Document:

Exhibit 10.1

   

  

  INVESTMENT ADVISORY AGREEMENT

      BETWEEN

      BARINGS PRIVATE CREDIT CORPORATION

      AND

      BARINGS LLC

   

  This INVESTMENT ADVISORY AGREEMENT (this “Agreement”), dated as
      of May [•], 2021 (the “Initial Effective Date”), is between Barings Private Credit 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.

   

  

  
     

    
      
 

  

  
   

  

  (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.

   

  (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;

   

  

  
    2 

    
      
 

  

   

  (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;

   

  (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;

   

  

  
    3 

    
      
 

  

   

  (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;

   

  (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.

   

  

  
    4 

    
      
 

  

   

  (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.

   

  

  
    5 

    
      
 

  

   

  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. The fees that are payable under this Agreement for any partial period will be appropriately prorated. The Adviser may elect to
      defer or waive all or a portion of the fees that would otherwise be paid to it in its sole discretion. Any portion of a fee not taken as to any period shall be deferred without interest and may be taken in any such other period prior to the
      occurrence of a liquidity event with respect to the Company as the Adviser may determine in its sole discretion.

   

  (a)       The Base Management Fee shall be calculated at an annual rate
      of 0.75% of the Company’s average 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 shall be payable quarterly in arrears on a calendar quarter basis. The Base Management Fee shall be calculated based on the average value of the Company’s gross assets (excluding (i)
      cash and cash equivalents and (ii) net unsettled purchases and sales of investments) at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated;
      provided, that upon the end of the first calendar quarter following the Company’s initial closing of its private offering of common stock, which, for purposes of this Agreement, occurred on May [•], 2021 (the “Initial Closing”), the
      Base Management Fee shall be calculated based on the value of the Company’s gross assets (excluding (i) cash and cash equivalents and (ii) net unsettled purchases and sales of investments) as of such calendar quarter-end; provided further,
      that upon the end of the second calendar quarter following the Initial Closing, the Base Management Fee shall be calculated based on the average value of the Company’s gross assets (excluding (i) cash and cash equivalents and (ii) net unsettled
      purchases and sales of investments) at the end of each of the first two calendar quarters following the Initial Closing (including the quarter for which such fees are being calculated).

   

  The Base Management Fee for any partial quarter shall be appropriately
      pro-rated. All or any part of the Base Management Fee not taken as to any quarter shall be deferred without interest and may be taken in any quarter prior to the occurrence of a liquidity event with respect to the Company. 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 is
        based on the Company’s pre-incentive fee net investment income, as follows:

   

  (i)       No portion of the Incentive
        Fee shall be payable until the completion of the first full calendar quarter following the one-year anniversary of the Initial Effective Date. Upon the completion of the first full calendar quarter following the one-year anniversary of the
      Initial Effective Date and thereafter, the Incentive Fee shall be determined and paid quarterly in arrears based on the amount by which (x) the aggregate “Pre-Incentive Fee Net Investment Income” (as defined
        below) in respect of the then-current calendar quarter and the three preceding calendar quarters (the “Trailing Twelve Months”), exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Months. The Hurdle Amount
        shall be determined on a quarterly basis, and will be calculated by multiplying 8.0% by the average of the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Months. For purposes
        of this Agreement, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and 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 the Company’s operating expenses accrued during the calendar quarter
        (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). For the avoidance of doubt, Pre-Incentive
        Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

   

  

  
    6 

    
      
 

  

   

  (ii)       The calculation of the
        Incentive Fee for each quarter shall be as follows:

   

  (A)       No Incentive Fee shall
        be payable to the Adviser in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Months does not exceed the Hurdle Amount;

   

  (B)       100% of the Company’s
        aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Months, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 8.889% by
        the average of the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Months. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 10% on all of the
        Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Months; and

   

  (C)       For any quarter in which the Company’s aggregate Pre-Incentive
      Fee Net Investment Income for the Trailing Twelve Months exceeds the Catch-Up Amount, the incentive fee shall equal 10% of the amount of the Company’s Pre-Incentive Fee Net Investment Income for such Trailing Twelve Months, as the Hurdle Amount and
      Catch-Up Amount will have been achieved.

   

  The amount of the Incentive Fee that shall be paid to the Adviser
      for a particular quarter shall equal the aggregate Incentive Fee calculated as set forth above in Section 6(b)(i) and Section 6(b)(ii), less the aggregate Incentive Fees that were paid to the Adviser in the preceding three calendar quarters (or
      portion thereof) comprising the relevant Trailing Twelve Months; provided that, if, in any quarter, (x) the Incentive Fee Cap (as defined below) is zero or a negative value, the Company shall pay no Incentive Fee to the Adviser in that
      quarter, (y) the Incentive Fee Cap is a positive value but is less than the Incentive Fee calculated as set forth above, the Company shall pay the Adviser the Incentive Fee Cap for such quarter, and (z) the Incentive Fee Cap is equal to or greater
      than the Incentive Fee calculated as set forth above, the Company shall pay the Adviser the Incentive Fee as calculated above for such quarter without regard to the Incentive Fee Cap.

