Keppel acquires remaining 50% stake in Pierfront Capital Fund Management

Keppel Corporation has sealed a sales and purchase agreement (SPA) to acquire the remaining 50% stake in Pierfront Capital Fund Management Pte. Ltd. it does not own on October 2. The stake was bought from Clifford Capital Holdings, a company that established Pierfront Capital in 2015. Pierfront Capital offers specialised private credit financing solutions in real asset sectors, such as energy, transportation, telecommunications and logistics, focusing on lending to operating companies with defensive infrastructure-like business models.

After acquiring the stake, both Clifford Capital and Keppel co-sponsored the second private credit fund known as the Keppel-Pierfront Private Credit Fund, LP (KPPCF). The fund successfully closed in 2022 and gathered venture capital from investors like the Alberta Investment Management Corporation, the Asian Infrastructure Investment Bank etc.

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In a statement, CEO of fund management and Chief Investment Officer of Keppel, Christina Tan, said: “We believe that the private credit asset class holds promising long-term growth potential especially in today’s volatile economy and tighter credit markets.”

Tan further added that, with Keppel’s deep networks and long operating experience in the real asset industry, Pierfront’s credit funds would be well-positioned to seize the opportunities in Asian private debt markets and deliver lucrative risk-adjusted returns with downside protection.

Outgoing chairman of Pierfront Capital and non-executive director of Clifford Capital, Rajeev Kannan, thanked Keppel, Clifford Capital and the Pierfront Capital team for developing the Pierfront Capital platform. He further stated that Clifford Capital would remain a co-sponsor of KPPCF with Keppel.