SeaTown Holdings International, a wholly-owned subsidiary of Temasek’s asset management group Seviora Holdings, has on Tuesday announced the final close of the SeaTown Private Credit Fund II (PCF II) with over $1.3 billion in capital commitments.
SeaTown said in a statement that the total commitment size of the second fund surpasses the $1.2 billion secured for SeaTown Private Credit Fund I (PCF I), further adding to
the firm’s growth momentum for its private credit strategy.
“This milestone highlights not only the growing appetite for Asian private credit in institutional portfolios around the world but also reflects the confidence and trust in SeaTown’s approach,
“Our private credit team has demonstrated a clear ability to repeatedly source, structure, and execute complex and bespoke deals across industries. We are excited to continue
executing on our proven investment strategy to deliver attractive risk-adjusted returns to our investors,” said Patrick Pang, Chief Executive Officer, SeaTown.
It is noted that beyond SeaTown’s existing investors, PCF II saw interest from a diverse group of new limited partners, including insurance companies, endowments, and family of ices.
This comes on the back of a concerted effort to build more long-term relationships with international investors as SeaTown continues to grow and diversify its investor base.
Notably, the fund secured commitment from a leading Middle Eastern institutional investor.
According to the statement, PCF II adopts the same disciplined and hands-on approach as its predecessor and has been carefully designed to meet the unique needs of income-oriented investors today.
Focused on providing highly tailored financing solutions and capturing proprietary performing credit opportunities in Asia Pacific, the fund aims to serve as an ideal building block to multi-asset portfolios seeking income, capital preservation and diversification.
The closed-ended vehicle will deploy capital on a sector agnostic basis and target an attractive mid-teens net return and double-digit distribution yield for investors
over its fund life.
Following the successful deployment of PCF I, the firm launched PCF II at the end of 2022 to capitalize on a deepening pipeline of attractive lending opportunities across Asia Pacific.
With the final close of PCF II, SeaTown’s private credit strategy now oversees more than $2.5 billion in assets under management across both funds.
Clifford Chance served as the main fund counsel for PCF II.
Founded and headquartered in Singapore since 2009, SeaTown is a leading Asia-focused alternative investment firm with deep expertise across private and public markets.
The firm’s alternative investment fund platform offers international investors exposure to highly specialized private equity, private credit, and thematic absolute return public markets opportunities in the region.