By Yantoultra Ngui, Reuters

Temasek-backed SeaTown Holdings has secured about $900 million in commitments for its Private Credit Fund III at its second close, after raising $612 million at its first close in August, the Singapore-based investment manager said on Wednesday.

The fund continues to attract demand from investors across the Middle East, Japan, Taiwan and Singapore and is “progressing in line with our internal expectations”, Eddie Ong, SeaTown’s deputy chief investment officer and head of private investments, told Reuters.

“We remain confident in achieving our fundraising milestones going into the final close,” he added, declining to give a specific date for that event.

Ong said PCF III’s ultimate fund size remains targeted to be in line with its previous two funds, for which SeaTown raised $1.2 billion and $1.3 billion, respectively.

Asia’s private credit market is projected to grow to $92 billion by 2027 from $59 billion last year, outpacing global averages, according to a report, opens new tab by the Alternative Investment Management Association, Simmons & Simmons, EY and Broadridge.

“While the broader private-credit fundraising environment has moderated this year, demand for Asia-focused private credit strategies remains robust,” Ong said.

Read more on Reuters (subscription may be required): https://www.reuters.com/world/asia-pacific/temasek-backed-seatown-secures-900-million-second-close-third-private-credit-2025-12-10/