Apollo Global Management won the mandate to manage Singapore’s $1 billion (US$778.3 million) private credit fund targeting local high growth enterprises, according to a government portal for procurement website.
The Ministry for Trade and Industry (MTI) and Enterprise Singapore in March introduced the $1 billion Private Credit Growth Fund, which aims to provide non-dilutive customised financing for high-growth local enterprises, according to a statement then. It will announce more details about the fund by the third quarter, the statement said.
The Private Credit Growth Fund, first introduced in the government’s budget speech in February, is among Singapore’s initiatives as it seeks to boost its presence in the burgeoning $1.7 trillion private debt space.
This follows the Monetary of Authority of Singapore’s (MAS) initiative from March, when it had sought public feedback on a proposed regulatory framework targeting the asset class. The framework aims to grant retail investors access to the private market with proper safeguards in place.
Adding onto the city state’s private market ambitions, Singapore’s sovereign wealth fund Temasek Holdings in December said it had set up a private credit platform with an initial portfolio of about $10 billion, consisting of direct investments and credit funds.
Meanwhile, Temasek’s unit SeaTown Holdings International last year raised $1.3 billion for its second private credit fund.
See also: Singapore’s AUM grows 12% to $6.07 tril in 2024; net inflows rebound with 50% y-o-y growth
The firm actively lends to companies across Asia Pacific, such as to Vietnamese conglomerate Vingroup JSC’s units Vincom Retail JSC and Vinfast Auto Ltd.
