Seviora to integrate its three wholly-owned asset management companies, Azalea, SeaTown and Seviora Capital to power its next phase of growth and enhance investors’ access to its full breadth of investment capabilities

Seviora Holdings Pte. Ltd.  (“Seviora” or the “Group”), Temasek’s primary asset management platform, is pleased to announce that it plans to integrate its three wholly-owned Asset Management Companies (“AMCs”) – Azalea Investment Management (“Azalea”), SeaTown Holdings International (“SeaTown”) and Seviora Capital – as a single platform, with one unified operating model. The integration is targeted to take effect on 1 January 2027, subject to requisite consents and approvals.

On completion, Gabriel Lim will continue as CEO of Seviora, with Yeo Hong Ping as COO. Chue En Yaw (currently CEO, Azalea) will head Seviora’s Global Fund Solutions business, while Patrick Pang (currently CEO, SeaTown) will head Seviora’s Private Capital business.

The integration marks an exciting next chapter in Seviora’s growth story. By harnessing the operational synergies and complementary capabilities of its three wholly-owned businesses, the Group will create a more connected and seamless platform for clients, partners and employees, and to pursue new opportunities for growth.

Fullerton Fund Management and InnoVen Capital are not affected by this integration and will continue to operate as separate legal entities within the Group.

Seviora was established by Temasek in 2020 to bring together a broad range of multi-asset and multi-strategy investment expertise under one umbrella, harnessing the scale and capabilities across its businesses.

Gabriel Lim, CEO at Seviora, said “We are excited to be integrating our wholly-owned businesses as one. Since Seviora was established in 2020, our AMCs have progressively built shared capabilities across areas such as sustainability, technology, human resources, and sales and distribution. Coming together as a single platform is the natural next step – one that gives clients easier access, through a single relationship, to the breadth of our investment capabilities and allows us to invest more in our people, research and technology.”

“This is an important milestone in the evolution of our Group and reinforces our ambition to be a leading capital gateway between Asia and the world. Together, we are creating a stronger foundation for innovation and long-term growth, while preserving the track record, distinct expertise and investment capabilities that our clients know and trust”, he added.

Chue En Yaw, CEO of Azalea, said “Azalea has built a strong track record of making private equity more accessible through innovative fund solutions. By bringing our capabilities together on a unified platform, we can leverage the Group’s wider private markets expertise to deliver even greater value. This marks an exciting new chapter, creating more opportunities for our clients, partners and colleagues as we grow together.”

Patrick Pang, CEO of SeaTown, said “We see huge promise in this next chapter for the Group. As part of a larger, more integrated platform, our private credit and private equity teams will benefit greatly from the scale, resources and broader relationships of the Group. We look forward to the opportunities that lie ahead for our clients, our investee companies and our people.”

Upon completion of the integration, the combined business is expected to operate under the Seviora name. A review of the Group’s brand is underway, and further details will be shared in due course.

 

For media enquiries, please contact:

FTI Consulting

Kainoa Blaisdell / Merlyn Kang / Justin Teh

Seviora@fticonsulting.com

SeaTown Congratulates Foundation Healthcare on Successful Singapore Mainboard Listing

SeaTown Holdings International (“SeaTown”), a leading Asia-focused alternative investment firm, is pleased to congratulate Foundation Healthcare Holdings (“Foundation Healthcare” or the “Company”) on its successful initial public offering (“IPO”) on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX-ST”).

The listing marks an important milestone for Foundation Healthcare and represents a notable transaction for Singapore’s capital markets. With gross proceeds of approximately S$242 million raised from the offering and additional commitments from 10 cornerstone investors, Foundation Healthcare’s IPO is understood to be the largest healthcare services listing on the SGX-ST since 2012 and the biggest completed by a fully Singapore-based business in more than two decades.