   

  The “Incentive Fee Cap” in any quarter is an amount equal to
      0.50% of the average value of the Company’s gross assets (excluding (i) cash and cash equivalents and (ii) net unsettled purchases and sales of investments) at the
        end of the each quarter during the Trailing Twelve Months and appropriately adjusted for any share issuances or repurchases during the period (the “Average TTM Gross Assets”); provided, however, that in the event that
      the Company’s Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Months is less than 9.0%, then the Incentive Fee Cap will equal 0.20% of the Average TTM Gross Assets.

   

  For purposes of Section 6(b):

   

  “Cumulative Pre-Incentive Fee Net Return” during the
      relevant Trailing Twelve Months means (1) (a) the aggregate Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Months less (b) any Net Capital Loss (if positive), in respect of the Trailing Twelve Months, divided by (2) the
      average of the Company’s net asset values measured at the beginning of each quarter in the Trailing Twelve Months.

   

  

  
    7 

    
      
 

  

   

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

   

  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 Initial
      Effective Date. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, (i) by the vote of a majority of the outstanding voting securities of the Company, or (ii) by the vote of the Company’s
      Board of Directors, or (iii) by the Adviser upon 90 days’ written notice. 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.

   

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

   

  

  
    8 

    
      
 

  

   

  (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.

   

  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.

   

  [Remainder of Page Intentionally Left Blank]

   

  
    9 

    
      
 

  

   

  IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by
      their duly authorized officers, all as of the Initial Effective Date.

   

  	 	BARINGS PRIVATE CREDIT CORPORATION, a Maryland Corporation
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

   

  	 	BARINGS LLC, a Delaware limited liability company
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

   

  [Signature Page to Investment Advisory Agreement]Exhibit 10.2

   

  

  [●] May 2021

   

  Barings LLC

   

  and

   

  Baring International Investment Limited

   

  and

   

  Barings Private Credit Corporation 

   

  

  
  
     

  

  
   

  SUB-ADVISORY AGREEMENT IN RESPECT OF 

  BARINGS PRIVATE CREDIT CORPORATION 

   

  

  
  
     

  

  
   

  
     

    
      
 

  

   

  

    CONTENTS 

   

  	Clause	Page
	 	 
	1.   	Definitions	1
	2.   	Appointment of the Sub-Adviser	2
	3.   	Notices	5
	4.   	Compensation	5
	5.   	Representations and Undertakings	5
	6.   	Access to Information	6
	7.   	UK Regulatory Matters	6
	8.   	Termination	6
	9.   	Counterparts	7
	10.   	Governing Law and Jurisdiction	7

   

  	SIGNATURE PAGE	8
	 	 
	SCHEDULE 1   	Investment Advisory Agreement	1
	 	 	 
	SCHEDULE 2   	Compensation Policy	2
	 	 	 
	SCHEDULE 3   	UK Regulatory Matters	3

   

  
     

    
      
 

  

  
   

  THIS SUB-ADVISORY AGREEMENT is made as of the [●]th day of May 2021 by and between:

   

  	(1)	BARINGS LLC, whose principal address is 300 South Tryon Street, Suite 2500, Charlotte, NC
            28202, United States of America (“Barings”);

   

  	(2)	BARING INTERNATIONAL INVESTMENT LIMITED, whose registered office is at 20 Old Bailey, London
            EC4M 7BF, United Kingdom (the “Sub-Adviser”); and

   

  	(3)	BARINGS PRIVATE CREDIT CORPORATION, whose principal address is 300 South Tryon Street, Suite
            2500, Charlotte, NC 28202, United States of America (the “Client”)

   

  WHEREAS: 

   

  	(A)	Pursuant to an investment advisory agreement dated May [●], 2021 between the Client and Barings as
            amended and/or supplemented from time to time (the “Investment Advisory Agreement”), a copy of which is attached as Schedule 1 hereto, Barings was appointed by the Client to provide investment advisory services to the Client (such
            services and others described in the Investment Advisory Agreement, the “Services”).

   

  	(B)	Barings wishes to appoint the Sub-Adviser, pursuant to Section 2(d) of the Investment Advisory
            Agreement, as a delegate in connection with the Services to be provided under the Investment Advisory Agreement on terms and conditions, except as provided herein, identical to the terms and conditions under which Barings has been appointed by
            the Client to provide Services to the Client. The Client is a party to this Agreement for the purposes of satisfying the conditions set out in Section 2(d) of the Investment Advisory Agreement.

   

  	(C)	This Sub-Advisory Agreement provides a framework for the terms on which the Sub-Advisers shall
            provide the Services for the Portfolio.

