Temasek-backed investment firm SeaTown Holdings announced that it had secured over $1.3 billion in commitments in the final close of its latest private credit fund, SeaTown Private Credit Fund II (PCF II).
The commitment size surpassed the $1.2 billion raised for SeaTown Private Credit Fund I. The latest fund saw commitments from a group of investors, including a leading Middle Eastern institutional investor, insurance companies, endowments, and family offices, per the announcement.
SeaTown’s Private Credit Fund issues debt ranging from $30-100 million with flexible loan periods of 1-6 years, depending on risk profile. The sector-agnostic fund targets mature companies that are monetising and generating profits.
PCF II, launched at the end of 2022, adopts the same disciplined and hands-on approach as its predecessor, SeaTown said. The fund aims to serve as an ideal 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 an attractive mid-teens net return and double-digit distribution yield for investors over its fund life.
“Our private credit team has demonstrated a clear ability to repeatedly source, structure, and execute complex and bespoke deals across industries,” said SeaTown CEO Patrick Pang.
The second vintage of SeaTown’s private credit strategy will provide tailored financing solutions to companies across the Asia Pacific, targeting a net return in the mid-teens and a double-digit distribution yield to investors with structured downside protection, the firm said.
With the final close of PCF II, SeaTown’s private credit strategy now oversees more than $2.5 billion in assets under management across both funds.
SeaTown has over $4 billion in assets under management across five open-end and closed-end strategies. The firm, founded and headquartered in Singapore in 2009, is owned by Seviora Holdings, Temasek’s asset management group.
In May, SeaTown, through its SeaTown Private Capital Master Fund, anchored the $40-million funding for Linnovate Partners, a Singapore-based fintech company that services the alternative investment industry.
Last year, SeaTown backed the establishment of Foundation Healthcare Holdings Pte Ltd (FHH), a ground-up, purpose-built tech-enabled healthcare services ecosystem headquartered in the city-state.
