SCHEDULE: Cliffwater LLC Discloses Stake in Barings Private Credit Corp

Cliffwater Corporate Lending Fund and its advisor Cliffwater LLC have filed a Schedule 13D, reporting beneficial ownership of 28.7% of Barings Private Credit Corporation's common stock.

Summary

• Cliffwater Corporate Lending Fund (CCLF) and its investment adviser, Cliffwater LLC, have filed an amendment to their Schedule 13D, reporting their beneficial ownership of Barings Private Credit Corporation's common stock.
• The Reporting Persons collectively beneficially own 42,041,303.20 shares, representing 28.7% of the class of securities.
• Both CCLF and Cliffwater LLC are organized under the laws of Delaware.
• The Reporting Persons have waived voting power in excess of 4.99%.
• No transactions in the shares were effected by the Reporting Persons during the sixty days prior to the filing date.
• The filing lists the officers of CCLF as Stephen Nesbitt (President), Lance Johnson (Treasurer), Ann Maurer (Treasurer), and Bernadette Murphy (Chief Compliance Officer).
• The trustees of CCLF are Matthew Worley, Dominic Garcia, Paul Williams, and Stephen Nesbitt.
• The principal business address for CCLF is c/o UMB, 235 West Galena Street, Milwaukee, WI 53212.
• The principal business address for Cliffwater LLC is 4640 Admiralty Way, 11th Floor, Marina del Rey, CA 90292.
• No individuals listed have been convicted in a criminal proceeding or been a party to a civil proceeding that would require disclosure.
• An exhibit filed is the Fund of Funds Agreement dated August 20, 2021, between Cliffwater Corporate Lending Fund and Barings Private Credit Corporation.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily reporting ownership and a contractual agreement without new financial performance data or strategic shifts.

Positives

• Cliffwater Corporate Lending Fund holds a significant stake (28.7%) in Barings Private Credit Corporation, indicating a strong investment position.
• The existence of a Fund of Funds Agreement suggests a structured and established relationship between the two entities.

Negatives

• The waiver of voting power in excess of 4.99% by the Reporting Persons may limit their direct influence on certain corporate decisions, despite their substantial shareholding.

Risks

• The filing does not explicitly detail specific risks, but a significant stake in a company can expose the investor to market and operational risks associated with Barings Private Credit Corporation.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from management regarding future performance or strategy. It primarily reports on current beneficial ownership and related agreements.

Management Comments

• The Reporting Persons have waived voting power in excess of 4.99%.

Industry Context

StockSavvy.ai notes that this Schedule 13D filing by Cliffwater Corporate Lending Fund and Cliffwater LLC indicates a significant investment in Barings Private Credit Corporation, a player in the private credit market. Such filings are crucial for understanding the concentration of ownership and potential influence within investment vehicles.

Related Party Transactions

• The filing references a Fund of Funds Agreement between Cliffwater Corporate Lending Fund and Barings Private Credit Corporation, indicating a related party transaction or ongoing business relationship.

Stakeholder Impact

• Shareholders of Barings Private Credit Corporation: The disclosure of a significant stake by Cliffwater Corporate Lending Fund may influence market perception and potential future strategic decisions.
• Investment Community: This filing provides transparency regarding ownership structure, which is important for analysts and investors evaluating the company.

Next Steps

• The filing itself represents a required disclosure step under SEC regulations for significant beneficial ownership changes or updates.

Key Dates

Keywords

Schedule 13D, Cliffwater Corporate Lending Fund, Cliffwater LLC, Barings Private Credit Corporation, Beneficial Ownership, Common Stock, Investment Adviser, Fund of Funds Agreement, SEC Filing, Securities