Foundation Healthcare is one of Singapore’s largest and fastest-growing multi-speciality private healthcare groups, connecting medical specialists, healthcare providers, payors, patients and facilities across the healthcare ecosystem on a single integrated platform. The successful IPO was 9.4x oversubscribed in the retail tranche alone and 3.8x in the overall offering, underscoring strong investor confidence in the Company’s differentiated technology-enabled platform, rapid growth trajectory and long-term potential. Following the listing, Foundation Healthcare is well-positioned for its next phase of growth in Singapore and across the region.

SeaTown Private Capital Master Fund invested S$150 million in Foundation Healthcare in 2023 to support the establishment and growth of a purpose-built private healthcare platform. Since then, Foundation Healthcare has continued to expand through a combination of targeted specialist recruitment, acquisitions of specialist practices, and investments in complementary healthcare infrastructure. The Company has acquired 38 specialist practices and grown its network from 67 medical specialists as at 31 December 2023 to 108 as at 31 March 2026, with a combined pro forma revenue of S$265.9 million in FY2025.

Dickson Loo, Managing Director, Private Equity at SeaTown, said: “It has been a privilege to partner with the team at Foundation Healthcare. From the outset, we saw a compelling opportunity to support an exceptional founding team with a clear vision of building a more connected, efficient and patient-centric private healthcare platform.

The past three years have been both intense and immensely rewarding. Congratulations to the entire Foundation Healthcare team on reaching this important milestone.

This is only the beginning of the Foundation Healthcare story. We believe the company is well positioned to continue investing in its network, technology and growth opportunities, while advancing better healthcare outcomes for patients in Singapore and across the region.”

Foundation Healthcare’s listing is consistent with the SeaTown private equity team’s philosophy of partnering with strong management teams to build scalable, high-quality platforms in sectors supported by resilient long-term growth. SeaTown’s investment approach combines bespoke capital solutions, strategic guidance and access to a broad network of partners, talent and businesses to help portfolio companies expand with discipline and create sustainable value.

Read more in our Press Release.

Launch of SeaTown Sustainability Report 2026

At SeaTown, sustainability is a lever for value creation and portfolio resilience. It is embedded in how we underwrite and manage investments across asset classes.

The global investment landscape continues to be reshaped by forces that carry real financial consequences, such as the energy transition, the rise of AI and corporate governance reforms across Asia. Shifting megatrends are re-pricing risk across sectors and creating new categories of investable opportunity. The energy transition is driving a structural reallocation toward electrification, grid infrastructure, and energy efficiency. Across Asia, corporate governance reforms are unlocking shareholder value through improved capital discipline and alignment with minority investors.

In our latest 2025 PRI Assessment, SeaTown achieved 4-star ratings across all relevant categories. Our proprietary assessment tools ensure that financially material risks, from carbon price sensitivity to sector-specific risk exposures, are considered alongside financial analysis across the investment process. In our private equity portfolio, we partner directly with our companies on governance-driven value creation.

We continued to strengthen our role in industry dialogue. As a member of the IFRS Sustainability Alliance, a signatory of UN PRI, and as representatives on several advisory forums, we contribute to shaping standards that improve the quality of sustainability information available to investors.

We also contribute to nurturing the next generation of sustainability leaders through the SeaTown Sustainability Scholarship at Singapore Management University, now in its fourth year of funding scholars who combine finance expertise with sustainability conviction.

Within our operations, we maintain our commitment to offsetting our operational carbon footprint through purchase of carbon credits.

Looking ahead, our focus remains on delivering resilient, risk-adjusted returns on behalf of our clients and partners.

Read our 2026 Sustainability Report for more on SeaTown’s responsible investment journey.

SeaTown Announces Successful First Close of Third Private Credit Fund at Over US$612 million

SeaTown Holdings International (“SeaTown”), a leading Asia-focused alternative investment firm and wholly-owned subsidiary of Temasek’s asset management group Seviora Holdings, is pleased to announce the first close of the SeaTown Private Credit Fund III (“PCF III”) with more than US$612 million in capital commitments.

