Exhibit 10.1


 


INVESTMENT
ADVISORY AGREEMENT


BETWEEN


BARINGS CAPITAL INVESTMENT CORPORATION


AND


BARINGS LLC


 


This INVESTMENT
ADVISORY AGREEMENT (this “Agreement”), dated as of June 24, 2020, between Barings Capital Investment
Corporation, a Maryland corporation (the “Company”), and Barings LLC, a Delaware limited liability company
(the “Adviser”).


 


WHEREAS, the Company
is a non-diversified, closed-end investment company that has elected to be regulated as a business development company (“BDC”)
under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the “1940 Act”);


 


WHEREAS, the Adviser
is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated
thereunder, the “Advisers Act”);


 


WHEREAS, the Company
desires to retain the Adviser to provide investment advisory services to the Company in the manner and on the terms and conditions
hereinafter set forth; and


 


WHEREAS, the Adviser
is willing to provide investment advisory services to the Company in the manner and on the terms and conditions hereinafter set
forth.


 


NOW, THEREFORE, in
consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Company and the Adviser hereby agree as follows:


 


1.            In
General.


 


The Adviser agrees,
all as more fully set forth herein, to act as investment adviser to the Company with respect to the investment of the Company’s
assets and to supervise and arrange for the day-to-day operations of the Company and the purchase of assets for and the sale of
assets held in the investment portfolio of the Company.


 


2.            Duties
and Obligations of the Adviser with Respect to Investment of Assets of the Company.


 


(a)            Subject
to the succeeding provisions of this paragraph and subject to the direction and control of the Company’s board of directors
(the “Board of Directors”), the Adviser shall act as the investment adviser to the Company and shall manage
the investment and reinvestment of the assets of the Company. Without limiting the generality of the foregoing, the Adviser shall,
during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Company,
the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate
the structure of the investments made by the Company; (iii) execute, close, service and monitor the investments that the Company
makes; (iv) determine the securities and other assets that the Company will purchase, retain or sell; (v) perform due
diligence on prospective portfolio companies; and (vi) provide the Company with such other investment advisory, research and
related services as the Company may, from time to time, reasonably require for the investment of its funds. Nothing contained herein
shall be construed to restrict the Company’s right to hire its own employees or to contract for administrative services to
be performed by third parties, including but not limited to, the calculation of the net asset value of the Company’s shares.


 



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(b)            In
the performance of its duties under this Agreement, the Adviser shall at all times use all reasonable efforts to conform to, and
act in accordance with, any requirements imposed by (i) the provisions of the 1940 Act, and of any rules or regulations
in force thereunder, subject to the terms of any exemptive order applicable to the Company; (ii) any other applicable provision
of law; (iii) the provisions of the Articles of Incorporation and the Bylaws of the Company, as such documents may be amended
from time to time; (iv) the investment objectives, policies and restrictions applicable to the Company as set forth in the
reports and/or registration statements that the Company files with the Securities and Exchange Commission (the “SEC”),
as they may be amended from time to time by the Board of Directors of the Company; and (v) any policies and determinations
of the Board of Directors of the Company and provided in writing to the Adviser.


 


(c)            The
Adviser will provide significant managerial assistance to those portfolio companies of the Company that the Company agrees to provide
such services to as required by the 1940 Act.


 


(d)            The
Adviser may engage one or more investment advisers (each, a “Sub-Adviser”) which are registered under the Advisers
Act to act as sub-advisers to provide the Company certain services set forth in Section 2(a) of this Agreement, all as
shall be set forth in a written contract (each, a “Sub-Advisory Agreement”) to which the Company and the Adviser
shall be parties, which Sub-Advisory Agreement shall be subject to approval by the vote of a majority of the members of the Board
of Directors who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act) of
the Adviser, any sub-adviser, or of the Company (each, a “Non-Interested Director”), cast in person at a meeting
called for the purpose of voting on such approval and, to the extent required by the 1940 Act, by the vote of a majority of the
outstanding voting securities of the Company and otherwise consistent with the terms of the 1940 Act. The Adviser and not the Company
shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right
to direct the Company to pay directly to any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees and expenses
payable to the Adviser under this Agreement.


