|  |  |  |
|--|--|--|
|  |

|        |                                                                                        |  |  |  |  |
|--------|----------------------------------------------------------------------------------------|--|--|--|--|
| þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE   SECURITIES EXCHANGE ACT OF 1934 |
|        | For the fiscal year ended December 31, 2021                                            |

|        |                                                                                                                                                                                                                   |  |  |  |  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                                                          |
|        | For the transition period from                      to           |

|                                                             |        |                     |  |  |  |  |  |  |
|-------------------------------------------------------------|--------|---------------------|--|--|--|--|--|--|
| Maryland                                                    |   | 86-3780522          |
| (State or other jurisdiction of                             |   | (I.R.S. Employer    |
| incorporation or organization)                              |   | Identification No.) |
|                                                             |        |
| 300 South Tryon Street, Suite 2500Charlotte, North Carolina |   | 28202               |
| (Address of principal executive offices)                    |   | (Zip Code)          |

|                     |                |                                           |  |  |  |  |  |  |
|---------------------|----------------|-------------------------------------------|--|--|--|--|--|--|
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
| None                | None           | None                                      |

|                                                                                                                                                                                                                                                                         |  |                                          |  |                                              |  |                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|------------------------------------------|--|----------------------------------------------|--|-------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Large accelerated filer  ̈                                                                                                                                                                                                                           |  | Accelerated filer   ̈ |  | Non-accelerated filer  þ |  | Smaller reporting company   ̈ |
|                                                                                                                                                                                                                                                                         |  |                                          |  | Emerging growth company  þ         |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ̈ |

|  |  |  |
|--|--|--|
|  |

----

----

|          |                                                                                                |    |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------|------------------------------------------------------------------------------------------------|----|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|          |                                                                                                |    |  | Page |  |
| PART III |
| Item 10. | Directors, Executive Officers and Corporate Governance                                         | 1  |
| Item 11. | Executive Compensation                                                                         | 6  |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 7  |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence                      | 8  |
| Item 14. | Principal Accountant Fees and Services                                                         | 13 |
|          |                                                                                                |    |  |      |  |
| PART IV  |
| Item 15. | Exhibits and Financial Statement Schedules                                                     | 15 |
|          | Signatures                                                                                     | 18 |

----

|                         |  |     |  |                       |  |  |                |  |                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------|--|-----|--|-----------------------|--|--|----------------|--|--------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Name                    |  | Age |  | Position(s) Held      |  |  | Director Since |  | Expiration of Term |
| Interested Directors(1) |  |     |  |                       |  |  |                |  |                    |
| Eric Lloyd              |  | 53  |  | Chairman of the Board |  |  | 2021           |  | 2022               |
| Bernard Harris          |  | 65  |  | Director              |  |  | 2021           |  | 2023               |
| Independent Directors   |  |     |  |                       |  |  |                |  |                    |
| Mark F. Mulhern         |  | 62  |  | Director              |  |  | 2021           |  | 2022               |
| Thomas W. Okel          |  | 59  |  | Director              |  |  | 2021           |  | 2024               |
| Jill Olmstead           |  | 58  |  | Director              |  |  | 2021           |  | 2024               |

|                     |  |     |  |                                          |  |  |  |  |  |  |  |  |  |  |
|---------------------|--|-----|--|------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Name                |  | Age |  | Position(s) Held                         |
| Ian Fowler          |  | 58  |  | Co-Chief Executive Officer               |
| Jonathan Bock       |  | 40  |  | Co-Chief Executive Officer and President |
| Jonathan Landsberg  |  | 37  |  | Chief Financial Officer and Treasurer    |
| Elizabeth A. Murray |  | 44  |  | Principal Accounting Officer             |
| Michael Cowart      |  | 39  |  | Chief Compliance Officer                 |
| Jill Dinerman       |  | 45  |  | Chief Legal Officer                      |

----

----

----

----

----

----

|                             |  |                                     |        |                          |  |       |               |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------|--|-------------------------------------|--------|--------------------------|--|-------|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                             |  |                                     |        |                          |  |       |               |  |  |   |              |  |  |  |  |  |  |  |  |  |
| Name                        |  | Fees Earnedor Paid inCash |        | All OtherCompensation(1) |  | Total |
| Mark Mulhern                |  | $                                   | 45,000 |                          |  | $     | —  |  |  | $ | 45,000  |  |
| Thomas W. Okel              |  | $                                   | 45,000 |                          |  | $     | —  |  |  | $ | 45,000       |  |
| Jill Olmstead               |  | $                                   | 45,000 |                          |  | $     | —  |  |  | $ | 45,000       |  |
| Dr. Bernard Harris (2) |  | $                                   | 45,000 |                          |  | $     | —  |  |  | $ | 45,000       |  |

