SeaTown Holdings – the wholly-owned subsidiary of Temasek’s asset administration group – has closed its newest non-public credit score fund with greater than $1.3bn (£0.98bn) in capital commitments.
The SeaTown Non-public Credit score Fund II was backed by a mixture of present and new restricted companions, together with insurance coverage firms, endowments, and household places of work. The fund additionally secured a dedication from an unnamed Center Japanese institutional investor.
The Singapore-based fund launched on the finish of 2022 and focuses on lending to companies throughout Asia Pacific.
Learn extra: Nikko AM and Tikehau Capital unveil Asia partnership
Following the shut of the SeaTown Non-public Credit score Fund II, SeaTown’s non-public credit score technique now oversees greater than $2.5bn in belongings below administration.
“This milestone highlights not solely the rising urge for food for Asian non-public credit score in institutional portfolios around the globe but in addition displays the arrogance and belief in SeaTown’s method,” mentioned Patrick Pang, chief government of SeaTown.
“Our non-public credit score workforce has demonstrated a transparent skill to repeatedly supply, construction, and execute complicated and bespoke offers throughout industries.
Learn extra: Shojin companions with Alta to increase investor base in Asia
“We’re excited to proceed executing on our confirmed funding technique to ship enticing risk-adjusted returns to our buyers.”
The fund will deploy capital on a sector agnostic foundation and goal a mid-teens internet return and double-digit distribution yield for buyers over its fund life.
Learn extra: Temasek’s Seviora buys stake in non-public credit score supervisor ADM Capital