 


(e)            The
Adviser will maintain all books and records with respect to the Company’s securities transactions required by sub-paragraphs
(b)(5), (6), (9) and (10) and paragraph (f) of Rule 31a-1 under the 1940 Act (other than those records being
maintained by the administrator to the Company (the “Administrator”) under the administration agreement to be
entered into by and between the Company and the Administrator concurrent herewith (the “Administration Agreement”),
or by the Company’s custodian or transfer agent) and preserve such records for the periods prescribed therefor by Rule 31a-2
of the 1940 Act. The Adviser shall have the right to retain copies, or originals where required by Rule 204-2 promulgated
under the Advisers Act, of such records to the extent required by applicable law, subject to observance of its confidentiality
obligations under this Agreement.


 



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(f)            All
investment professionals of the Adviser and its staff, when and to the extent engaged in providing investment advisory and management
services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided
and paid for by the Adviser and not by the Company. The Company shall bear all other costs and expenses of its operations and transactions,
including, without limitation, those relating to:


 


(i)             organizational
and offering expenses;


 


(ii)            fees
and expenses incurred in valuing the Company’s assets and computing its net asset value (including the cost and expenses
of any independent valuation firm);


 


(iii)           the
fees and expenses incurred by the Company or payable to third parties, including lawyers, accountants, auditors, agents, consultants
or other advisors, in connection with the Company’s financial, accounting and legal affairs and in monitoring the Company’s
investments and performing due diligence on the Company’s prospective portfolio companies or otherwise related to, or associated
with, evaluating and making investments, including expenses related to unsuccessful portfolio acquisition efforts;


 


(iv)           all
fees, costs and expenses of money borrowed by the Company, including principal, interest and the costs associated with the establishment
and maintenance of any credit facilities, other financing arrangements, or other indebtedness of the Company, if any (including
commitment fees, accounting and legal fees, closing and other costs);


 


(v)            offerings
of the Company’s common stock and other securities;


 


(vi)           investment
advisory and management fees payable under Section 6 of this Agreement;


 


(vii)          administration
fees;


 


(viii)         transfer
agent and custody fees and expenses;


 


(ix)           federal
and state registration fees;


 


(x)            all
costs of registration and listing the Company’s securities on any securities exchange;


 


(xi)           federal,
state and local taxes;


 


(xii)          Non-Interested
Directors’ compensation, fees and expenses;


 


(xiii)         costs
of preparing and filing reports or other documents required by the SEC or other regulators;


 






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(xiv)         costs
of any reports, proxy statements or other notices to stockholders, including printing costs;


 


(xv)          costs
of holding stockholder meetings;


 


(xvi)         the
Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any
other insurance premiums, including independent director liability policies;


 


(xvii)        direct
costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial
and other staff, independent auditors and outside legal costs;


 


(xviii)       all
third-party legal, expert and other fees, costs and expenses relating to any actions, proceedings, lawsuits, demands, causes of
action and claims, whether actual or threatened, made by or against the Company, or which the Company is authorized or obligated
to pay under applicable law or its governing agreements or by the Board of Directors;


 


(xix)         subject
to Section 7 below, any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise)
against the Company, or against any trustee, director, partner, member or officer of the Company in his capacity as such for which
the Company is required to indemnify such trustee, director, partner, member or officer by any court or governmental agency, or
settlement of pending or threatened proceedings;


 


(xx)          all
travel and related expenses of directors, officers, managers, agents and employees of the Company and the Adviser, incurred in
connection with attending meetings of the Board of Directors or holders of securities of the Company or performing other business
activities that relate to the Company, including travel and related expenses incurred in connection with the purchase, consideration
for purchase, financing, refinancing, sale or other disposition of any investment or potential investment of the Company; provided,
however, that the Company shall only be responsible for (A) a proportionate share of such expenses, as determined by the Adviser
in good faith, where such expenses were not incurred solely for the benefit of the Company, and (B) expenses incurred in accordance
with the Company’s travel expense reimbursement policies;


 


(xxi)          all
expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by
the Board of Directors to or on account of holders of the securities of the Company, including in connection with any dividend
reinvestment plan or direct stock purchase plan;


 


(xxii)        all
fees, costs and expenses related to (A) the design and maintenance of the Company’s web site or sites and (B) the
Company’s allocable share of costs associated with technology-related expenses, including any computer software or hardware,
electronic equipment or purchased information technology services from third-party vendors or affiliates of the Adviser that is
used for the Company, technology service providers and related software/hardware utilized in connection with the Company’s
investment and operational activities;


 






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(xxiii)        all
fees, costs and expenses incurred with respect to market information systems and publications, research publications and materials,
and settlement, clearing and custodial fees and expenses; provided, however, that the Company shall only be responsible for a proportionate
share of such expenses, as determined by the Adviser in good faith, where such expenses were not incurred solely for the benefit
of the Company; and


 


(xxiv)        all
other non-investment advisory expenses incurred by the Company or the Administrator in connection with administering the Company’s
business (including payments under the Administration Agreement based upon the Company’s allocable portion of the Administrator’s
overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost
of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs).