----

|                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                |  |                            |  |         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|----------------|--|----------------------------|--|---------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                |
| Name of Beneficial Owner                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Number ofShares(1) |                |  | Percentage of Class (%)(2) |  |
| Interested Directors:                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                |  |                            |  |         |  |
| Eric Lloyd                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| Bernard Harris                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| Independent Directors:                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                |  |                            |  |         |  |
| Mark F. Mulhern                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| Thomas W. Okel                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| Jill Olmstead                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| Executive Officers:                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                |  |                            |  |         |  |
| Ian Fowler                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| Jonathan Bock                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| Jonathan Landsberg                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| Michael Cowart                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| Jill Dinerman                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| Elizabeth Murray                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | —        |  |                            |  | — |  |
| All Directors and Executive Officers as a group (11 persons) | —                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                    |                |  | —                    |  |
| Five-Percent Stockholders:                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                |  |                            |  |         |  |
| Cliffwater Corporate Lending Fund(3)                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    | 44,235,355.216 |  |                            |  | 87.97%  |  |
| *                                                            | Less than one percent.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                    |
| (1)                                                          | Beneficial ownership in this column has been determined in accordance with Rule 13d-3 of the Exchange Act. Except as otherwise noted, each beneficial owner of more than five percent of the Company’s common stock and each director and executive officer has sole voting and/or investment power over the shares reported.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                    |
| (2)                                                          | Based on a total of 50,284,206 shares issued and outstanding as of April 28, 2022.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                    |
| (3)                                                          | Based on a Schedule 13D/A filed with the SEC on February 11, 2022, Cliffwater Corporate Lending Fund (“CCLF”), a statutory trust organized under the laws of the state of Delaware, and its investment adviser, Cliffwater LLC, a Delaware limited liability company, share voting and dispositive power over the shares. The address of CCLF’s principal place of business and principal executive office is c/o UMB Fund Services, Inc., 235 W. Galena Street, Milwaukee, Wisconsin 53212. The address of Cliffwater LLC’s principal place of business and principal executive office is 4640 Admiralty Way, 11th floor, Marina del Rey, California 90292.Pursuant to a Fund of Funds Investment Agreement, dated as of August 20, 2021, by and between CCLF and the Company, which provided for the acquisition of the Company’s common stock by CCLF in a manner consistent with the requirements of Rule 12d1-4 under the 1940 Act, CCLF has waived its right to vote all shares of the Company’s common stock to the extent that CCLF’s aggregate ownership represents more than 4.99% of the Company’s outstanding shares. |                    |

----

----

----

----

----

|                    |  |                                                        |         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------|--|--------------------------------------------------------|---------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                    |  |                                                        |         |  |  |  |  |  |  |
|                    |  | Fiscal Year EndedDecember 31, 2021 |         |
| Audit Fees(1)      |  | $                                                      | 690,000 |  |  |  |
| Audit Related Fees |  |                                                        | 24,022  |  |  |
| Tax Fees           |  | —                                           |         |  |  |
| Other Fees         |  | —                                           |         |  |  |
| Total Fees         |  | $                                                      | 714,022 |  |  |  |

----

----

|                                                                                                                                                   |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                   |      |  |  |  |  |
|                                                                                                                                              | Page |
| Report of Independent Registered Public Accounting Firm                                                                                           | F-1  |
| Consolidated Balance Sheet as of December 31, 2021                                                                                      | F-2  |
| Consolidated Statement of Operations for the period from May 10, 2021 (commencement of operations) to December 31, 2021            | F-3  |
| Consolidated Statement of Changes in Net Assets for the period from May 10, 2021 (commencement of operations) to December 31, 2021 | F-5  |
| Consolidated Statement of Cash Flows for the period from May 10, 2021 (commencement of operations) to December 31, 2021            | F-6  |
| Consolidated Schedule of Investments as of December 31, 2021                                                                            | F-7  |
| Notes to Consolidated Financial Statements                                                                                                        | F-24 |

|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |  |  |  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|
| Number | Exhibit                                                                                                                                                                                                                                                                                                                                                                            |  |
| 2.1    | Purchase and Sale Agreement, dated as of May 12, 2021, by and among the Company, as buyer, and Massachusetts Mutual Life Insurance Company and C.M. Life Insurance Company, as sellers (Filed as Exhibit 2.1 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference). |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |
| 3.1    | Articles of Incorporation (Filed as Exhibit 3.1 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                                                                              |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |
| 3.2    | Bylaws of the Registrant (Filed as Exhibit 3.2 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                                                                               |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |
| 4.1    | Description of Registrant’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (Filed as Exhibit 4.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference).                                                          |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |
| 10.1   | Amended and Restated Investment Advisory Agreement, dated November 10, 2021, between the Company and the Adviser (Filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on November 15, 2021 and incorporated herein by reference).                                                                                                                 |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |
| 10.2   | Sub-Advisory Agreement between the Company, the Adviser and Sub-Adviser (Filed as Exhibit 10.2 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                               |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |

