Invesco Taps Barings to Sub-Advise Its New Asset-Based Finance Interval Fund

The fund opens as an accredited-investor private placement with a $250,000 minimum and share classes already designed to convert ahead of an eventual public offering.

August 20, 2026

Invesco has registered a new fund built around private asset-based finance, notifying the SEC on August 19 that Invesco Private Asset-Based Credit Fund has registered as an investment company and filed its accompanying registration statement the same day.

The vehicle arrives with an outside partner attached. Invesco Advisers serves as adviser and administrator, but portfolio management runs through Barings, the MassMutual-owned credit manager engaged as sub-adviser, with Baring International Investment Limited handling European investments as sub-sub-adviser. Invesco has agreed to pay Barings as much as 40 percent of the advisory fee it collects from the fund.

A Delaware trust formed in May

The fund is organized as a non-diversified, unlisted closed-end fund operating on an interval basis, with quarterly repurchase offers covering between 5 and 25 percent of outstanding shares. The first offer is expected during the second full quarter of operations, and a 2 percent fee applies to shares repurchased within two years of purchase.

Under normal conditions, at least 80 percent of net assets go into private asset-based finance. The mandate spans directly originated commercial real estate whole loans, mezzanine debt, preferred equity and construction lending, alongside asset-based loans secured by receivables, equipment and aircraft leases, royalties and litigation judgments. It also reaches CLO tranches, with an emphasis on mezzanine notes, plus CMBS, non-agency RMBS, ABS and infrastructure debt. More than a quarter of net assets will concentrate in the real estate group of industries, and management has signaled the full strategy will not be run until the portfolio reaches scale.

Origination runs in-house alongside the Barings mandate, through Invesco Private Credit Lending, a wholly owned subsidiary sitting beneath an origination trust, with KeyBank servicing the commercial real estate loans and Computershare holding the loan files.

Distribution starts narrow

Shares are being placed privately with accredited investors through Invesco Distributors, offered monthly, with a minimum initial investment of $250,000 that the fund may waive. Two classes are on offer:

• Class P-X — an upfront sales charge of up to 3.50 percent and a 0.75 percent distribution fee, with estimated total annual operating expenses of 3.70 percent.
• Class P-F — neither charge, at an estimated 2.95 percent.

The pathway beyond that private stage is already drawn. Both classes are expected to convert into Class X and Class F shares ahead of any public offering, and the 1.25 percent advisory fee on managed assets is being voluntarily waived down to 0.75 percent until a public offering begins. That leaves a seasoning window in which the fund can build a track record on friendlier economics before reaching a broader audience.

Melanie Ringold, senior vice president and chief legal officer, signed the notification in Houston. The fund’s fiscal year ends February 28.