This marks the latest milestone in SeaTown’s growing private credit franchise, building on the successful deployments of PCF I and PCF II to meet rising investor demand for Asia Pacific’s dynamic private credit opportunities.

“We are thankful for the continued trust of our investors,” said Chi Kit Chai, Chief Investment Officer, SeaTown. “As markets evolve, private credit plays an increasingly important role in providing income-generating assets with built-in downside protection. Our private credit strategy’s continued success reflects the strong conviction we share with our investors – that Asia Pacific (“APAC”) offers a uniquely attractive landscape for performing credit. With our strong track record, experienced teams and unparalleled ecosystem access, we are excited to continue capturing compelling private credit opportunities across APAC and helping investors build resilient portfolios that can navigate diverse market cycles.”

PCF III’s first closing drew interest from new and returning investors, highlighting strong investor confidence in SeaTown’s proven ability to repeatedly source, structure and execute complex deals across APAC. It also reflects SeaTown’s commitment to fostering and expanding enduring investor relationships in the region and globally. Notably, the fund secured commitments from an increasingly diverse and global group of investors across the Middle East, Japan, Taiwan and Singapore.

Eddie Ong, Deputy CIO and Head of Private Investments, SeaTown, remarked “What sets our private credit strategy apart is how we provide value for our investors, leveraging the team’s deep capabilities in sourcing proprietary transactions and structuring bespoke solutions across the region. With PCF III, we look forward to continuing to provide investors access to differentiated, income-generating opportunities across Asia Pacific, seeking to deliver consistent, risk-adjusted returns.”

Read more in the attached Press Release.

Launch of SeaTown Sustainability Report 2025

SeaTown believes that sustainability issues—such as geopolitics, climate change and cybersecurity—are central to creating value, managing risk and building resilience. Understanding how these factors shape financial outcomes is essential to durable long-term returns.

As a signatory of UN PRI, a member of the IFRS Sustainability Alliance and the Asia Investor Group on Climate Change (AIGCC), SeaTown is committed to transparency and has launched our 2025 Sustainability Report. Along with our peers and stakeholders, we will work together towards a more sustainable future.

Our Sustainability Report 2025 sets out SeaTown’s approach to responsible investment and our uncompromising stance on robust governance and business ethics. We believe that it is our responsibility to exercise thoughtful stewardship to safeguard the long-term value of our investments.

SeaTown Invests in AddVita to Establish Leading Healthcare Distribution Company in Asia

SeaTown Holdings International (“SeaTown”) announced today its investment via SeaTown Private Capital Master Fund (“SeaTown PCap Fund”) in AddVita, a Singapore-headquartered healthcare and life sciences distribution company. With a capital commitment of up to SGD 115 million from SeaTown PCap Fund, this investment positions AddVita as an enduring home for small and medium-sized healthcare and life sciences distribution businesses across Asia, providing them with a strong foundation and network to accelerate their growth.

At the core of AddVita’s vision is a commitment to becoming Asia’s most trusted and impactful healthcare and life sciences distribution network. By building a strong ecosystem of empowered small and medium-sized businesses, AddVita aspires to create a healthier future and transform healthcare accessibility and quality through a steadfast focus on innovation and collaboration.

AddVita will look to acquire market-leading niche businesses in Asia, specialising in distributing high-quality medical, laboratory and pharmaceutical products and services. Backed by SeaTown PCap Fund’s capital support and strategic guidance, AddVita will continue to grow by executing a “Buy-and-Build” strategy centred on its long-term vision. Through these targeted investments and strategic partnerships, AddVita will establish a platform of high-quality products and services that improve access to and quality of healthcare across Asia.

SeaTown PCap Fund’s investment reflects its confidence in AddVita’s vision and aligns with SeaTown’s long-term private equity strategy, which focuses on a buy-and-build approach emphasising scalable growth and value creation. With over a decade of private equity experience in Asia and more than USD 400 million committed into buy-and-build investment opportunities, SeaTown is well-positioned to support AddVita’s growth.

