Keppel acquires remaining 50% stake in Pierfront Capital Fund Management
Keppel Corporation has acquired the remaining 50% stake of Pierfront Capital Fund Management Pte. Ltd. from Clifford Capital Holdings on October 2. This private credit financing company provides solutions in real asset sectors, such as energy, transportation, telecommunications, and social infrastructure and logistics.
The platform was established in 2015 by Clifford Capital, and the partnership between Clifford Capital and Keppel was formed in 2020. Later in the same year, they sponsored the second private credit fund – Keppel-Pierfront Private Credit Fund, LP (KPPCF). By 2022, the fund had attracted many top-tier investors, such as the Alberta Investment Management Corporation, Asian Infrastructure Investment Bank, GCM Grosvenor, and Manulife.
To help support its transformation, numerous projects are being rolled out in Jurong. These include the upcoming Tengah Plantation Close EC, a private residential estate located within the Tengah Plantation District. The district features 17,000 residential units, commercial and public areas, as well as a number of parks. With its lush, natural environment, Tengah Plantation Close EC promises to offer a unique living experience and a great place for families to call home.
The Tengah Plantation Close EC development will include a wide range of amenities to appeal to all residents. This will include plenty of retail and dining choices, a childcare centre, a sports facility and a wide selection of recreational facilities. These will be complemented by green spaces that will provide a refreshing experience and a great place to relax. Residents will also enjoy direct access to the nearby MRT station, allowing them to easily travel to the city or other locations. With its strategic location, excellent amenities and connections, Tengah Plantation Close EC looks set to become a popular residential estate in Jurong.
Christina Tan, CEO of fund management and chief investment officer of Keppel, stated, “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.”
Tan added that this strategy enables them to offer investors attractive risk-adjusted returns with downside protection.
Rajeev Kannan, outgoing chairman of Pierfront Capital and non-executive director of Clifford Capital, expressed his gratitude to Keppel, Clifford Capital, and the Pierfront Capital team, while wishing Pierfront Capital and Keppel the very best for the future.