Barings has closed its inaugural Barings Innovation and Growth Real Estate Fund at $680m (£542m).
The strategy will focus on life sciences office space. “The leasing performance of this specialised subset of office has substantially outperformed the overall office market since the beginning of the pandemic,” said Joe Gorin, Barings’ head of US real estate equity acquisitions and portfolio management. “We are fortunate to have additional capital that we can invest into what we believe will be attractively priced assets in strategic markets with high degrees of educational attainment and STEM employment.”
The fund surpassed its target of $500m, drawing in capital from public and corporate pension plans, insurance companies and endowments across the US and Europe.
