Hong Kong- and Singapore-based fund manager OCP Asia has moved past the $500 million target for its fourth private debt fund, according to market sources, and is hoping to reach its hard-cap of $800 million by the end of March.
The firm – which provides private credit and secured direct lending on a pan-Asian basis, including in Australia – now has more than $3 billion in assets under management. It invests in corporates, real estate and in Australian companies with multi-jurisdictional assets.
OCP Asia Fund IV, which was launched in December 2019, received a $50 million commitment from Helena, US-based Montana State Board of Investments, according to Private Debt Investor data.
The firm has not disclosed the identity of other investors but it is understood they are mostly US and European institutions seeking to capitalise on pan-Asian economic growth. Economies in Asia are widely considered to have handled the pandemic well and are now rebounding from the crisis.
Dealflow in the region appears to be strong and firms with a presence in key markets are able to continue managing and growing their businesses effectively, notwithstanding the international travel bans that are currently in place.