   

  NOW IT IS HEREBY AGREED as follows:

   

  	1.	Definitions

   

  		1.1	In this Sub-Advisory Agreement, the following terms shall have the following meanings:

   

  “Compensation Policy” means the compensation policy set out in Schedule 2
      hereto or such other policy as may be agreed between Barings and the Sub-Adviser in respect of the Portfolio from time to time;

   

  “Conflicts Of Interest Policy” means the conflicts of interest policy of
      the Sub-Adviser as set out at https://barings-web.azureedge.net/assets/user/media/Global-Conflicts-of-Interest-Policy.pdf or as otherwise notified to Barings by the Sub-Adviser from time to time;

   

  “Data Protection Laws” means any applicable law regarding the processing,
      privacy, and use of Personal Data, including the GDPR;

   

  “Execution Policy” has the meaning given to it in Schedule 3;

   

  
    1 

    
      
 

  

   

  “FCA” means the UK Financial Conduct Authority and any replacement or
      successor body or bodies;

   

  “FCA Handbook” means the handbook published by the FCA that sets out the
      rules and guidance made by it from time to time under FSMA;

   

  “FCA Rules” means the rules, evidential provisions and guidance made by the
      FCA under FSMA as set out in the FCA Handbook and any directly applicable European Union financial services legislation or rules applicable to the Sub-Adviser, subject to any waiver, modification or individual guidance from time to time applicable to
      the Sub-Adviser;

   

  “FSMA” means the UK Financial Services and Markets Act 2000 and any
      subordinate legislation made under it, or any applicable successor regulatory regime in the United Kingdom;

   

  “GDPR” means the EU General Data Protection Regulation (2016/679);

   

  “Personal Data” means any personal data (as defined pursuant to article
      4(1) of the GDPR) processed by either Party or its approved sub-processor, in connection with the Sub-Advisory Agreement;

   

  “Portfolio” has the meaning given to it in Clause 2.3;

   

  “Services” has the meaning given to it in Recital (A); and

   

  “Sub-Advisory Agreement” means this sub-advisory agreement (as amended from
      time to time).

   

  		1.2	References in this Sub-Advisory Agreement to any statute or statutory instrument or government
            regulations or rules of any regulatory authority shall be to the modification, amendment, extension or re-enactment thereof.

   

  		1.3	In this Sub-Advisory Agreement, the masculine shall include the feminine and the neuter and the
            singular shall include the plural and vice versa as the context shall admit or require.

   

  		1.4	In this Sub-Advisory Agreement, the headings are used for ease of reference only and shall not be
            deemed to form any part of this Sub-Advisory Agreement.

   

  		1.5	Terms not defined herein are as otherwise defined in the Investment Advisory Agreement.

   

  	2.	Appointment of the Sub-Adviser

   

  		2.1	Barings hereby appoints the Sub-Adviser (and the Sub-Adviser hereby accepts such appointment) to act
            (on a non-exclusive basis) as discretionary investment advisor to Barings in connection with the selection and management of assets on behalf of the Client.

   

  		2.2	The Client confirms that this Sub-Advisory Agreement has been approved in accordance with Section
            2(d) of the Investment Advisory Agreement.

   

  
    2 

    
      
 

  

   

  		2.3	Barings shall be responsible for the overall project management of the Client’s portfolio of assets
            (the “Portfolio”) and shall be the primary point of contact with the Client.

   

  		2.4	Save as expressly varied, the Sub-Adviser shall discharge its obligations hereunder on terms and
            conditions that are, as far as possible, identical to the terms and conditions under which Barings itself was appointed to act as an investment adviser to the Client in the Investment Advisory Agreement. The Sub-Adviser shall be entitled to
            rely on the accuracy of all representations and warranties made in the Investment Advisory Agreement by the parties to the Investment Advisory Agreement and, save as expressly varied herein, shall be entitled to the same rights and protections
            as if it were the Adviser under the Investment Advisory Agreement. The Sub-Adviser shall be subject to Barings’ oversight and review in relation to the matters set out or otherwise contemplated by this Sub-Advisory Agreement.

   

  		2.5	In the event that Barings and the Client agree to an amendment of the Investment Advisory Agreement,
            Barings shall provide the Sub-Adviser with reasonable advance written notice of any such amendment. Unless the Sub-Adviser objects in writing to such amendment within three days of receipt of such notification, it shall be deemed to have
            accepted such amendment and the terms of this Sub-Advisory Agreement shall be deemed to have been amended accordingly.

   

  		2.6	Without limiting in any way its other obligations under this Sub-Advisory Agreement and save as set
            out herein, the Sub-Adviser agrees that it shall comply with the provisions of the Investment Advisory Agreement as if it was originally party thereto as the Adviser, save that all reporting and disclosure shall be made to Barings rather than
            directly to the Client. For the avoidance of doubt, the Sub-Adviser shall be deemed to satisfy such requirements if such reporting and disclosure is made to Barings within the timeframes set forth in the Investment Advisory Agreement for
            Barings to report to the Client. Save as provided in the Investment Advisory Agreement, the Sub-Adviser shall follow its own policies and procedures in the performance of its duties hereunder.