 


(g)            The
Adviser shall give the Company the benefit of its professional judgment and effort in rendering services hereunder, but neither
the Adviser nor any of its officers, directors, employees, agents or controlling persons shall be liable for any act or omission
or for any loss sustained by the Company in connection with the matters to which this Agreement relates, provided, that
the foregoing exculpation shall not apply to a loss resulting from fraud, willful misfeasance, bad faith or gross negligence in
the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement; provided
further, however, that the foregoing shall not constitute a waiver of any rights which the Company may have which may
not be waived under applicable law.


 


(h)            The
Adviser is hereby authorized, on behalf of the Company and at the direction of the Board of Directors pursuant to delegated authority,
to possess, transfer, mortgage, pledge or otherwise deal in, and exercise all rights, powers, privileges and other incidents of
ownership or possession with respect to, the Company’s investments and other property and funds held or owned by the Company,
including voting and providing consents and waivers with respect to the Company’s investments and exercising and enforcing
rights with respect to any claims relating to the Company’s investments and other property and funds, including with respect
to litigation, bankruptcy or other reorganization.


 


(i)            The
Adviser will place orders either directly with the issuer or with any broker or dealer in connection with making investments on
the Company’s behalf hereunder. Subject to the other provisions of this paragraph, in placing orders with brokers and dealers,
the Adviser will attempt to obtain the best price and the most favorable execution of its orders. In placing orders, the Adviser
will consider the experience and skill of the firm’s securities traders as well as the firm’s financial responsibility
and administrative efficiency. Consistent with this obligation, the Adviser may select brokers on the basis of the research, statistical
and pricing services they provide to the Company and other clients of the Adviser. Information and research received from such
brokers will be in addition to, and not in lieu of, the services required to be performed by the Adviser hereunder. A commission
paid to such brokers may be higher than that which another qualified broker would have charged for effecting the same transaction,
provided that the Adviser determines in good faith that such commission is reasonable in terms either of the transaction or the
overall responsibility of the Adviser to the Company and its other clients and that the total commissions paid by the Company will
be reasonable in relation to the benefits to the Company over the long term, subject to review by the Board of Directors of the
Company from time to time with respect to the extent and continuation of such practice to determine whether the Company benefits,
directly or indirectly, from such practice.


 



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(j)            The
Adviser will provide to the Board of Directors such periodic and special reports as it may reasonably request.


 


3.            Services
Not Exclusive.


 


Nothing in this Agreement
shall prevent the Adviser or any officer, employee or other affiliate thereof from acting as investment adviser for any other person,
firm or corporation, whether or not the investment objectives or policies of any such other person, firm, or corporation are similar
to those of the Company, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Adviser
or any of its officers, employees or agents from buying, selling or trading any securities for its or their own accounts or for
the accounts of others for whom it or they may be acting; provided, however, that the Adviser will not undertake,
and will cause its employees not to undertake, activities which, in its reasonable judgment, will adversely affect the performance
of the Adviser’s obligations under this Agreement.


 


4.            Confidentiality.


 


The parties hereto
agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations.
All confidential information provided by a party hereto, including all “nonpublic personal information,” as defined
under the Gramm-Leach-Bliley Act of 1999 (Public law 106-102, 113 Stat. 1138), shall be used by the other party hereto solely for
the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall
not be disclosed to any third party, without the prior consent of such providing party, except that such confidential information
may be disclosed to an affiliate or agent of the disclosing party to be used for the sole purpose of providing the services set
forth herein. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes
publicly available other than through a breach of this Agreement, or that is requested by or required to be disclosed to any governmental
or regulatory authority, including in connection with any required regulatory filings or examinations, by judicial or administrative
process or otherwise by applicable law or regulation. Notwithstanding the foregoing, the Company hereby consents and authorizes
the Adviser and its affiliates to use and disclose confidential information relating to the Company in connection with (a) the
preparation of performance information relating to the Company and (b) in connection with any contemplated sale of the outstanding
equity or assets of the Adviser, Administrator, or any person who may be deemed to “control” either of the Adviser
or the Administrator, in each case within the meaning of the 1940 Act.


