Credit/Special Situations
PAG closes fifth credit fund on $2.6bn
PAG has closed its fifth pan-Asian private credit fund at the hard cap with USD 2.6bn. It is said to be the largest direct lending fund raised in the region to date.
2023 preview: Private debt
Asia-based private debt managers hope to take advantage of renewed LP appetite for the asset class, while enjoying higher returns driven by rising interest rates and widening spreads
India's Innoven fractionalises venture debt fund
India’s Innoven Capital, a joint venture between UOB and Temasek Holdings-owned Seviora Holdings, has fractionalised a USD 50m venture debt fund using blockchain and smart contracts.
China's Primavera targets $300m for credit fund
Primavera Capital Group is looking to raise USD 300m for a private credit fund as the China-focused private equity firm continues to diversify its offering by geography and strategy.
Apollo’s Rowan tips alternatives allocations to top 50% - AVCJ Forum
Marc Rowan, CEO of Apollo Global Management, told the AVCJ Private Equity & Venture Forum that he expects most investors to have an alternatives allocation of at least 50% within five years.
Glenwood invests $514m in Hanwha's advanced materials unit
Korean carve-out specialist Glenwood Private Equity has agreed to acquire a significant minority stake in the advanced materials unit of Hanwha Solutions, a listed subsidiary of Hanwha Group, for an enterprise valuation of KRW 680bn (USD 514.2m).
Fund focus: BPEA Credit spins out, closes Fund III on $475m
Baring Private Equity Asia's credit unit has entered a new phase as an independent manager with a fund more than three times larger than the previous vintage
KKR, Mubadala form $1b Asia credit partnership
KKR and Mubadala Investment – a sovereign investor controlled by the government of Abu Dhabi – have established a partnership through which they will co-invest in performing credit opportunities across Asia Pacific.
Carlyle forms Australia, New Zealand private credit joint venture
The Carlyle Group has broadened its Asia private credit coverage through the establishment of a joint venture with Australia-based credit investor and corporate advisory firm Amicaa.
Singapore's Genesis hits first close on second venture debt fund
Singapore-based Genesis Alternative Ventures has reached a first close on its second venture debut fund, having raised nearly half the overall target of USD 150m.
Stride closes India venture debt fund on $200m
India’s Stride Ventures has closed its second venture debt fund with USD 200m in commitments. The target was INR 10bn (USD 125m).
US private debt player Waterfall launches in Hong Kong
Waterfall Asset Management, a US alternatives manager primarily active in the private debt space, has established an Asia presence with the opening of an office in Hong Kong.
EmergeVest co-founder joins VI to launch credit strategy
A three-person team from EmergeVest, including co-founder Roger Moh, has moved to Hong Kong-based VI Asset Management to launch a private credit strategy.
Navis enters Asia credit space
Navis Capital Partners has launched a credit unit that will provide financing to companies in Asia that require growth capital but are reluctant to bring in equity investors.
Bain raises $2b for Asia special situations fund
Bain Capital has closed its second Asia special situations fund with more than USD 2bn in commitments. The firm described it as the largest vehicle in the region dedicated to the likes of direct lending, mezzanine debt, and distressed asset opportunities.
Blackstone boosts Asia credit coverage
The Blackstone Group has recruited Mark Glengarry, formerly of Anchorage Capital Group, as head of Asia Pacific origination for its credit business.
KKR raises $1.1b for debut Asia credit fund
KKR has closed its debut Asia credit fund with USD 1.1bn in commitments, completing the set of vehicles dedicated to the region across its main strategies.
Kotak targets $1.5b for second India special situations fund
Kotak Investment Advisors is looking to raise USD 1.5bn for its second India-focused special opportunities credit fund, up from about USD 1bn in the previous vintage.
Coller secures $1.4b for global credit secondaries fund
Coller Capital has raised approximately USD 1.4bn for its debut global private credit secondaries fund, said to be the largest pool of capital dedicated to the strategy.
Australia's Allegro hits overall target with Fund IV first close
Allegro Funds, an Australia-based turnaround specialist, has reached a first close of A$600 million ($449 million) on its fourth fund, hitting the overall target for the vehicle.
Apollo bulks up credit team as part of Asia expansion
Apollo Global Management has recruited three professionals from Commonwealth Bank of Australia (CBA) to join its Asia Pacific credit business.
Japan's Keystone targets $440m for Fund V
Tokyo-based Keystone Partners is looking to raise around JPY50 billion ($440 million) for its fifth Japan-focused fund, which will make a combination of growth and turnaround investments.
India's Axis Bank seeks $468m for distress buyout fund
India’s Axis Bank has launched a distress buyout fund targeting INR35 billion ($468 million) via its asset management business.
Australia's Allegro seeks $449m for Fund IV
Australia-based turnaround specialist Allegro Funds is targeting A$600 million ($449 million) for its fourth fund, more than twice what it raised in the previous vintage.
