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Pierfront Capital announces second close of private credit fund with almost US$500 million of additional commitments from global institutional investors
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Pierfront Capital’s second private credit fund, Keppel-Pierfront Private Credit Fund garners support in its second close from 3 global institutional investors, raising additional commitments of almost US$500 million, including co-investment capital.
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This is in addition to the US$200 million committed by the sponsors of the Fund, Clifford Capital Holdings and Keppel Capital, in a previously held close.
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Singapore, 18 November 2021 - Pierfront Capital Fund Management Pte. Ltd. (“Pierfront Capital”), a Singapore-based fund manager that offers bespoke private credit solutions in real asset sectors, is pleased to announce the second close of the Keppel-Pierfront Private Credit Fund (the “Fund”) with additional investor commitments of US$255 million which brings the Fund’s total size after second close to US$455 million. In addition, investors have collectively committed a minimum of a further US$237.5 million of capital to co-invest alongside the Fund. The Fund’s second-closing investors are the Alberta Investment Management Corporation on behalf of certain of its clients (AIMCo), the Asian Infrastructure Investment Bank and GCM Grosvenor on behalf of a separately managed account. The Fund provides loans to companies with defensive infrastructure-like business models, across a wide range of real asset sectors in Asia Pacific, including, but not limited to renewable and other core infrastructure, energy, transportation, telecommunications, social infrastructure and logistics and has already deployed c.US$200 million across six transactions, and several others in the pipeline. The Fund is jointly sponsored by Clifford Capital Holdings, a specialist financing and distribution platform for real assets globally across the debt capital structure, headquartered in Singapore and Keppel Capital, the asset management arm of Keppel Corporation Limited. Keppel Capital and Clifford Capital Holdings each committed US$100 million to the previously held first close. “We are extremely delighted with the support shown by our second close investors, who |
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have provided strong testament to the institutional quality of our platform – one that is supported by strategic shareholders with deep expertise in real assets. This is also a strong recognition of the growing opportunity set in Asia private credit, the uniqueness of our real asset focused private credit strategy, our keen focus on ESG considerations in our investment process, and the attractive risk-adjusted returns this strategy is able to generate.” said Pierfront Capital CEO and CIO, Stephane Delatte. |
Pierfront’s first fund, Pierfront Capital Mezzanine Fund, with a similar strategy to the Fund, had committed circa US$400 million across 15 investments, achieving close to mid-teens gross internal rate of return as of September 2021.
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About Pierfront Capital Established in 2016, Pierfront Capital is a Singapore-based fund manager that offers bespoke private credit and mezzanine financing solutions in real asset sectors. As an independent investment company offering junior debt, mezzanine and structured financing solutions in capital intensive businesses, Pierfront Capital focuses on providing loans to companies with defensive infrastructure-like business models, across a wide range of real asset sectors in Asia Pacific, including, but not limited to renewable and other core infrastructure, energy, transportation, telecommunications, social infrastructure and logistics. Pierfront Capital is owned on a 50/50 basis by Clifford Capital Holdings and Keppel Capital. About Clifford Capital Holdings Clifford Capital Holdings is a specialist financing and distribution platform for real assets globally across the debt capital structure, headquartered in Singapore. It provides innovative and sustainable financing solutions to complement mainstream markets across the entire debt capital structure. The Group aims to build a globally competitive alternative financing platform closely aligned to Singapore’s economic growth initiatives in the infrastructure, maritime and other real assets sectors, and works in close collaboration with Singapore government |
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agencies such as the Monetary Authority of Singapore, Economic Development Board, Maritime and Port Authority of Singapore and Enterprise Singapore. Its shareholders comprise Temasek Holdings, Prudential Assurance Company Singapore, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, DBS Bank, John Hancock Life Insurance Company (Manulife) and the Asian Development Bank. |
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About Keppel Capital Keppel Capital is a premier asset manager in Asia. It is the asset management arm of Keppel Corporation, one of Singapore’s flagship multinational companies with a global footprint in more than 20 countries. Keppel Corporation provides solutions for sustainable urbanisation, focusing on energy & environment, urban development, connectivity and asset management. With assets under management of approximately S$37 billion1 as at end-2020, Keppel |
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Capital has a diversified portfolio that includes real estate, infrastructure, data centres and alternative assets in key global markets. Keppel Capital aims to create value and deliver sustainable returns for institutional and retail investors through a range of products including listed REITs, business trusts, private funds, separate accounts and pooled investment vehicles. |
For media enquiries, please contact:
Qianru Yang
Senior Vice President
Pierfront Capital Fund Management Pte. Ltd. Email: [email protected]
Phone: (65) 6229 2900
Pierfront Capital announces commitment of US$150 million by the Asian Infrastructure Investment Bank in the Keppel-Pierfront Private Credit Fund
Singapore, 18 November 2021 - Pierfront Capital Fund Management Pte. Ltd. (“Pierfront Capital”) a Singapore-based fund manager that offers bespoke private credit and mezzanine financing solutions in real asset sectors, is pleased to announce the second close of the Keppel-Pierfront Private Credit Fund (the “Fund”) with additional investor commitments of US$255 million1 which brings the Fund’s total size after second close to US$455 million.
