SeaTown Holdings International, an Asia-focused alternative investment firm and wholly-owned subsidiary of Temasek’s asset management group Seviora Holdings, has announced the final close of the SeaTown Private Credit Fund II (PCF II), with more than $1.3bn in capital commitments.
Beyond Singapore-based SeaTown’s existing investors, PCF II saw interest from a range of new limited partners, including insurance companies, endowments, and family offices. Notably, the fund secured a commitment from a leading Middle Eastern institutional investor.
“This milestone highlights not only the growing appetite for Asian private credit in institutional portfolios around the world but also reflects the confidence and trust in SeaTown’s approach,” said Patrick Pang, CEO of SeaTown, in a statement.
The fund aims to serve as a building block for multi-asset portfolios seeking income, capital preservation and diversification. The closed-ended vehicle will deploy capital on a sector agnostic basis and target a mid-teens net return and double-digit distribution yield for investors over its fund life.
The total commitment size of the second fund surpasses the $1.2bn secured for SeaTown Private Credit Fund I (“PCF I”), adding to the firm’s growth momentum for its private credit strategy.
Following PCF I, the firm launched PCF II at the end of 2022 to capitalise on a growing pipeline of lending opportunities across Asia Pacific. With the final close of PCF II, SeaTown’s private credit strategy now oversees more than $2.5bn in assets under management across both funds.