Dickson Loo, Managing Director of Private Equity at SeaTown, said, “We are excited to support AddVita in its mission to empower small and medium-sized businesses, enhancing healthcare access and quality across Asia. The healthcare distribution sector is resilient, with robust secular growth tailwinds. Our high-quality partners have also demonstrated the ability to generate strong cash flow and sustainable earnings growth. With SeaTown’s partnership, we are confident that AddVita will emerge as a leader in the region’s healthcare distribution sector, unlocking significant value creation opportunities.”

AddVita invites like-minded businesses to become part of its ecosystem and vision to be Asia’s most trusted and impactful healthcare distribution network, improving healthcare access and quality across the region.

Read more in the attached Press Release.

Enterprise Technology Services Company, Skyform to Drive Digital Transformation in APAC

Skyform, a company established in 2024, offering a broad suite of cutting-edge enterprise technology services, was officially launched today by SeaTown Holdings International (“SeaTown”), in partnership with seasoned technology investor and entrepreneur Yuan En Lim (“Yuan En”).

Headquartered in Singapore, Skyform focuses on enterprise technology consulting, implementation, and development services. Backed by a capital commitment of up to SGD100 million from SeaTown Private Capital Master Fund (“PCap”) and Yuan En, Skyform will target key Asia-Pacific (“APAC”) markets, offering strategic services across third-party application software, custom software and data solutions. Skyform will continue to pursue inorganic growth, acquiring and scaling enterprise technology services companies in the region.

SeaTown’s private equity strategy centres on buy-and-build companies, delivering scalable growth and value creation. SeaTown’s private equity experience in APAC spans over a decade, with PCap having committed and deployed over USD300 million into six APAC-based companies including Foundation Healthcare Holdings, a Singapore-based private specialist healthcare group; YYC Holdings, a Malaysian professional services firm; and Linnovate Partners, a leader in asset servicing and fintech for the alternative investment industry. The establishment of Skyform aligns with SeaTown’s strategy of targeting industries with attractive financial profiles and resilient growth.

Founder and CEO of Skyform, Yuan En brings 16 years of regional experience investing in and growing platforms such as Straive, Everise and Everlife. He most recently co-led Southeast Asia direct buyouts at private markets investor, Partners Group. Under his leadership, Skyform aims to create a best-in-class digital transformation partner for large and medium enterprises in APAC.

Dickson Loo, Managing Director of SeaTown, said, “Skyform’s vision to build a scalable, multi-market company across key Asia-Pacific markets aligns closely with SeaTown’s strategy and approach to value creation. We are excited to partner with Yuan En to realise our shared vision and work collaboratively to capitalise on the secular trend of digital transformation across the region. Leveraging our deep market access and extensive talent network, we are confident that we can play a big part in supporting Skyform’s growth.”

Yuan En said, “Skyform addresses a market gap in the region for a trusted top-tier technology partner to emerging large and medium enterprises. While there are today several high-quality boutique providers, we aim to build a scaled, multi-market platform with deep domain expertise. Our focus will be on bringing to market a differentiated customer proposition and sustained delivery excellence. I’m thrilled to have the SeaTown team’s support and value creation DNA as indispensable pillars for this partnership.”

Read more in the attached Press Release.

SeaTown Announces Final Close of Second Private Credit Fund at Over US$1.3 billion

SeaTown Holdings International (“SeaTown”), a leading Asia-focused alternative investment firm and wholly-owned subsidiary of Temasek’s asset management group Seviora Holdings, is pleased to announce the final close of the SeaTown Private Credit Fund II (“PCF II”) with over US$1.3 billion in capital commitments. The total commitment size of the second fund surpasses the US$1.2 billion secured for SeaTown Private Credit Fund I (“PCF I”), further adding to the firm’s growth momentum for its private credit strategy.

