Keppel Corporation is buying the remaining 50% interest in Pierfront Capital Fund Management from Clifford Capital Holdings (CCH), based in Singapore.
Keppel said Pierfront Capital offered private credit financing solutions in real asset sectors. It focused on corporate lending to operating companies with defensive infrastructure-like business models, across real asset sectors in Asia Pacific.
Christina Tan, Keppel Corp’s CEO of fund management and CIO, said: “We believe that the private credit asset class holds promising long-term growth potential, especially in today’s volatile economic landscape and tighter credit markets.”
Clifford Capital established the Pierfront Capital platform in 2015 and successfully deployed its first private credit fund. This led to a partnership with Keppel in 2020 and, together, the partners launched the second private credit fund, Keppel-Pierfront Private Credit Fund (KPPCF).
KPPCF achieved its final close in 2022. Its investors include the Alberta Investment Management Corporation, investing on behalf of its clients, the Asian Infrastructure Investment Bank, GCM Grosvenor on behalf of a separately managed account, and Manulife.
Rajeev Kannan, outgoing chairman of Pierfront Capital and non-executive director of CCH, said Clifford Capital remained a co-sponsor of KPPCF with Keppel.
“As CCH turns its attention to other strategic initiatives, we look forward to continuing our broad and multi-faceted relationship with Keppel.”
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