   

  		2.7	The Sub-Adviser and Barings shall supply information to each other promptly on demand as may be
            necessary or desirable to enable the Sub-Adviser and Barings to fulfil their respective obligations under this Sub-Advisory Agreement and the Investment Advisory Agreement.

   

  		2.8	The Sub-Adviser shall, pursuant to the terms of the Investment Advisory Agreement, provide Barings
            with reports and with all information, details, reports, records and documents it requires in its capacity as the Adviser under the Investment Advisory Agreement.

   

  		2.9	A power of attorney containing the list of the persons authorised to sign documentation and give
            instructions (including, for the avoidance of doubt and without limitation, the execution of brokerage agreements and other terms and conditions and master agreements with appropriate counterparties) on behalf of the Sub-Adviser in relation to
            the performance by the Sub-Adviser of its obligations hereunder and executed by the Sub-Adviser, as may be updated from time to time, will be provided to Barings upon request.

   

  
    3 

    
      
 

  

   

  		2.10	It is confirmed that, for the avoidance of doubt, Barings shall maintain oversight responsibilities
            for the Sub-Adviser’s activities as they relate to the Portfolio (including the Sub-Adviser’s compliance with the requirements set out, referred to or contemplated by the Investment Advisory Agreement), but that the Sub-Adviser will not be
            under the day-to-day direction and supervision of Barings. Barings will not exercise significant control over, or provide detailed instructions in relation to, the Sub-Adviser’s general advisory and management activities under this Sub-Advisory
            Agreement, other than as required to ensure the Sub-Adviser’s compliance with the Investment Advisory Agreement and applicable law and regulation; provided however, that Barings will retain ultimate discretion over the selection,
            acquisition and disposal of assets to or from the Portfolio.

   

  		2.11	Without the prior written consent of Barings and the Client, the Sub-Adviser shall not appoint an
            agent or delegate to perform any of its duties under this Sub-Advisory Agreement or exercise any of its rights and powers hereunder. In the event that the Sub-Adviser appoints an agent or delegate, the Sub-Adviser shall be liable to Barings in
            relation to such agent or delegate to the same extent as Barings would have been liable to the Client under the Investment Advisory Agreement had such appointment been made by it.

   

  		2.12	Following a request from the Client, Barings shall be entitled to subrogate its rights under this
            Sub-Advisory Agreement to the Client.

   

  		2.13	Section 6 (Compensation of the Adviser) of the Investment Advisory Agreement shall not apply
            to this Sub-Advisory Agreement and the Sub-Adviser's compensation for the provision of its services hereunder shall be as provided in Clause 4 and Schedule 2 hereto. Notwithstanding the foregoing, Barings shall be solely responsible for paying
            compensation to the Sub-Adviser hereunder.

   

  		2.14	Barings hereby delegates to the Sub-Adviser the power to exercise all other ancillary rights or
            duties in connection with the Portfolio including, to the extent necessary, executing any trade documentation or other documentation related to the management of the Portfolio granted by the Client to Barings under the Investment Advisory
            Agreement. When executing such documentation, the Sub-Adviser shall use the following form of execution:

   

  	 	
          Barings PRIVATE CREDIT Corporation   

        
	 	 
	 	By: Baring International Investment Limited as Sub-Adviser and Attorney-in-fact
	 	 
	 	By:	 

   

  
    4 

    
      
 

  

   

  The Sub-Adviser shall not sub-delegate this power, provided that the Sub-Adviser
      may appoint any notary or any individual employed by, or who is a member of, an external legal firm, as the Sub-Adviser’s true and lawful attorney with full power and authority in its name and on its behalf, to sign or to execute and deliver any
      guarantee or security document or other documents or deeds that are necessary or desirable to be executed by the Sub-Adviser outside of London in connection with any investment, asset or instrument forming part of the Portfolio.

   

  		2.15	The following data protection provisions are applicable between the parties hereto:

   

  		2.15.1	The Sub-Adviser will comply (and will ensure that any third party to which personal data is passed
            will comply) with Barings’ instructions in relation to the holding, obtaining and processing of Personal Data relating to the Portfolio.

   

  		2.15.2	Barings undertakes to supply Personal Data to the Sub-Adviser in accordance with the provisions of
            the Data Protection Laws.

   

  		2.15.3	Each of the parties hereto agrees to:

   

  		(a)	be responsible for any Personal Data it may process in relation to the Sub-Advisory Agreement;

   

  		(b)	comply with GDPR and any other Data Protection Laws, applicable to the collection and processing of
            the Personal Data;

   

  		(c)	take appropriate technical and organisational measures against unauthorised or unlawful processing
            of Personal Data and against accidental loss or destruction of, or damage to, the Personal Data; and

   

  		(d)	agree respective responsibilities for exercising of data subject rights and providing notice in
            respect of data breach reporting obligations.

   

  	3.	Notices

   

  Any notice under this Sub-Advisory 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.

