Keppel acquires remaining 50% stake in Pierfront Capital Fund Management

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 stake was acquired from Clifford Capital Holdings.

Pierfront Capital, established in 2015 by Clifford Capital, provides 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, social infrastructure and logistics.

In 2020, Keppel and Clifford Capital partnered on their joint sponsorship of the second private credit fund — Keppel-Pierfront Private Credit Fund, LP (KPPCF). The fund achieved its final close in 2022, and attracted top-tier investors including the Alberta Investment Management Corporation, the Asian Infrastructure Investment Bank, GCM Grosvenor and Manulife.

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Christina Tan, CEO of fund management and chief investment officer of Keppel, shares her enthusiasm for the private credit asset class: “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.

“Our 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 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 appreciation for the support from both parties: “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. 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 represents an exciting opportunity for investors as the private credit asset class offers promising long-term growth potential in a volatile economic landscape. Backed by Keppel’s networks and experience, Pierfront Capital will be well-positioned to capture opportunities in Asian private debt markets and provide investors with attractive risk-adjusted returns with potential downside protection.

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