Singapore-based real asset fund manager Pierfront Capital Fund Management has raised $700m (€711m) for its Asia Pacific private credit fund.
The manager said that the Keppel-Pierfront Private Credit Fund closed with investor commitments of almost $450m which – together with co-investment commitments – brings the total investable capital after the final close to $700m.
Pierfront Capital is owned on a 50/50 basis by Clifford Capital and Keppel Capital. The fund is jointly sponsored by Pierfront Capital and Keppel Capital, each of which committed $100m in the fund’s first close in March 2020.
The fund provides loans to ”companies with defensive infrastructure-like business models”, across a wide range of real asset sectors in Asia Pacific, including, but not limited to, renewable energy, transportation, telecommunications, logistics, social infrastructure and other core infrastructure.
Pierfront Capital said the fund has already deployed or made commitments to deploy over 75% of its committed capital across 11 transactions.
Stéphane Delatte, CEO and CIO of Pierfront Capital, said: “We are delighted to have gathered a significant pool of investable capital during an extremely challenging period for fundraising.
“The top-tier investors we have attracted provide a strong endorsement to the institutional quality of our platform – one that is supported by strategic shareholders with deep expertise in real assets.”
Delatte said the fact that the fund has already deployed over 75% of its committed capital speaks to the opportunity set in Asia private credit.
“Performance continues to be robust and underpins the strength of our investment process and the defensive nature of the strategy which is generating attractive risk-adjusted returns.”
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