   

  	4.	Compensation

   

  The Sub-Adviser shall be compensated by Barings (and not the
      Client) for its services under this Sub-Advisory Agreement in accordance with the Compensation Policy set out in Schedule 2 hereto.

   

  	5.	Representations and Undertakings

   

  	 	5.1	Barings hereby represents and warrants to the Sub-Adviser that it has full power and authority to
            enter into this Sub-Advisory Agreement and that it has been granted full power and authority by the Client to retain the Sub-Adviser to provide advisory services and assist with the management of the Portfolio on the terms set out in this
            Sub-Advisory Agreement. Barings confirms that it has received a copy of Parts 2A and 2B of the Sub-Adviser’s Form ADV and a copy of the Sub-Adviser’s Privacy Notice.

   

  
    5 

    
      
 

  

   

  	 	5.2	The Sub-Adviser hereby represents and warrants to Barings that it has full power and authority to
            enter into this Sub-Advisory Agreement, and further represents that it is (a) registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended and (b) authorized and regulated by the FCA in the conduct of its
            investment business.

   

  	6.	Access to Information

   

  The Sub-Adviser shall supply Barings with whatever
      information it may reasonably request (a) in relation to the Portfolio, (b) in order to discharge its oversight responsibilities for the Sub-Adviser’s activities and (c) to respond to any requests that Barings may receive from the Client or any
      relevant regulatory body (or, in each case, their respective agents or advisors).

   

  	7.	UK Regulatory Matters

   

  The Sub-Adviser is required by the FCA Rules to make certain
      disclosures and seek certain consents in its terms of business with its clients. These are set out in Schedule 3 hereto.

   

  	8.	Duration and Termination

   

  8.1 This Sub-Advisory Agreement shall become effective on the effective date of
      the Investment Advisory Agreement, as set forth in Section 8 of the Investment Advisory Agreement, and may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, (i) by the vote of a majority of the outstanding
      voting securities of the Client, (ii) by the vote of the Client’s Board of Directors, (iii) by Barings or (iv) by the Sub-Adviser.

   

  8.2 This Sub-Advisory Agreement shall continue in effect for two years from its
      initial effective date 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 Client’s Board of Directors, or by the vote of a
      majority of the outstanding voting securities of the Client and (B) by the vote of a majority of the Client’s Board of Directors, who are not “interested persons” (as such term is defined in Section 2(a)(19) of Investment Company Act of 1940, as
      amended (the “1940 Act”)) of the Adviser, any sub-adviser, or of the Client, unless otherwise terminated hereunder. This Sub-Advisory Agreement shall terminate automatically if any of the following events occur:

   

  		(a)	the “assignment” (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act) of
            either the Investment Advisory Agreement or this Sub-Advisory Agreement; or

   

  		(b)	the termination of the Investment Advisory Agreement.

   

  8.3 For the avoidance of doubt, this Sub-Advisory Agreement may also be terminated
      by Barings without penalty for any reason upon 60 days’ written notice to the Sub-Adviser or by the Sub-Adviser without penalty for any reason upon 60 days’ written notice to Barings. Additionally, Barings may terminate this Sub-Advisory Agreement
      immediately in the event Barings determines in its sole discretion that the Sub-Adviser has materially breached any term of this Sub-Advisory Agreement and the Sub-Adviser has failed to cure such breach within 20 days of notice from Barings of such
      breach. Furthermore, in the event that the Sub-Adviser determines in its sole discretion that it may no longer perform its obligations under this Sub-Advisory Agreement due to changes in applicable law, due to take effect within a timescale rendering
      it impossible for the Sub-Adviser to terminate on 60 days’ written notice, this Sub-Advisory Agreement may be terminated by the Sub-Adviser on such written notice to Barings as the Sub-Adviser can reasonably give. Upon such termination, Barings shall
      pay the Sub-Adviser the fees due to the Sub-Adviser for services rendered prior to the date of termination as provided in the Compensation Policy.

   

  
    6 

    
      
 

  

   

  	9.	Counterparts

   

  This Sub-Advisory Agreement may be executed in any number of counterparts. Each
      such counterpart shall for all purposes be deemed to be an original and all such counterparts together shall constitute one and the same instrument.

   

  	10.	Governing Law and Jurisdiction

   

  For the avoidance of doubt, this Sub-Advisory Agreement is
      subject to Section 12 of the Investment Advisory Agreement.

   

  
    7 

    
      
 

  

   

  SIGNATURE PAGE

   

  IN WITNESS WHEREOF the parties hereto have caused this Sub-Advisory Agreement to be
      duly executed as a deed the day and year first above written.

