SeaTown Holdings, backed by Singaporean state investment firm Temasek, has raised about $900m for its third private credit fund, marking a strong second close following the $612m raised in August, according to a report by Reuters.
Eddie Ong, deputy CIO and head of private investments, told Reuters that the manager continues to see demand from investors across the Middle East, Japan, Taiwan and Singapore, and expects to achieve its milestones heading into the final close.
SeaTown is targeting a fund size similar to its previous private credit vintages, which closed on $1.2bn and $1.3bn. The raise comes as Asia’s private credit market continues to expand rapidly, with AIMA and other industry groups projecting growth to $92bn by 2027 from $59bn in 2024. PCF III reportedly continues to be anchored by institutional investors, while private wealth commitments have increased meaningfully at this stage of the raise.
Founded in 2009 and wholly owned by Temasek’s asset management arm, Seviora, SeaTown manages more than $4bn across private equity, private credit and public market strategies.