 


5.            Expenses.


 


During the term of
this Agreement, the Adviser will bear all compensation expense (including health insurance, pension benefits, payroll taxes and
other compensation related matters) of its employees and shall bear the costs of any salaries of any officers or directors of the
Company who are affiliated persons (as defined in the 1940 Act) of the Adviser.


 






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6.            Compensation
of the Adviser.


 


The Adviser, for its
services to the Company, will be entitled to receive a management fee (the “Base Management Fee”) and an incentive
fee (“Incentive Fee”) from the Company.


 


(a)            The
Base Management Fee will be calculated at an annual rate of 0.15% of the Company’s gross assets, including assets purchased
with borrowed funds or other forms of leverage but excluding (i) cash and cash equivalents (as defined below) and (ii) net
unsettled purchases and sales of investments. For services rendered under this Agreement, the Base Management Fee will be payable
quarterly in arrears. The Base Management Fee will be calculated based on the average value of the Company’s gross assets
at the end of the two most recently completed calendar quarters (including the quarter for which such fees are being calculated)
and appropriately adjusted for any share issuances or repurchases during the quarter. For the Company’s first quarter, the
Base Management Fee will be calculated based on the value of the Company’s gross assets as of such quarter-end. The Base
Management Fee for any partial quarter will be appropriately pro-rated. For purposes of this Agreement, “cash equivalents”
means U.S. government securities, money market fund investments, commercial paper instruments and other similar cash equivalent
investments maturing within one year of purchase.


 


(b)            The
Incentive Fee will consist of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based
Fee”) and (ii) an incentive fee based on capital gains (the “Capital Gains Fee”).


 


(i)            The
Income-Based Fee will be payable quarterly in arrears to the extent the Company’s Pre-Incentive Fee Net Investment Income
(as defined below) for the most recently completed calendar quarter divided by the Company’s net assets as of the end of
such calendar quarter (defined as total assets less indebtedness and before taking into account any Income-Based Fees and Capital
Gains Fees payable during the calendar quarter, and appropriately adjusted for any share issuances or repurchases during the calendar
quarter) (the “PIFNII Return”) exceeds the Hurdle Rate (as defined below) and is an amount less than or equal
to the Incentive Fee Cap (as defined below). The Income-Based Fee will be calculated as follows:


 


		a.	No Income-Based Fee in any calendar quarter in which the PIFNII Return does not exceed the Hurdle
Rate;



 


		b.	25% of Pre-Incentive Fee Net Investment Income with respect to that portion of the PIFNII Return
that exceeds the Hurdle Rate but is less than or equal to the Catch-Up Hurdle Rate (as defined below) for such calendar quarter,
which is referred to as the “Catch-Up.” The Catch-Up is intended to provide the Adviser with an Income-Based Fee equal
to 12.5% of all of the Company’s Pre-Incentive Fee Net Investment Income if the Company’s PIFNII Return equals or exceeds
the quarterly Catch-Up Hurdle Rate in any calendar quarter; plus



 






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		c.	12.5% of all Pre-Incentive Fee Net Investment Income with respect to that portion of the PIFNII
Return that exceeds the Catch-Up Hurdle Rate.



 


provided that,
(i) in any quarter that the Incentive Fee Cap is zero or a negative value, the Company will pay no Income-Based Fee to the
Adviser for such quarter, (ii) in any quarter that the Incentive Fee Cap for such quarter is a positive value but is less
than the Income-Based Fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap), the
Company will pay an Income-Based Fee to the Adviser equal to the Incentive Fee Cap for such quarter, and (iii) in any quarter
that the Incentive Fee Cap for such quarter is equal to or greater than the Income-Based Fee that is payable to the Adviser for
such quarter (before giving effect to the Incentive Fee Cap), the Company will pay an Income-Based Fee to the Adviser equal to
the Income-Based Fee calculated as described above for such quarter without regard to the Incentive Fee Cap.


 


For purposes of this Section 6(b)(i):


 


“Hurdle Rate”
for any calendar quarter means one fourth of the average daily Floating Rate over the applicable quarter.


 


“Floating
Rate” means, initially, the three-month London Interbank Offered Rate (“LIBOR”); provided that if
a Floating Rate Transition Event and its related Floating Rate Replacement Date have occurred with respect to LIBOR, then “Floating
Rate” means the Replacement Rate. In the event that the Floating Rate is a negative value, then the Floating Rate shall be
zero.


