Temasek-backed asset manager SeaTown has raised approximately US$900 million in its second close for the third private credit fund, signalling rapid growth in Asia’s private credit market and increasing institutional and private wealth investor interest.
SeaTown Holdings, the Temasek-backed asset manager, has secured roughly US$900 million in commitments at the second close of its third private credit vehicle, SeaTown Private Credit Fund III, the company and market reports show.
According to Reuters, the second close follows an initial close of about US$612 million in August and leaves SeaTown aiming for a final fund size broadly in line with its earlier private credit vintages. SeaTown’s prior funds closed at roughly US$1.2 billion and US$1.3 billion, underscoring the manager’s rapid scaling in the Asia-focused private credit space. The firm is wholly owned by Seviora, Temasek’s asset management arm, and manages more than US$4 billion across private equity, private credit and public market strategies, the company says.
SeaTown said demand for PCF III has come from a mix of institutional investors and growing private wealth allocations, with interest concentrated in the Middle East, Japan, Taiwan and Singapore. Eddie Ong, SeaTown’s deputy chief investment officer and head of private investments, told Reuters the manager expects to meet its milestones heading into the final close.
The raise occurs against a fast-expanding backdrop for Asia private credit. Industry bodies and market data point to strong growth: AIMA and other groups project Asia private credit assets could rise from about US$59 billion in 2024 to roughly US$92 billion by 2027. Global private credit has likewise attracted higher-profile capital commitments; in December 2024 Reuters reported Temasek established a large private credit entity with an initial S$10 billion (about US$7.5 billion) of assets, signalling parent-level support for the strategy.
SeaTown’s fundraising mix , anchored by institutional investors while attracting a growing share of private wealth capital , reflects a broader shift in investor allocations. Industry participants say private credit in Asia appeals for income generation and downside protection relative to public markets, a theme SeaTown has emphasised in its investor communications.
While SeaTown positions PCF III to mirror the scale of earlier vintages, the final size and timing of close will hinge on continued demand and market conditions. The firm’s ability to convert commitments into deployed credit may be watched closely by limited partners given rising competition in the region and the broader expansion of private credit platforms backed by large sovereign and institutional sponsors.
- https://www.privateequitywire.co.uk/seatown-raises-900m-at-second-close-of-private-credit-fund/ – Please view link – unable to able to access data
- https://www.seatowninternational.com/seatown-announces-successful-first-close-of-third-private-credit-fund-at-over-us612-million/ – SeaTown Holdings International, a subsidiary of Temasek’s asset management group Seviora Holdings, announced the first close of its third private credit fund, SeaTown Private Credit Fund III (PCF III), with over US$612 million in capital commitments. This milestone reflects the growing demand for Asia Pacific’s private credit opportunities. Chi Kit Chai, Chief Investment Officer of SeaTown, highlighted the importance of private credit in providing income-generating assets with built-in downside protection, emphasizing the firm’s confidence in the Asia Pacific market’s attractiveness for performing credit.
- https://www.seatowninternational.com/seatown-announces-final-close-of-second-private-credit-fund-at-over-us1-3-billion-2/ – SeaTown Holdings International announced the final close of its second private credit fund, SeaTown Private Credit Fund II (PCF II), with over US$1.3 billion in capital commitments. This surpasses the US$1.2 billion secured for the first fund, demonstrating the firm’s growth in the private credit sector. Patrick Pang, CEO of SeaTown, expressed gratitude for the support received and highlighted the increasing appetite for Asian private credit in institutional portfolios worldwide, reflecting confidence in SeaTown’s approach and ability to execute complex deals across industries.
- https://www.straitstimes.com/business/companies-markets/temasek-backed-seatown-secures-1-17-billion-at-second-close-of-third-private-credit-fund/ – SeaTown Holdings, backed by Singapore’s state investment firm Temasek, secured approximately US$900 million in commitments for its third private credit fund, SeaTown Private Credit Fund III (PCF III), at its second close. This follows the US$612 million raised at the first close in August. The fund continues to attract demand from investors across the Middle East, Japan, Taiwan, and Singapore. Eddie Ong, Deputy Chief Investment Officer and Head of Private Investments at SeaTown, expressed confidence in achieving fundraising milestones leading to the final close.
- https://www.seatowninternational.com/temaseks-seatown-raises-1-3-billion-private-credit-fund/ – SeaTown Holdings International, a subsidiary of Temasek’s asset management arm Seviora, raised US$1.3 billion for its second private credit fund, SeaTown Private Credit Fund II (PCF II). The fund attracted a diverse group of limited partners, including insurers, endowments, family offices, and a Middle Eastern institutional investor. The fund aims to provide financing solutions to companies in the Asia-Pacific region, targeting mid-teens net returns and double-digit distribution yields for investors over its life.
- https://www.thestar.com.my/business/business-news/2025/12/10/temasek-backed-seatown-secures-us900mil-at-second-close-of-third-private-credit-fund – SeaTown Holdings, backed by Singapore’s state investment firm Temasek, secured approximately US$900 million in commitments for its third private credit fund, SeaTown Private Credit Fund III (PCF III), at its second close. This follows the US$612 million raised at the first close in August. The fund continues to attract demand from investors across the Middle East, Japan, Taiwan, and Singapore. Eddie Ong, Deputy Chief Investment Officer and Head of Private Investments at SeaTown, expressed confidence in achieving fundraising milestones leading to the final close.
- https://www.reuters.com/business/finance/singapores-temasek-unveils-75-billion-private-credit-entity-2024-12-06/ – Singapore’s state investment company, Temasek, established a wholly owned private credit entity with an initial portfolio of S$10 billion (US$7.5 billion), comprising direct investments and credit funds. This move aligns with the rapid global growth of the private credit market, projected to expand from $1.5 trillion in 2023 to $2.6 trillion by 2029. The entity is managed by a team of approximately 15 professionals across New York, London, and Singapore, led by CEO Nicolas Debetencourt.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative reports on SeaTown Holdings securing approximately US$900 million at the second close of its third private credit fund, SeaTown Private Credit Fund III. This information is current, with the latest reports dated December 10, 2025. ([straitstimes.com](https://www.straitstimes.com/business/companies-markets/temasek-backed-seatown-secures-1-17-billion-at-second-close-of-third-private-credit-fund/?utm_source=openai))
Quotes check
Score:
10
Notes:
The direct quote from Eddie Ong, SeaTown’s deputy chief investment officer, is consistent across multiple reputable sources, indicating originality. ([straitstimes.com](https://www.straitstimes.com/business/companies-markets/temasek-backed-seatown-secures-1-17-billion-at-second-close-of-third-private-credit-fund/?utm_source=openai))
Source reliability
Score:
10
Notes:
The narrative originates from The Straits Times, a reputable Singaporean newspaper, enhancing its credibility. ([straitstimes.com](https://www.straitstimes.com/business/companies-markets/temasek-backed-seatown-secures-1-17-billion-at-second-close-of-third-private-credit-fund/?utm_source=openai))
Plausability check
Score:
10
Notes:
The reported figures align with previous fund sizes, and the involvement of institutional investors from the Middle East, Japan, Taiwan, and Singapore is plausible. The narrative also references projections from the Alternative Investment Management Association, Simmons & Simmons, EY, and Broadridge, adding depth to the context. ([straitstimes.com](https://www.straitstimes.com/business/companies-markets/temasek-backed-seatown-secures-1-17-billion-at-second-close-of-third-private-credit-fund/?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative provides current and original information from a reputable source, with consistent quotes and plausible claims, indicating a high level of credibility.