Global investment firm KKR is leading a A$400 million ($278 million) private credit financing for Australian fuel supplier Ampol Ltd, according to an announcement.
The financing, anchored by KKR’s private credit and insurance platforms, will support Ampol’s refinancing initiatives and other general corporate purposes, the companies said.
Singapore-headquartered Clifford Capital, an infrastructure credit platform backed by Temasek, supported KKR’s investment and helped arrange the transaction alongside Ampol’s advisers, per the announcement.
Ampol, which is listed on the Australian Securities Exchange, operates Australia’s only east coast oil refinery at Lytton in Queensland and has an integrated fuel supply and retail network comprising about 1,700 sites in Australia and around 500 sites in New Zealand.
The company also has trading and shipping operations based in Singapore and the United States.
Diane Raposio, partner and head of Asia Credit and Markets at KKR, described Ampol as a strong investment-grade business with a long operating history and a sophisticated approach to capital management.
“We are focused on providing flexible capital to high-quality companies as they pursue their strategic objectives,” she added.
Ampol chief financial officer Greg Barnes said the transaction reflected the company’s proactive approach to funding and capital management.
The deal expands KKR’s private credit activity in Australia, where it has previously backed healthcare provider Family Doctor, pharmaceutical company DBG Health and fintech firm Lendi.
Since 2019, KKR has committed more than $9.1 billion across 63 investments through its Asia-Pacific Credit strategy, representing a total transaction volume of more than $28.4 billion, according to the announcement.
KKR is in the market for its latest Asia fund, KKR Asia Fund V, which will target 20-30 investments across six key markets: Australia, Greater China, India, Japan, South Korea, and Southeast Asia, focusing on mid- to large-cap opportunities in the region. The firm is reportedly targeting $15 billion for the said vehicle.
KKR’s flagship Asia franchise has been actively signing deals this year, despite the ongoing macro volatility exacerbated by the geopolitical tensions in the Middle East.
The deal comes as a DealStreetAsia report in June said some limited partners are looking to increase allocations to Asia’s private credit sector amid surging redemption pressures and withdrawal requests in the US market.
According to Bain & Company, Asia’s private credit market is estimated at $100-120 billion, a fraction of the US market, which runs into the trillions. Banks still account for approximately 75-80% of lending across the credit market.
Singapore state investment firm Temasek is also stepping up its push into private credit as it seeks more stable sources of returns and greater portfolio diversification amid a more uncertain global investment environment.
Private credit exposure has grown more than six-fold over the past decade and currently accounts for about 2% of Temasek’s S$518 billion ($401.1 billion) portfolio as of the financial year ended March 31, 2026. The firm is targeting to increase the allocation to around 5% by 2031.