----

|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |  |  |  |  |  |  |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|
| 10.3  | Administration Agreement, dated May 13, 2021, between the Company and the Administrator (Filed as Exhibit 10.3 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                                                                                                                                                      |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.4  | Trademark License Agreement, dated May 13, 2021, between the Company and the Adviser (Filed as Exhibit 10.4 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                                                                                                                                                         |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.5  | Dividend Reinvestment Plan (Filed as Exhibit 10.5 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference).                                                                                                                                                                                                                                                                                           |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.6  | Form of Indemnification Agreement for Directors and Officers (Filed as Exhibit 10.6 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on May 10, 2021 and incorporated herein by reference).                                                                                                                                                                                                                                                                                     |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.7  | Master Custodian Agreement, dated August 2, 2018, by and between the Company and State Street Bank and Trust Company (Filed as Exhibit 10.7 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on May 10, 2021 and incorporated herein by reference).                                                                                                                                                                                                                             |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.8  | Form of Subscription Agreement (Filed as Exhibit 10.8 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference).                                                                                                                                                                                                                                                                                       |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.9  | Expense Support and Conditional Reimbursement Agreement between the Company and the Adviser (Filed as Exhibit 10.9 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                                                                                                                                                  |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.10 | Revolving Credit and Security Agreement, dated as of May 11, 2021, among BPC Funding LLC as borrower, the lenders from time to time parties thereto, BNP Paribas as administrative agent, Barings Private Credit LLC as equityholder and as servicer, and State Street Bank and Trust Company as collateral agent (Filed as Exhibit 10.10 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).           |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.11 | First Amendment to Revolving Credit and Security Agreement, dated as of November 18, 2021, among BPC Funding LLC as borrower, the lenders parties thereto, BNP Paribas as administrative agent, Barings Private Credit Corporation as equityholder and as servicer, and State Street Bank and Trust Company as collateral agent.(Filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 23, 2021 and incorporated herein by reference). |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.12 | Note Purchase Agreement by and between the Company and the purchasers party thereto, dated July 29, 2021 (Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 3, 2021 and incorporated herein by reference).                                                                                                                                                                                                                                                             |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 21.1  | List of Subsidiaries (Filed as Exhibit 21.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference).                                                                                                                                                                                                                                                                                                 |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 31.1  | Co-Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed as Exhibit 31.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference).                                                                                                                                        |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 31.2  | Co-Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed as Exhibit 31.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference).                                                                                                                                        |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 31.3  | Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed as Exhibit 31.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference).                                                                                                                                           |  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 31.4  | Co-Chief Executive Officer Certification Co-Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                                                                                                                  |  |

----

|      |                                                                                                                                                                                                                                                                                                                                                                                          |  |  |  |  |  |  |  |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|
|      |                                                                                                                                                                                                                                                                                                                                                                                          |  |
| 31.5 | Co-Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                          |  |
|      |                                                                                                                                                                                                                                                                                                                                                                                          |  |
| 31.6 | Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                             |  |
|      |                                                                                                                                                                                                                                                                                                                                                                                          |  |
| 32.1 | Co-Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed as Exhibit 32.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference). |  |
|      |                                                                                                                                                                                                                                                                                                                                                                                          |  |
| 32.2 | Co-Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(Filed as Exhibit 32.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference).  |  |
|      |                                                                                                                                                                                                                                                                                                                                                                                          |  |
| 32.3 | Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed as Exhibit 32.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference).    |  |
|      |                                                                                                                                                                                                                                                                                                                                                                                          |  |
| 99.1 | Form of Fund of Funds Agreement between Registrant (as Acquired Fund) and Certain Stockholder(s) (Filed as Exhibit 99.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022 and incorporated herein by reference).                                                                                    |  |
|      |                                                                                                                                                                                                                                                                                                                                                                                          |  |

|   |                 |  |  |  |  |
|---|-----------------|--|--|--|--|
| * | Filed herewith. |
|   |                 |

----

|                                       |                                    |  |  |  |  |
|---------------------------------------|------------------------------------|--|--|--|--|
| Date: April 29, 2022              | BARINGS PRIVATE CREDIT CORPORATION |
| By:                               | /S/ IAN FOWLER             |
| Name: Ian Fowler                  |
| Title: Co-Chief Executive Officer |
|                                       |                                    |
| By:                               | /S/ JONATHAN BOCK          |
| Name: Jonathan Bock               |
| Title: Co-Chief Executive Officer |