Singapore alternative investment firm SeaTown Holdings, a unit of state investment company Temasek Holdings, has secured US$900 million in commitments for its third private credit fund.
According to Eddie Ong, SeaTown’s deputy chief investment officer, fundraising is progressing in line with internal expectations.
“We remain confident in achieving our fundraising milestones going into the final close,” he says in a statement on December 11, without disclosing the targets. He says the fund is drawing demand from investors across the Middle East, Japan, Taiwan and Singapore.
Ong predicts “robust” demand for Asian private credit strategies even as broader fundraising for the asset class has moderated this year.
A report by the Alternative Investment Management Association, Simmons & Simmons, EY and Broadridge forecasts that Asia’s private credit market will grow to $92 billion by 2027 from $59 billion last year.
SeaTown manages around $4 billion of assets.
