Barings to add €425m to second European value-add fund

Barings’ Real Estate Europe Value-Add II is in line to receive investments totaling €425 million ($467 million) from the Kentucky Retirement Systems (KRS) and MassMutual Life Insurance Co., which owns Barings, according to a recording of KRS’ recent investment committee meeting.

Barings said it was seeking a commitment from KRS that is 25 percent of the target hard cap of €850 million ($935 million). Both groups are pledging €212.5 million ($233 million) for the first close, which Barings expects to hold in mid-February.

KRS previously committed capital to Barings’ first Real Estate Europe Value-Add fund.

Like its predecessor, Fund II will continue to focus on repositioning and build to core opportunities in supply-constrained locations in major western European markets, focusing on office, logistics and alternative retail, according to Barings representati