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Barings to launch AUD1.4bn Australia private debt fund

Barings is targeting a AUD1.4bn ($893m) fundraise for a planned Australian private credit fund, which is aiming to provide borrowers with an alternative source of funding to banks and the bond market, according to a report by Bloomberg.

The report cites Shane Forster, head of the bank’s Asia Pacific private finance group in Hong Kong as confirming the planned launch, with Barings Australia set to target both institutional and high net worth investors for cash over the coming 12 to 18 months.

The money will be lent to Australian corporate borrowers, Forster, said in an interview.

Barings’ new fund is offering investors net returns of five to six percentage points over the cash rate, which the Reserve Bank of Australia last week lifted to a 12-year high of 4.35%, according to Forster.

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