   

  	EXECUTED and DELIVERED as a DEED by	)	 
	BARINGS LLC	)	 
	acting by:	)	 
	 	 	 
	Signed in the presence of:	 	 
	 	 	 
	 	 	(Name)	 	 
	 	 	(Address)	 	 
	 	 	(Occupation)	 	 

   

  	EXECUTED and DELIVERED as a DEED by	)	 
	BARING INTERNATIONAL INVESTMENT LIMITED	)	 
	acting by:	)	 
	 	 	 
	Signed in the presence of:	 	 
	 	 	 
	 	 	(Name)	 	 
	 	 	(Address)	 	 
	 	 	(Occupation)	 	 

   

  	EXECUTED and DELIVERED as a DEED by	)	 
	BARINGS PRIVATE CREDIT CORPORATION	)	 
	acting by:	)	 
	 	 	 
	Signed in the presence of:	 	 
	 	 	 
	 	 	(Name)	 	 
	 	 	(Address)	 	 
	 	 	(Occupation)	 	 

   

  
    8 

    
      
 

  

   

  EXECUTION POLICY – EXPRESS CONSENT

   

  Barings LLC expressly consents to orders being executed outside EU regulated markets,
      multilateral trading facilities and organised trading facilities, where to do so is in accordance with Baring International Investment Limited’s execution policy.

   

  	 	 	Date	 	 

   

  Signed by

   

  
    9 

    
      
 

  

   

  SCHEDULE 1

      Investment Advisory Agreement

   

  
     

    
      
 

  

   

  SCHEDULE 2

      Compensation Policy

   

  Under the Investment Advisory Agreement, Barings will be paid a management fee by the Client
      quarterly in arrears (such total fee amount, the “Barings Fee”).

   

  Promptly after receipt of the Barings Fee for each quarter, Barings shall calculate and pay
      to the Sub-Adviser in compensation for the services provided by the Sub-Adviser under this Sub-Advisory Agreement a portion of the Barings Fee, the amount of which shall be as agreed between Barings and the Sub-Adviser from time to time.

   

  
     

    
      
 

  

   

  SCHEDULE
      3    

      UK Regulatory Matters

   

  	1.	Client Categorisation

   

  The Sub-Adviser has categorised Barings as a professional client and the
      Sub-Adviser will provide its services hereunder on that basis. Retail clients (as defined in the Glossary to the FCA Handbook) benefit from a higher degree of protection under the FCA Rules than professional clients.

   

  Barings has the right to request the Sub-Adviser to categorise it as a retail
      client, either generally or in specific circumstances. However, it should be noted that it is not the Sub-Adviser’s policy to accept requests to be treated as a retail client for any service provided in accordance with the Sub-Advisory Agreement.

   

  It is Barings’ sole responsibility to keep the Sub-Adviser informed about any
      change to the Barings’ circumstances which could affect the Sub-Adviser’s categorisation of Barings as a professional client.

   

  	2.	Order Handling and Best Execution

   

  Whenever the Sub-Adviser executes an order for Barings in relation to a financial
      instrument covered by the EU Markets in Financial Instruments Directive ("MiFID")1 (including an order which results from the exercise of its discretion), the
      Sub-Adviser is required by the FCA Rules to take all sufficient steps to obtain the best result for Barings in accordance with the Sub-Adviser's order execution policy (the "Execution Policy"). The Sub-Adviser is subject to similar obligations
      when it transmits an order to another entity for execution.

   

  A copy of the current Execution Policy can be found at https://barings-web.azureedge.net/assets/user/media/Barings-Execution-Policy.pdf.
      The Sub-Adviser may update the Execution Policy from time to time and shall notify Barings of any material changes to it.

   

  The Execution Policy summarises the way in which the Sub-Adviser complies with
      its trading obligations under the FCA Rules. The Sub-Adviser will inform Barings of any material change to the Execution Policy.

   

  The Execution Policy contemplates that the Sub-Adviser may execute an order
      outside of an EU-regulated market, organised trading facility or multilateral trading facility. Where this is contemplated the Sub-Adviser is required to obtain Barings’s prior express consent. By signing this Sub-Advisory Agreement, Barings consents
      to the Execution Policy and specifically consents to the Sub-Adviser executing transactions on its behalf outside an EU-regulated market, organised trading facility or multilateral trading facility.

   

  

  
  
     

  

  
  (a)

  (b)  

  		1	“MiFID” means Directive 2014/65/EU on markets in financial instruments, Regulation (EU) No 600/2014 on markets in financial instruments, and any secondary legislation,
            rules, regulations and procedures made pursuant thereto.

   

  
     

    
      
 

  

   

  Specific instructions from Barings in relation to the execution of orders may
      prevent the Sub-Adviser from following the Execution Policy in relation to such orders in respect of the elements of execution covered by the instructions.

   

  Pursuant to its obligations under this Sub-Advisory Agreement, the Sub-Adviser
      may aggregate orders for Barings with orders for its other clients. The Sub-Adviser is required, by the FCA Rules, to notify Barings that, on some occasions, the effect of aggregation may work to the disadvantage of Barings in relation to a
      particular order.

