Keppel acquires remaining 50% stake in Pierfront Capital Fund Management
Keppel Corporation has entered into an agreement to acquire the remainsing 50% stake in Pierfront Capital Fund Management Pte. Ltd. from Clifford Capital Holdings. The Sales and Purchase Agreement (SPA) was concluded on Oct 2.
Pierfront Capital is involved in corporate lending to operating companies in Asia Pacific, focusing on businesses with defensive infrastructure-like models such as energy, transportation, telecommunications, social infrastructure and logistics. It is a platform established in 2015 and has achieved successful deployment of its first private credit fund.
The two organisations, Clifford Capital and Keppel, created a partnership in 2020. At this time, they also announced the second private credit fund, Keppel-Pierfront Private Credit Fund, LP (KPPCF). In 2022, KPPCF achieved its final close. Top-tier investors for the fund included global institutional investors such as the Alberta Investment Management Corporation, the Asian Infrastructure Investment Bank, GCM Grosvenor and Manulife.
CEO of fund management and chief investment officer of Keppel, Christina Tan has said of the venture: “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. With Keppel’s deep networks and operating experience within the real asset industry, we will be able to offer investors attractive risk-adjusted returns with downside protection.”
Rajeev Kannan, outgoing chairman of Pierfront Capital and non-executive director of Clifford Capital has also commented, saying: “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 recently 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.
Pierfront Capital offers bespoke private credit financing solutions in real asset sectors, focusing on corporate lending to operating companies across Asia Pacific. The platform was established in 2015 by Clifford Capital and since then has achieved much success.
In 2020, both parties announced the joint sponsorship of the second private credit fund, Keppel-Pierfront Private Credit Fund, LP (KPPCF). Despite the challenging economic environment, KPPCF achieved its final close in 2022.
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Investors included leading global institutional investors such as Alberta Investment Management Corporation, the Asian Infrastructure Investment Bank, GCM Grosvenor on behalf of a separately managed account, as well as Manulife.
Commenting on the venture, Christina Tan said, “We believe that the growing need for alternative lending solutions, combined with Keppel’s deep networks and extensive operating experience within the real asset industry, will strategically position Pierfront’s existing and upcoming credit funds to seize opportunities in Asian private debt markets. 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 also commented, saying, “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 stake in Pierfront Capital Fund Management Pte. Ltd. will present exciting opportunities in the global private credit market, allowing the organisations to explore new possibilities and offer investors attractive risk-adjustment returns with downside protection.
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