Apollo Global Management has appointed its first dedicated team member for a new $1bn private credit fund targeting high-growth companies in Singapore, according to a report by Bloomberg citing unnamed sources familiar with the matter.
Wei Ming Wong, previously a vice president at Warburg Pincus LLC, will join Apollo as principal later this month, focusing on deal sourcing and analysis for the fund’s investment pipeline. The Singapore-based fund forms part of Apollo’s strategy to expand its presence in Asia’s private credit market.
The move comes as US private credit markets face turbulence from markdowns and high-profile setbacks, while Asia’s markets remain comparatively insulated due to conservative lending practices, limited exposure to software companies, and the prevalence of closed-ended structures.
Singapore’s government has been actively promoting private credit growth through initiatives like the $1bn Private Credit Growth Fund, launched last year by the Ministry of Trade and Industry and Enterprise Singapore. The fund provides tailored, non-dilutive financing to local high-growth firms, strengthening the city-state’s position in the $1.8tn regional private debt market.
