Singapore-based fund manager Pierfront Capital Fund Management (PCMF) has raised an initial $200m (€180.7m) for its second real asset private credit fund.
The Keppel-Pierfront Private Credit Fund is jointly sponsored by PCMF and Keppel Capital, each of which has committed $100m in the first close of the fund.
PCMF said the fund aims to provide debt solutions to corporates or projects predominantly in real asset sectors of the Asia-Pacific region, such as infrastructure, real estate, offshore marine, transportation, energy and natural resources, where such financing needs are not met by traditional commercial banks.
PCMF is 90.91% and 9.09% held by Temasek and Sumitomo Mitsui Banking Corporation (SMBC), respectively.
Stephane Delatte, CEO and CIO of Pierfront Capital, said: “The continuing participation of leading financial institutions like Temasek and SMBC speaks to the depth of our commitment and expertise in meeting the increasing demand for specialist intermediate capital in real asset sectors.
“Our long-term strategic partnership with Keppel has a significant positive bearing on our real asset investment focus given its extensive networks and in-depth operating experience in our sectors of focus.”
Christina Tan, CEO of Keppel Capital, said: “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.
“We believe that this increasing demand for alternative lending solutions, coupled with the Keppel Group’s capabilities and PCMF’s track record in credit investments, positions the fund well to capture opportunities in Asian private debt markets.”