SeaTown’s fundraising reflects investor appetite for a regional market still seen as nascent and expanding, even as the broader private credit sector shows signs of slowing.
“Our strategy is centred on performing loans in Asian markets where we see an underserved need for flexible capital,” said Eddie Ong, the firm’s deputy chief investment officer and head of private investments.
Globally, private credit fundraising is on track for its weakest year since at least 2018, with just US$70 billion raised through July 22, according to JPMorgan Chase & Co. data.
SeaTown last year raised US$1.3 billion for its second private credit fund PCF II. Its first fund secured US$1.2 billion.
See also: Investors want liquidity, customisation, co-investment in private credit, law firm finds
Recipients of its loans in Asia include Vincom Retail JSC and Vinfast Auto Ltd., which are units Vietnamese conglomerate Vingroup JSC.
The firm is aiming to wrap up fundraising for the third fund in the second half of next year.
