Singapore’s Pierfront Capital raises $200m for first close of private credit fund

Marina Bay Sands, Singapore. Photo by Chen Hu on Unsplash

Singapore-based fund manager Pierfront Capital Fund Management on Monday announced the first close of its latest real asset private credit fund at $200 million.

The fund, Keppel-Pierfront Private Credit Fund, secured $100 million each from its two sponsors, Pierfront Capital Mezzanine Fund (PCMF) and Keppel Capital Holdings. PCMF is owned by Temasek Holdings (90.91 per cent stake) and Japan’s Sumitomo Mitsui Banking Corporation (9.09 per cent).

Pierfront Capital on Monday also announced that it has received the Capital Markets Services licence for fund management from the Monetary Authority of Singapore.

The fund manager’s latest private credit fund seeks to provide debt solutions predominantly in Asia Pacific’s real asset sectors, including infrastructure, real estate, offshore marine, transportation, energy and natural resources. Its first close comes after Keppel Capital acquired a 50 per cent stake in Pierfront Capital for about $7.8 million in November 2019.

“Private debt is a growing asset class, particularly in today’s environment in Asia-Pacific, where we have observed considerable demand for alternative lending solutions to meet capital needs of corporates and projects in real asset sectors, arising from the structural tightening of traditional bank lending in select markets,” said Keppel Capital CEO Christina Tan in a statement.

Keppel Capital had around S$33 billion in assets under management (AUM) by the end of 2019. The company has a diversified portfolio that includes real estate, infrastructure and data centre assets.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.