   

  	3.	Investment Objectives

   

  When the Sub-Adviser makes an investment recommendation to Barings or manages its
      investments, the Sub-Adviser is obliged by FCA Rules to take reasonable steps to ensure that its decision to trade is “suitable” for Barings as per the FCA Rules. The Sub-Adviser is obliged to take into account Barings’s investment objectives. For
      this purpose, the Sub-Adviser understands that Barings’s investment objectives are as set out in the Investment Advisory Agreement and such ancillary documentation relating to the investment objectives of the Portfolio as Barings may supply to the
      Sub-Adviser from time to time.

   

  As Barings is a professional client, the Sub-Adviser is entitled to assume that
      Barings has the necessary level of experience and knowledge in order to understand the risks involved in the transaction(s) or in the management of the Portfolio. Unless notified to the contrary by Barings, the Sub-Adviser shall be entitled to assume
      that this remains the case for the duration of the Sub-Advisory Agreement.

   

  Any brokers the Sub-Adviser uses to execute orders which it carries out for
      Barings may also be required by FCA Rules to assess the suitability of those orders for Barings. Barings agrees that the Sub-Adviser's understanding of Barings’s investment objectives is correct and consents to the Sub-Adviser making those investment
      objectives, and any relevant regulatory consents given in this Sub-Advisory Agreement, known to brokers and others where reasonably required in connection with the provision of the Sub-Adviser's services.

   

  	4.	Limit Orders

   

  If Barings provides the Sub-Adviser with or the Sub-Adviser generates a limit
      order in respect of shares admitted to trading on an EEA-regulated market which is not immediately executed under prevailing market conditions, the FCA Rules require the Sub-Adviser, in certain circumstances, to make that order (each a “Client
        Limit Order”) public immediately unless it has Barings’s consent not to do so. It may not always be in Barings’s best interests to make an unexecuted order public in this way. Accordingly, by signing this Sub-Advisory Agreement, Barings
      instructs the Sub-Adviser not to make public immediately a Client Limit Order in respect of shares admitted to trading on an EEA-regulated market which is not immediately executed under prevailing market conditions, unless the Sub-Adviser decides in
      its absolute discretion that it is appropriate to do so.

   

  	5.	Conflicts Of Interest

   

  The FCA Rules require the Sub-Adviser to take all appropriate steps to identify
      and to prevent or manage conflicts of interest between (i) the Sub-Adviser (and its staff) and Barings; and (ii) Barings and the Sub-Adviser's other clients.

   

  
     

    
      
 

  

   

  If the arrangements the Sub-Adviser makes to prevent or manage conflicts of
      interest are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of Barings will be prevented, it is obliged to disclose the general nature and sources of conflicts of interest to Barings, in order to enable
      Barings to make an informed decision about the Sub-Adviser's services.

   

  A copy of the Sub-Adviser Conflicts of Interest Policy can be found at https://barings-web.azureedge.net/assets/user/media/Global-Conflicts-of-Interest-Policy.pdf.
      The Sub-Adviser will inform Barings of any material change to the policy.

   

  		6.	Risk Warnings

   

  The Sub-Adviser is obliged under the FCA Rules to provide Barings with a general
      description of the nature and risks of the investments included in the Portfolio. Those investments may include shares, bonds, warrants, interests in syndicated loans and other types of security and derivative described in the Investment Advisory
      Agreement. The Sub-Adviser is obliged to inform Barings about such risks as failure of security, loss of capital, volatility, illiquidity, leverage and contingent liabilities. Barings is a sophisticated institutional investor and has agreed with the
      Sub-Adviser that it is not appropriate for the Sub-Adviser to provide more detailed risk warnings. However, more details about the risks involved are available on request.

   

  	7.	Compensation and Complaints

   

  The Sub-Adviser is not covered by the UK Financial Services Compensation Scheme.
      All formal complaints by Barings relating to the services provided by the Sub-Adviser under this Agreement should in the first instance be made in writing to the compliance officer of the Sub-Adviser. A copy of the Sub-Adviser's complaints management
      policy is available on request and will otherwise be provided in accordance with the FCA Rules.

   

  	8.	Reporting

   

  The FCA Rules require the Sub-Adviser to provide Barings with periodic statements
      in a particular form in respect of the Portfolio, except where Barings has agreed that it does not wish to receive statements in such format. Barings confirms that it does not require periodic statements.

   

  Barings acknowledges that it does not wish to receive from the Sub-Adviser
      information under Article 50 (Costs and associated charges disclosure) and Article 62 (10% Portfolio Depreciation Notifications) of the MiFID Org Regulation.  Barings will obtain the relevant information from internal systems to provide portfolio
      reporting to Barings Private Credit Corporation.  

   

  	9.	Fees, Commissions and Non-Monetary Benefits

   

  The Sub-Adviser will pay directly from its own resources for all research (as
      defined in the FCA Rules) received from third parties in connection with the provision of its services to Barings.

   

  
     

    
      
 

  

   

  The Sub-Adviser may make payments to third parties in connection with the
      services it provides under this Sub-Advisory Agreement, which may relate to due diligence, protection of Barings’s rights and the completion of the legal and accounting steps required to enter into transactions or to exercise any rights under a
      transaction where the Sub-Adviser considers that these either (i) are designed to enhance the quality of the relevant service to Barings, and will not impact compliance with the Sub-Adviser’s duty to act honestly, fairly and professionally in the
      best interests of Barings, or (ii) enable or are necessary for the provision of the services under the Sub-Advisory Agreement.

