Barings, AllianceBernstein look to reach HNWIs

The two asset management behemoths plan to tap an additional investor outlet.

iCapital Network has partnered with Barings and AllianceBernstein to help both firms expand their private market offerings to high-net-worth individuals.

New York-based iCapital, which operates an online portal allowing third-party money managers to reach new investor groups, will let the asset managers increase the reach of their non-traditional asset classes, which includes mid-market direct lending for both firms.

Representatives for the three firms could not immediately be reached for comment.

Barings, which is part of Massachusetts Mutual Life Insurance Company, additionally offers alternative products including private equity and real estate. For its part, AllianceBernstein’s includes commercial real estate, structured credit and hedge funds.

In addition to the iCapital alliance, Barings hopes to broaden its retail investor reach in private debt with the launch of its own business development company – a result of the two-part Triangle Capital Corporation transaction. The deal consists of the distressed Charlotte-based BDC planning to sell its loan book to Benefit Street Partners and management contract to Barings.

HNWIs have been an investor base that alternative asset managers are making efforts to reach. The Carlyle Group and OppenheimerFunds announced a partnership to access the wealthy families and launched the fund in early June. Private equity has embraced the demographic as well – Partners Group has a platform targeting 401(k) US retirement funds, while Blackstone has put an emphasis on tapping into HNWIs in recent months.