Barings has announced the final close of its inaugural Target Yield Infrastructure Debt Fund and associated vehicles at US$630 million, exceeding its high-end target of US$500 million.

The Fund intends to invest in social and regulated infrastructure, renewables, transportation and digital infrastructure across OECD countries primarily in North America and Europe. The fund has garnered interest from a global investor base including a mix of public and private pension funds and insurance companies.

Barings view this inaugural fund as a natural evolution of its historical infrastructure debt strategy, which has the potential to expand the firm’s US$14.3 billion-plus Global Infrastructure platform.