   

  Minor Non-Monetary Benefits

   

  Under the FCA Rules, in the course of providing portfolio management services to
      the Investment Manager, the Sub-Adviser is prohibited from accepting and retaining any fees, commission or monetary benefits, or accepting any non-monetary benefits (other than acceptable minor non-monetary benefits and research which is permitted),
      where these are paid or provided by any third party or a person acting on their behalf.

   

  Where the Sub-Adviser receives any such fees, commissions or monetary benefits,
      it will transfer these to the Barings account and will inform Barings in the periodic statement to be provided in accordance with the provisions on reporting of any such fees, commissions or monetary benefits that were received and transferred to
      Barings during the relevant period.

   

  The Sub-Adviser may accept and retain fees, commissions or non-monetary benefits
      which are paid or provided to the Sub-Adviser by a person acting on behalf of the Investment Manager, provided that person is aware that such payments have been made on Barings’ behalf and the amount and frequency of the payment is agreed in writing
      between Barings and the Sub-Adviser and not determined by a third party.

   

  The following benefits received by the Sub-Adviser in the course of providing
      services to Barings will be considered to be acceptable minor non-monetary benefits for the purposes of this section:

   

  		(a)	information or documentation relating to a financial instrument or investment service that is
            generic in nature or personalised to reflect the circumstances of an individual client;

   

  		(b)	written material from a third party that is commissioned and paid for by a corporate issuer or
            potential issuer to promote a new issuance by the issuer, or where the third party firm is contractually engaged and paid by the issuer to produce such material on an ongoing basis, provided that the relationship is clearly disclosed in the
            material and that the material is made available at the same time to any firms wishing to receive it or to the general public;

   

  		(c)	participation in conferences, seminars and other training events on the benefits and features of a
            specific financial instrument or an investment service;

   

  		(d)	hospitality of a reasonable de minimis value, including food and drink during a business meeting or
            a conference, seminar or other training event specified in this section;

   

  
     

    
      
 

  

   

  		(e)	research relating to an issue of shares, debentures, warrants or certificates representing certain
            securities by an issuer, which is:

   

  		(i)	produced prior to the issue being completed by a person that is providing underwriting or placing
            services to the issuer on that issue; and

   

  		(ii)	made available to prospective investors in the issue; and

   

  		(f)	research that is received so that the Sub-Adviser may evaluate the research provider’s research
            service, provided that:

   

  		(i)	it is received during a trial period that lasts no longer than three months;

   

  		(ii)	no monetary or non-monetary consideration is due (whether during the trial period, before or after)
            to the research provider for providing the research during the trial period;

   

  		(iii)	the trial period is not commenced with the research provider within 12 months from the termination
            of an arrangement for the provision of research (including any previous trial period) with the research provider; and

   

  		(iv)	the Sub-Adviser makes and retains a record of the dates of any trial period accepted under this
            section, as well as a record of how the conditions in (i) to (iii) were satisfied for each such trial period,

   

  provided that, in the Sub-Adviser’s view, the minor non-monetary benefit is:

   

  		(a)	capable of enhancing the quality of the service provided by the Sub-Adviser to Barings;

   

  		(b)	of a scale and nature that it could not be judged to impair the Sub-Adviser’s compliance with its
            duty to act honestly, fairly and professionally in the best interests of Barings; and

   

  		(c)	reasonable, proportionate and of a scale that is unlikely to influence the Sub-Adviser’s behaviour
            in any way that is detrimental to the interests of Barings.

   

  	10.	Recording Communications 

   

  The Sub-Adviser will record telephone conversations and electronic
      communications, including communications with Barings which result or may result in transactions for the Client. A copy of the recoding of such conversations and communications will be available to Barings on request to the Sub-Adviser for a period
      of five years and, where requested by the FCA, for a period of up to seven years.

   

  	11.	Transaction Reporting and Use of Confidential Information

   

  MiFID imposes certain transaction and position reporting obligations on clients
      in relation to their investments, including the procurement of a valid Legal Entity Identifier (LEI). Clients are responsible for (i) providing all the necessary information and documentation under these obligations; and (ii) taking any action
      reasonably required by the firm in relation to these obligations.

   

  In order to report details of our client transactions, the Sub-Adviser may need
      to disclose confidential information to a regulatory authority, via a third party, where such disclosure is required to enable it to assist in complying with reporting obligations in connection with the Sub-Advisory Agreement.

   

  	12.	Exclusion of Liability Under the Regulatory System

   

  The Sub-Adviser confirms that nothing in this Sub-Advisory Agreement seeks to
      exclude or restrict any duty or liability owed to Barings under the Regulatory System (as defined in the Glossary to the FCA Handbook).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]