 


“Floating
Rate Transition Event” means the occurrence of one or more of the following events with respect to the Floating Rate:


 


		i.	a public statement or publication of information by or on behalf of the administrator of the Floating
Rate announcing that the administrator has ceased or will cease to provide the Floating Rate permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Floating
Rate;



 


		ii.	a public statement or publication of information by the regulatory supervisor for the administrator
of the Floating Rate, the central bank for the currency of the Floating Rate, an insolvency official with jurisdiction over the
administrator for the Floating Rate, a resolution authority with jurisdiction over the administrator for the Floating Rate or a
court or an entity with similar insolvency or resolution authority over the administrator for the Floating Rate, which states that
the administrator of the Floating Rate has ceased or will cease to provide the Floating Rate permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Floating
Rate; or



 






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		iii.	a public statement or publication of information by the regulatory supervisor for the administrator
of the Floating Rate announcing that the Floating Rate is no longer representative.



 


“Floating
Rate Replacement Date” means:


 


		i.	in the case of clause (i) or (ii) of the definition of “Floating Rate Transition
Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the
date on which the administrator of the relevant Floating Rate permanently or indefinitely ceases to provide such Floating Rate;
or



 


		ii.	in the case of clause (iii) of the definition of “Floating Rate Transition Event,”
the date of the public statement or publication of information.



 


“Replacement
Rate” means the first alternative set forth in the order below that can be determined as of the Floating Rate Replacement
Date.


 


		i.	the sum of: (a) Term SOFR and (b) the Benchmark Replacement Adjustment; and



 


		ii.	the sum of: (a) Compounded SOFR and (b) the applicable Benchmark Replacement Adjustment.



 


If a Replacement Rate is selected pursuant
to clause (ii) above, then each calendar quarter following such selection, if a redetermination of the Replacement Rate on
such date would result in the selection of a Replacement Rate under clause (i) above, then (x) the Replacement Rate shall
be redetermined on such date utilizing Term SOFR and (y) such redetermined Replacement Rate shall become the Floating Rate
on or after such date. If redetermination of the Replacement Rate on such date as described in the preceding sentence would not
result in the selection of a Replacement Rate under clause (i), then the Floating Rate shall remain the Replacement Rate as previously
determined pursuant to clause (ii) above.


 


“Term SOFR”
means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended
by the Relevant Governmental Body.


 


“Compounded
SOFR” means the compounded average of SOFR for the applicable Corresponding Tenor, with the rate, or methodology for
this rate, and conventions for this rate (which, for example, may be compounded in arrears with a lookback and/or suspension period
as a mechanism to determine the interest amount payable for the applicable calendar quarter or compounded in advance) being established
in accordance with the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant
Governmental Body for determining compounded SOFR.


 


“SOFR”
means with respect to any day means the Secured Overnight Financing Rate published for such day by the Federal Reserve Bank of
New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s
Website.


 






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“Corresponding
Tenor” with respect to a Replacement Rate means a tenor (or observation period) having approximately the same length
(disregarding business day adjustment) as the applicable tenor (or observation period) for the then-current Floating Rate.


 


“Benchmark
Replacement Adjustment” means the spread adjustment, or method for calculating or determining such spread adjustment,
(which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for
the transition to the applicable Floating Rate.


 


“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.


 


“Catch-Up
Hurdle Rate” for any calendar quarter means a rate that is equal to 200% of the Hurdle Rate.


 


“Incentive
Fee Cap” means for any calendar quarter an amount equal to (a) 12.5% of the Cumulative Net Return (as defined below)
minus (b) the aggregate Income-Based Fee that was paid in respect of the period ending with the calendar quarter immediately
preceding the most recently completed calendar quarter (or the portion thereof) included in the period for calculation of the Cumulative
Net Return.


 


“Cumulative
Net Return” means (x) the aggregate Pre-Incentive Fee Net Investment Income in respect of either (i) the trailing
twelve calendar quarters ending with the calendar quarter in which the Income-Based Fee is calculated or (ii) prior to the
end of the twelfth calendar quarter after the effective date of this Agreement, the period from the effective date of this Agreement
through the last day of the calendar quarter for which the Income-Based Fee is calculated minus (y) any Net Capital Loss (as
defined below), if any, in respect of the relevant period.


 


“Net Capital
Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses,
whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.