The second close of the Fund includes an investment of US$150 million by the Asia Infrastructure Investment Bank (“AIIB”) which is comprised of a commitment to the Fund of US$100 million and a reserve for co-investment opportunities alongside the Fund of US$50 million.
The Fund provides loans to companies with defensive infrastructure-like business models, across a wide range of real asset sectors in Asia Pacific, including, but not limited to renewable and other core infrastructure, energy, transportation, telecommunications, social infrastructure and logistics and has already deployed c.US$200 million across six transactions.
AIIB will be participating in four of the six investments already entered into by the Fund. The two investments that AIIB are not participating in are Lodgis, a Vietnam-based hospitality group and M-Towers, a Myanmar-based telecommunication towers operator. AIIB will have no economic interest in or exposure to either of these two transactions.
The Fund is jointly sponsored by Clifford Capital Holdings, a specialist financing and distribution platform for real assets globally across the debt capital structure, headquartered in Singapore and Keppel Capital, the asset management arm of Keppel Corporation Limited. Keppel Capital and Clifford Capital Holdings each committed US$100 million to the previously held first close.
Pierfront Capital’s first fund, Pierfront Capital Mezzanine Fund, had committed almost US$400 million across 15 investments between 2016 and 2020, achieving close to mid-
teens gross internal rate of return as of September 2021.
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1 Excluding limited partner co-investment amounts
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About Pierfront Capital Established in 2016, Pierfront Capital is a Singapore-based fund manager that offers bespoke private credit and mezzanine financing solutions in real asset sectors. As an independent investment company offering junior debt, mezzanine and structured financing solutions in capital intensive businesses, Pierfront Capital focuses on providing loans to companies with defensive infrastructure-like business models, across a wide range of real asset sectors in Asia Pacific, including, but not limited to renewable and other core infrastructure, energy, transportation, telecommunications, social infrastructure and logistics. |
For media enquiries, please contact:
Qianru Yang
Senior Vice President
Pierfront Capital Fund Management Pte. Ltd. Email: [email protected]
Phone: (65) 6229 2900
Clifford Capital Holdings completes 50% acquisition of Pierfront Capital
- Establishes a 50/50 partnership between Clifford Capital Holdings and Keppel Capital in Pierfront Capital
- Strategic addition of private credit and mezzanine financing solutions to build capability within Clifford Capital Holdings’ portfolio
- Multiple co-investment opportunities and operational synergies with Group companies
- Builds on successful track record since inception in 2016 and subsequent first close of the Keppel-Pierfront Private Credit Fund on 30 March 2020
- Completes the re-organization of Clifford Capital Holdings and brings Pierfront under the group umbrella
Singapore, 24 June 2020 – Clifford Capital Holdings (“CCH” or the “Group”), an integrated alternative investment platform with origination, distribution and investment management capabilities, today announces the completion of the acquisition of a 50% stake in Pierfront Capital Fund Management Pte. Ltd. (“Pierfront Capital”).
Pierfront Capital is a Singapore-based fund manager that offers bespoke private credit and mezzanine financing solutions in real asset sectors globally. Pierfront Capital is the manager of Pierfront Capital Mezzanine Fund Pte. Ltd. (“PCMF”) and the KeppelPierfront Private Credit Fund (“Fund II”). Along with its acquisition of 50% of Pierfront Capital, CCH has also acquired PCMF’s interest in Fund II.
Clifford Capital Pte. Ltd. (“CCPL”) led the conceptualisation and establishment of PCMF in 2016. PCMF is owned by two of CCH’s shareholders (Temasek Holdings and SMBC) and CCPL provided back- and middle-office services to PCMF up to 30 March 2020, when this function was transferred to CCH’s Management Services entity. Fund II builds on Pierfront Capital’s track record in real assets private credit, which has seen it investing close to US$400 million in 15 transactions with four exits to-date, achieving over mid-teens gross internal rate of return.
The transaction follows the completion of KC Management One Pte. Ltd.’s (“Keppel Capital”) 50% acquisition in Pierfront Capital and the first close of Fund II on 30 March 2020. Fund II is the initiation of a series of funds with a differentiated private credit investment strategy that aims to provide junior and mezzanine debt solutions to corporates or projects predominantly in real asset sectors. It has initial capital commitments of US$200 million and focuses on real asset sectors in the Asia-Pacific region such as infrastructure, real estate, offshore marine, transportation, energy and natural resources.
