Barings Secures Historic $2.4 Billion Funding in Secondary Market
Deal News | Apr 30, 2025 | Carey Olsen
Carey Olsen has played a key advisory role for Barings and Citibank in a landmark $2.4 billion structured funding vehicle which concluded on April 10, 2025. This transaction signifies the largest structured funding facility of its kind in the secondary market, aimed at both private equity and private credit secondaries. As part of Coller's continued success in raising capital through unique structured solutions, this marks the firm's fifth issuance since 2020. The involvement of Carey Olsen's Cayman Islands corporate team, along with the onshore counsel Cadwalader, Wickersham and Taft LLP, underscores their collective proficiency in managing sophisticated financial transactions. Partner Dylan Wiltermuth praised the collaboration as an embodiment of Barings and Citibank's innovative investment strategy and Carey Olsen's advisory excellence.
Sectors
- Private Equity
- Financial Services
- Legal Services
Geography
- Cayman Islands – Carey Olsen's Cayman Islands team provided corporate advice on the transaction.
- United States – The involvement of Barings and Citibank, which are based in the US, necessitates inclusion of this geography.
Industry
- Private Equity – This industry is relevant as the transaction involves investment in private equity secondaries.
- Financial Services – The financial services sector is relevant due to the participation of Citibank and the structured funding vehicle's nature.
- Legal Services – Carey Olsen and Cadwalader, Wickersham and Taft LLP's involvement highlights the role of legal advisory services in financial transactions.
Financials
- 2.4 billion USD – The total size of the structured funding vehicle.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Barings | Target Company | Company | Barings is a global investment management firm involved in this structured funding transaction. |
| Citibank | Target Company | Company | Citibank is a major financial institution engaged in the structured funding deal. |
| Carey Olsen | Legal Advisor | Company | A law firm providing corporate legal advice for the transaction. |
| Cadwalader, Wickersham and Taft LLP | Onshore Legal Advisor | Company | Provided onshore counsel for the transaction. |
| Dylan Wiltermuth | Partner | Person | Partner at Carey Olsen involved in advising on the transaction. |
| Catriona Severns | Associate | Person | Associate at Carey Olsen involved in the advisory team for the transaction. |