Clearwater raises over $400m for platform – exclusive

The firm manages several private credit investment vehicles across Asia Pacific.

Clearwater Capital Partners, the Asian credit investment manager, has raised over $400 million to date in the latest round of fundraising for its private lending platform.

The firm’s flagship fund, Clearwater Capital Partners Fund V, reached a first close on around $180 million at the end of last year, according to market sources. In addition, the firm has also raised close to $250 million for a number of other vehicles which come under its private credit platform.

Clearwater had not responded to PDI’s enquiries by press time.

Clearwater Capital Partners Fund V has a target size of $500-600 million, similar to its $575 million predecessor Clearwater Capital Partners Fund IV. The fund invests in fixed income, direct lending and restructuring opportunities in Asia Pacific.

The firm started the latest series of fundraising activities in the first quarter of last year, including the official launch of its flagship fund in the second half of last year, sources told PDI.

Apart from the flagship fund, the firm also manages several separately managed accounts and owns a pool of different credit vehicles under the firm’s private credit platform across Asia Pacific.

The firm has secured capital commitments from corporate and state pension plans, funds of funds, endowments, foundations and family offices in the US, Europe and Asia, as well as the Overseas Private Investment Corporation and International Finance Corporation.

In China, the firm has a wholly owned onshore real estate credit company called CHG. The Chongqing-based company was set up in 2013 and has deployed over $250 million since inception. It focuses mainly on senior secured lending to real estate projects in the country.

In India, the firm is a backer of non-banking financial company Altico Capital. Altico has been actively lending to affordable residential projects in tier-one cities in India such as Mumbai, Bengaluru and Pune. Last year, it partnered with global alternatives investor KKR to invest $63.5 million in real estate developer SARE Homes’ township project. Other sponsors of Altico include Abu Dhabi Investment Council and Varde Partners.

Hong Kong-headquartered Clearwater was founded in December 2001 to invest in credit and special situations across Asia, excluding Japan.