 


“Pre-Incentive
Fee Net Investment Income” in respect of a period means interest income, dividend income and any other income (including
any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives
from portfolio companies) accrued during the calendar quarter, minus operating expenses for the quarter (including the Base Management
Fee, any expenses payable under the Administration Agreement, and any interest expense and dividends paid on any outstanding preferred
stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred
interest feature such as market discount, OID, debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon
securities, accrued income that the Company has not yet received in cash.


 


(ii)            The
Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year (or upon a Liquidity Event or a
termination of this Agreement), and will equal 12.5% of the Company’s realized capital gains, if any, on a cumulative basis
from inception through the end of the calendar year, computed net of all realized capital losses and unrealized capital depreciation
on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is zero or negative,
then no Capital Gains Fee is payable for such year. A “Liquidity Event” shall mean a corporate control transaction
or similar event (which may include a transaction with an affiliated entity, including an affiliated BDC), such as a strategic
sale of the Company or all or substantially all of the Company’s assets to, or a merger with, another entity, for consideration
payable to stockholders of the Company of cash or publicly listed securities of such other entity (or a combination of cash and
such publicly listed securities).


 



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7.            Indemnification.


 


The Adviser assumes
no responsibility under this Agreement other than to render the services called for hereunder in good faith and shall not be responsible
for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Adviser. The
Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated
with the Adviser) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with
the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company (except
to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as
the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Company
shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons,
members and any other person or entity affiliated with the Adviser) (collectively, the “Indemnified Parties”)
and hold them harmless from and against all damages, liabilities, costs, demands, charges, claims and expenses (including reasonable
attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending,
threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the
Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the
Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding
the preceding sentence of this Section 7 to the contrary, nothing contained herein shall protect or be deemed to protect the
Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability
to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of fraud, willful
misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard
of the Adviser’s duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940
Act and any interpretations or guidance by the SEC or its staff thereunder).


 


8.            Duration
and Termination.


 


(a)            This
Agreement shall become effective as of the first date above written. This Agreement may be terminated at any time, without the
payment of any penalty, upon 90 days’ written notice, (i) by the vote of a majority of the outstanding voting securities
of the Company, (ii) by the vote of the Company’s Board of Directors, or (iii) by the Adviser. The provisions of
Section 7 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof,
notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as
aforesaid, the Adviser shall be entitled to any amounts owed under Section 6 through the date of termination or expiration.


 



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(b)            This
Agreement shall continue in effect for two years from the date hereof and thereafter shall continue automatically for successive
annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board of
Directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority
of the Non-Interested Directors in accordance with the requirements of the 1940 Act.


 


(c)            This
Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of
the 1940 Act).


 


9.            Commodity
Futures Trading Commission.


 


In respect of the Company,
the Adviser will rely on an exemption from registration as a commodity trading advisory (“CTA”) under Commodity Futures
Trading Commission Rule 4.14(a)(8) and will provide commodity interest trading advice to the Company as if it were exempt
from registration as a CTA.


 


10.            Notices.


 


Any notice under this
Agreement shall be in writing to the other party at such address as the other party may designate from time to time for the receipt
of such notice and shall be deemed to be received on the earlier of the date actually received or on the fourth day after the postmark
if such notice is mailed first class postage prepaid.


 


11.            Amendment
of this Agreement.


 


This Agreement may
be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements of the 1940 Act.


 


12.            Entire
Agreement; Governing Law.


 


This Agreement contains
the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject
matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and in accordance with the
applicable provisions of the 1940 Act. In such case, to the extent the applicable laws of the State of New York, or any of the
provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.


 


13.            Miscellaneous.


 


The captions in this
Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise
affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute,
rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on, and
shall inure to the benefit of the parties hereto and their respective successors.


 






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14.            Counterparts.


 


This Agreement may
be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together,
shall constitute one Agreement.


 


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Left Blank]


 



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IN WITNESS WHEREOF,
the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers, all as of the day and
the year first above written.


 


	 	BARINGS CAPITAL INVESTMENT

                                                                          CORPORATION,

	 	a Maryland corporation




 


	 	By:	/s/ Elizabeth Murray
	 	Name:	Elizabeth Murray
	 	Title:	Principal Accounting Officer




 


 


	 	BARINGS LLC,
	 	a Delaware limited liability company




 


	 	By:	/s/ Jonathan Bock
	 	Name:	Jonathan Bock
	 	Title:	Managing Director




 


[Signature
Page to Investment Advisory Agreement]