Keppel acquires remaining 50% stake in Pierfront Capital Fund Management

On Oct 2, Keppel Corporation entered into a sales and purchase agreement to acquire the remaining 50% stake it does not own in Pierfront Capital Fund Management Pte. Ltd. from Clifford Capital Holdings.

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The platform was established by Clifford Capital in 2015 and gained traction when Keppel and Clifford Capital together sponsored the Keppel-Pierfront Private Credit Fund, LP (KPPCF). Attracting top-tier investors from leading global institutional investors such as the Alberta Investment Management Corporation on behalf of certain of its clients, the Asian Infrastructure Investment Bank, and Manulife, KPPCF achieved its final close in 2022.

Pierfront Capital focuses on corporate lending in the real asset sectors of energy, transportation, telecommunications, social infrastructure, and logistics. According to CEO of fund management and Chief Investment Officer of Keppel, Christina Tan, the private credit asset class holds promising long-term growth potential and there is a growing need for alternative lending solutions in the Asia-Pacific region.

With Keppel’s deep networks and extensive operating experience within the real asset industry, Pierfront’s existing and upcoming credit funds are well-positioned to seize opportunities in Asian private debt markets and offer investors attractive risk-adjusted returns with downside protection.

Rajeev Kannan, outgoing chairman of Pierfront Capital and non-executive director of Clifford Capital, thanked Keppel, Clifford Capital, and the Pierfront Capital team for their support and effort in developing Pierfront Capital’s platform. He also noted that Clifford Capital remains a co-sponsor of KPPCF with Keppel and that the companies look forward to continuing their multi-faceted relationship.

Keppel Corporation’s acquisition of the remaining 50% stake will allow the real asset company to strengthen its position in the private credit market in the Asia-Pacific region and provide attractive risk-adjusted returns with downside protection to investors.