“We are immensely thankful for the support we have witnessed following the launch of PCF II,” said Patrick Pang, CEO, SeaTown. “This milestone highlights not only the growing appetite for Asian private credit in institutional portfolios around the world but also reflects the confidence and trust in SeaTown’s approach. Our private credit team has demonstrated a clear ability to repeatedly source, structure, and execute complex and bespoke deals across industries. We are excited to continue executing on our proven investment strategy to deliver attractive risk-adjusted returns to our investors.”

Read more in the attached Press Release.

Launch of SeaTown’s inaugural Sustainability Report

SeaTown believes that successful management of sustainability issues is essential to durable long-term returns. As a supporter of TCFD, a signatory of UN PRI and a member of the IFRS Sustainability Alliance, SeaTown is committed to transparency and has launched its first full-fledged Sustainability Report.

Our inaugural report sets out SeaTown’s approach to responsible investing and our uncompromising stance on robust governance and business ethics. We believe that it is our responsibility to exercise thoughtful stewardship to safeguard the long-term value of our investments.

This report is a culmination of our firmwide, multi-year effort to integrate sustainability across our business.

For our efforts, we have achieved Principles of Responsible Investment (PRI) scores of 4-5 stars across our funds and firm processes. We have also been one of the few Asian organizations to be invited on the PRI in Person Signatory Advisory Committee for the past two years.

Along with our peers and stakeholders, we will work together towards a more sustainable future. SeaTown is also a member of the Asia Investor Group on Climate Change (AIGCC).

SeaTown Secures ‘Best Private Debt Manager’ Award

SeaTown has been named the ‘Best Private Debt Manager’ for the AsianInvestor Asset Management Awards 2024

Singapore, 1 April 2024 – Leading Asia-focused alternative investment firm SeaTown Holdings International (“SeaTown”), a wholly-owned subsidiary of Temasek’s asset management group Seviora Holdings, is proud to announce that it has been awarded the prestigious title of ‘Best Private Debt Manager’ by a panel of industry practitioners and professionals for the AsianInvestor Asset Management Awards 2024.

The annual award series has recognised the investment industry’s outstanding performers for over two decades. This year saw the highest volume of entries since 2018, reflecting intense competition among leading fund managers, as well as the exceptional quality and proven track record of SeaTown’s private credit offering. Winners were selected based on a range of quantitative and qualitative factors, including performance, business growth, investment approach, portfolio management, fundraising success and more.

“We are honoured to receive this award, and we extend our deepest appreciation to our clients for their continued support over the years,” said Patrick Pang, CEO. “This accolade is a clear testament to the experience and dedication of our private credit investment team and our ability to deliver compelling investment solutions that fulfil the dynamic needs of international investors today.”

SeaTown’s private credit strategy focuses on providing highly tailored financing solutions to companies in Asia. This Asia-focused strategy has demonstrated its ability to source, structure, and execute complex and bespoke deals across sectors critical to regional economies. Following the closing and successful deployment of SeaTown Private Credit Fund I, the firm launched SeaTown Private Credit Fund II at the end of 2022.

Learn more about the Asset Management Awards 2024 here.

About SeaTown

Founded and headquartered in Singapore since 2009, SeaTown is a leading Asia-focused alternative investment firm with deep expertise across private and public markets. Owned by Seviora Holdings, Temasek’s asset management group, we are a trusted steward of capital, investing alongside our investors in conviction-driven strategies.

Our alternative investment fund platform offers international investors exposure to highly specialised private equity, private credit, and thematic absolute return public markets opportunities in the region. As your partner, we strive to deliver compelling risk-adjusted returns by leveraging our extensive relationship network, decades of investing experience and astute global perspectives.

For more information on SeaTown, please visit: https://www.seatowninternational.com/

Investor Contact

Kayla Wah, SeaTown

kayla.wah@seatownholdings.com

Media Contact

Kainoa Blaisdell, FTI Consulting

corpcomms@seatownholdings.com