Keppel acquires remaining 50% stake in Pierfront Capital Fund Management

This development offers its residents a multitude of amenities, including a 50m lap swimming pool, gym, sauna, tennis court, basketball court, playground and a clubhouse. The Senja Residences also has an extensive network of pathways and well-maintained gardens. Residents can enjoy close proximity to Bukit Panjang Park, JCU International College, Singapore American School, CT Hub 2 and a variety of amenities in the area. With convenient transport links to the city, Senja Residences is a great choice for those who want to be close to the city without sacrificing the tranquillity of a tranquil residential area.

Keppel Corporation has entered into a sales and purchase agreement (SPA) to acquire the remaining 50% stake it does not own in Pierfront Capital Fund Management Pte. Ltd. on Oct 2. The top-tier investors KPPCF attracted include leading global institutional investors such as the Alberta Investment Management Corporation on behalf of certain of its clients, the Asian Infrastructure Investment Bank, GCM Grosvenor on behalf of a separately managed account, as well as Manulife. This stake was acquired from Clifford Capital Holdings.

Pierfront Capital offers bespoke private credit financing solutions in real asset sectors. It focuses on corporate lending to operating companies with defensive infrastructure-like business models, across real asset sectors in Asia Pacific, such as energy, transportation, telecommunications, along with social infrastructure and logistics. The platform was established in 2015 by Clifford Capital.

After the successful deployment of its first private credit fund, Clifford Capital Holdings and Keppel established a partnership in 2020. Both parties also saw their joint sponsorship of the second private credit fund, Keppel-Pierfront Private Credit Fund, LP (KPPCF) in 2020. KPPCF achieved its final close in 2022.

Christina Tan, CEO of fund management and chief investment officer of Keppel, shares her enthusiasm, “We believe that the private credit asset class holds promising long-term growth potential especially in today’s volatile economic landscape and tighter credit markets. We are enthusiastic about opportunities in the Asia-Pacific region, where we see a growing number of companies seeking specialised intermediate capital solutions. This strategy will enable us to offer investors attractive risk-adjusted returns with downside protection.”

Rajeev Kannan, outgoing chairman of Pierfront Capital and non-executive director of Clifford Capital, expresses his gratitude, “I would like to thank Keppel, Clifford Capital and the Pierfront Capital team for all their support and effort in developing the Pierfront Capital platform. Clifford Capital remains a co-sponsor of KPPCF with Keppel. As Clifford Capital turns its attention to other strategic initiatives, we look forward to continuing our broad and multi-faceted relationship with Keppel and I wish Pierfront Capital and Keppel the very best for the future.”

Keppel Corporation’s acquisition of the remaining 50% stake in Pierfront Capital Fund Management Pte. Ltd. is a testament to their commitment to providing alternative lending solutions in the Asia-Pacific. This move has resulted in the successful deployment of the Keppel-Pierfront Private Credit Fund, LP (KPPCF) which has attracted top-tier investors. Christina Tan shares her vision of the future for the private credit asset class in the region, while Rajeev Kannan expresses his appreciation for the joint sponsorship of KPPCF. The successful acquisition of Pierfront Capital Fund Management Pte. Ltd. marks a milestone in Keppel’s corporate journey, and we can only wish them the best in their continued development of the private credit asset class in Asian markets.