will enable the businesses to leverage the experience, capabilities, and relationships across the Barings platform, while remaining a separate business unit.
Barings is a $347+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.
*Assets under management as of December 31, 2022
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.