SeaTown closes first third-party fund

The Singapore-based manager has wrapped up a $1.23bn Asia-Pacific-focused private credit fund.

SeaTown Holdings International, an indirectly wholly owned subsidiary of Singapore-based global investment company Temasek Holdings, has closed a private credit fund on $1.23 billion.

A spokesman for the firm said most of the commitments had come from Asia-Pacific-based investors. He added that some which didn’t commit were interested in coming into the next fund but wanted a longer feed-in time and to understand more about the proposition.

This fund is the first by SeaTown to have sought third-party capital, having primarily managed internal capital previously. Having set out to raise $200 million from limited partners, SeaTown ended up raising around $230 million from them over a six-month period. The fund makes a variety of investments including first and second lien, secured bonds and corporate loans.

“We are pleased to have raised over $200 million of external capital from a variety of LPs in current times,” said Eddie Ong, deputy chief investment officer and head of private investments.

He added: “Our focus now is to build a solid track record and cement our existing relationship with these LPs for subsequent funds to come. With the ongoing market volatility, Asia continues to throw up many interesting private credit opportunities that allow us to generate strong risk-adjusted returns through customised deal structures.”