In addition to supporting the growth of Singapore-based companies in overseas markets through CCPL and the acquisition, warehousing and distribution of infrastructure loans through Bayfront Infrastructure Management, the acquisition of Pierfront Capital will allow the Group to expand its business capabilities to include private credit and mezzanine financing solutions. With this acquisition of Pierfront, CCH also completes its re-organization into a holding company structure and creating a platform for the development of new and complementary business lines as well as operational synergies.
1 Through CCH’s platform, Pierfront Capital can benefit from co-investment opportunities with other Group companies; particularly via junior or mezzanine tranches in senior secured transactions involving CCPL. Pierfront Capital will also be able to leverage on CCH’s Management Services entity to yield economic and operational synergies through centralised shared service support covering back- and middle-office functions including risk, finance, treasury, legal, compliance, human resources, administration, technology and operations.
Clive Kerner, Group Chief Executive Officer of Clifford Capital Holdings, said: “The transaction is a milestone development for CCH as we continue to develop new business lines, scale up and strengthen operational efficiencies across our Group. Underpinning our mission to provide innovative and sustainable financing solutions focused on the underserved real assets sectors, we are pleased to include bespoke private credit and mezzanine financing solutions from Pierfront Capital as an offering to our clients. Having led the establishment of Pierfront Capital in 2016, this transaction and the strategic partnership with Keppel Capital positions Pierfront Capital for its next phase of growth.”
Stephane Delatte, Chief Executive Officer and Chief Investment Officer of Pierfront Capital, said: “We are pleased that our relationship with the Group since Pierfront Capital’s inception in 2016 has culminated in a successful partnership. We look to leverage on CCH’s extensive network, not only to gain access to further opportunities to meet the increasing demand for specialist intermediate capital in the real asset sectors, but also for valuable sector and credit-related insight. We believe the strategic partnership between CCH and Keppel Capital in Pierfront Capital, will amplify Pierfront Capital’s long-term prospects as well as augment our capabilities to deliver attractive risk-adjusted returns for our investors.”
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About Clifford Capital Holdings
Clifford Capital Holdings is a specialist financing and distribution platform for real assets globally across the debt capital structure, headquartered in Singapore. It provides innovative and sustainable financing solutions to complement mainstream markets across the entire debt capital structure.
The Group aims to build a globally competitive alternative financing platform closely aligned to Singapore’s economic growth initiatives in the infrastructure, maritime and other real assets sectors, and works in close collaboration with Singapore government agencies such as the Monetary Authority of Singapore, Economic Development Board, Maritime and Port Authority of Singapore and Enterprise Singapore.
Its shareholders comprise Temasek Holdings, Prudential Assurance Company Singapore, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, DBS Bank and John Hancock Life Insurance Company (Manulife).
About Pierfront Capital
Established in 2016, Pierfront Capital is a Singapore-based fund manager that offers bespoke private credit and mezzanine financing solutions in real asset sectors globally. As an independent investment company offering junior debt, mezzanine and structured financing solutions in capital intensive businesses, Pierfront Capital focuses on providing growth capital across a wide range of real asset sectors including, but not limited to infrastructure, energy, transportation, telecommunications, real estate and logistics.
Pierfront Capital currently manages two private credit funds, Pierfront Capital Mezzanine Fund Pte. Ltd. and the Keppel-Pierfront Private Credit Fund. The funds managed by Pierfront Capital target investments in the lower risk mezzanine segment of private credit in the Asia Pacific real asset sectors, comprising loans to creditworthy mid-cap companies and projects with defensive infrastructure like business models, contracted or resilient cashflows and strong sponsors or stakeholders.
Pierfront Capital has invested close to US$400 million in 15 transactions to meet the increasing demand from financial sponsors and corporates for specialist intermediate capital in the Asia-Pacific region.
For media enquiries, please contact:
Angela Campbell-Noë / Jonathan Yeoh
Tulchan Communications LLP
Email: [email protected]
Phone: (65) 6222 3765
Pierfront Capital announces first close for Keppel-Pierfront Private Credit Fund
- Receives CMS license for fund management from MAS
- Second private credit fund with initial capital commitments of US$200 million
- Keppel Capital completes acquisition of 50% stake in Pierfront Capital and will value add in deal sourcing network and operating experience
Singapore, 30 March 2020 – Pierfront Capital Fund Management Pte. Ltd. (“Pierfront Capital” or the “Manager”), a Singapore-based fund manager that offers bespoke private credit and mezzanine financing solutions in real asset sectors globally, is pleased to announce the award of its Capital Markets Services (“CMS”) License for fund management by the Monetary Authority of Singapore and the first close of the Keppel-Pierfront Private Credit Fund (the “Fund”).
