CapitaLand Investment (CLI) has acquired Wingate Group’s private real estate debt investment management business for A$200m (€121m), with an additional A$100m potential performance-based earn-out over three years.
CLI first formed a partnership with Wingate in September when they launched the A$265m Australia Credit Program (ACP). CLI had seeded the fund and helped raise Asian capital for the vehicle. CLI is working with Wingate to originate and underwrite the deals for CLI’s maiden private credit fund.
Post transaction, Wingate’s A$2.5bn funds under management (FUM) is expected to boost CLI’s FUM to S$115bn (€81bn) and increase its FUM in Australia by more than 30%.
Paul Tham, group chief financial officer at CLI, said Wingate’s private credit capabilities complement CLI’s own private funds platform and enable CLI to collaborate to create greater value for its capital partners in Australia and beyond, adding that “we see scalable private credit opportunities in other Asia-Pacific markets, most notably in South Korea, India and Japan”.
“As we accelerate our geographical diversification efforts, Australia is one of CLI’s focus markets where we see significant potential for growth. Australia will play a greater role in contributing to CLI’s FUM as we strive towards our S$200bn FUM target in 2028,” Tham added.
Nick Jacobson, who will be appointed Wingate’s managing director overseeing the business, said: “Wingate is a private credit pioneer in Australia focused on fostering long-term partnerships, carefully managing risks and delivering sustainable returns.
“The growth of Wingate with the backing of CLI is a truly industry-transforming prospect for what can be delivered to local and global institutional investors.”
This acquisition came after CLI last month bought a 40% stake in the Singapore-based asset manager, SC Capital, with a plan to acquire full ownership by 2030.
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