Barings Perpetual European Direct Lending Fund (BPED)

Barings Perpetual European Direct Lending Fund (BPED) is an open-ended direct lending vehicle managed by Barings, domiciled in Luxembourg and constituted as an SCSp under the RAIF regime. It began operations in 2023 and is classified as a Non-ELTIF structure, so it is distributed on a pan-European basis to professional investors rather than through the ELTIF retail route. The base currency is EUR, the stated minimum investment is 25,000 EUR, the fund is reported as Article 8 under SFDR, and it carries a summary risk indicator of 3. Its exposure within European borrower markets is described by .

Because the vehicle is evergreen rather than drawdown, capital enters and exits through a dealing cycle rather than through capital calls and distributions over a fixed life. Subscriptions are accepted monthly, pricing is struck monthly, and repurchases are offered quarterly, with a soft lock-up applying to shares redeemed early in the holding period. As with other semi-liquid private credit structures, the redemption mechanism sits alongside an underlying portfolio of privately originated loans, so the dealing calendar, not the loan amortisation profile, governs investor liquidity. Assets under management stand at .

Within the Novantigo coverage universe of 494 vehicles as of 31 Aug 2026, the fund is one of 148 private debt strategies tracked, one of 347 funds domiciled in Luxembourg, and one of 108 that combine both characteristics. Against that peer set, its management fee of and performance fee of are recorded and benchmarked on the fee comparison view.