The Fund is the initiation of a series of funds with a differentiated private credit investment strategy that focuses on real assets. It aims to provide debt solutions to corporates or projects predominantly in real asset sectors of the Asia-Pacific region, such as infrastructure, real estate, offshore marine, transportation, energy and natural resources, where such financing needs are not met by traditional commercial banks. The Fund is jointly sponsored by Pierfront Capital Mezzanine Fund Pte. Ltd. (“PCMF”) and Keppel Capital Holdings Pte. Ltd. (“Keppel Capital”), each of which has committed US$100 million in the first close of the Fund. PCMF is 90.91% and 9.09% held by Temasek and Sumitomo Mitsui Banking Corporation (“SMBC”), respectively.
The Fund builds on Pierfront Capital’s successful track record of delivering attractive risk-adjusted returns with a similar strategy to its first fund, PCMF. Since its establishment in 2016, PCMF has committed close to US$400 million in 15 investments with four exits to-date, achieving over mid-teens gross internal rate of return.
The first close of the Keppel-Pierfront Private Credit Fund follows Keppel Capital’s announcement on 13 November 2019 with respect to the acquisition of a 50% stake in Pierfront Capital from PCMF, which has since been completed. The addition of Keppel Capital as a shareholder will add value to Pierfront Capital’s deal sourcing networks and market intelligence, amplifying its long-term prospects.
Stephane Delatte, Chief Executive Officer (“CEO”) and Chief Investment Officer (“CIO”) of Pierfront Capital, said, “The continuing participation of leading financial institutions like Temasek and SMBC speaks to the depth of our commitment and expertise in meeting the increasing demand for specialist intermediate capital in real asset sectors. Our long-term strategic partnership with Keppel has significant positive bearing on our real asset investment focus given its extensive networks and in-depth operating experience in our sectors of focus. The ability to leverage Keppel’s capabilities and networks to gain access to a wider pool of deal opportunities and enhanced market intelligence, especially in times of uncertainty, puts us in good stead to continue executing private credit investments that provide attractive risk-adjusted returns to our investors.”
Christina Tan, CEO of Keppel Capital, said, “Private debt is a growing asset class, particularly in today’s environment in Asia-Pacific, where we have observed considerable demand for alternative lending solutions to meet capital needs of corporates and projects in real asset sectors, arising from the structural tightening of traditional bank lending in select markets. We believe that this increasing demand for alternative lending solutions, coupled with the Keppel Group’s capabilities and PCMF’s track record in credit investments, positions the Fund well to capture opportunities in Asian private debt markets.”
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About Pierfront Capital
Established in 2016, Pierfront Capital is a Singapore-based fund manager that offers bespoke private credit and mezzanine financing solutions in real asset sectors globally. As an independent investment company offering junior debt, mezzanine and structured financing solutions in capital intensive businesses, Pierfront Capital focuses on providing growth capital across a wide range of real asset sectors including, but not limited to infrastructure, energy, transportation, telecommunications and logistics.
Pierfront Capital currently manages Pierfront Capital Mezzanine Fund Pte. Ltd. (“PCMF”), a private credit fund which provides private credit to creditworthy mid cap companies operating in the Asia Pacific Real Assets sectors. PCMF targets the lower risk mezzanine segment, comprising companies and projects with defensive infrastructure like business models, contracted or resilient cashflows and strong sponsors or stakeholders. PCMF is 90.91% and 9.09% held by Temasek and Sumitomo Mitsui Banking Corporation, respectively.
Pierfront Capital has invested close to US$400 million across 15 investments to meet the increasing demand from financial sponsors and corporates for specialist intermediate capital in the Asia-Pacific region.
About Keppel Capital
Keppel Capital is a premier asset manager in Asia. It is the asset management arm of Keppel Corporation Limited, a multi-business company providing solutions for sustainable urbanisation, to meet the growing need for energy, infrastructure, clean environments, high quality homes and offices, and connectivity.
With assets under management of approximately S$33 billion as at end-2019, Keppel Capital has a diversified portfolio that includes real estate, infrastructure and data centre assets in key global markets.
Keppel Capital aims to create value and deliver sustainable returns for institutional and retail investors through a range of products including listed REITs, business trusts, private funds, separate accounts and pooled investment vehicles.
The asset managers under Keppel Capital include Keppel REIT Management Limited, Keppel Infrastructure Fund Management Pte Ltd, Keppel DC REIT Management Pte Ltd, Keppel Pacific Oak US REIT Management Pte Ltd, Alpha Investment Partners Limited, and Keppel Capital Alternative Asset Pte Ltd.
For media enquiries, please contact:
Angela Campbell-Noë / Jonathan Yeoh
Tulchan Communications LLP
Email: [email protected]
Phone: (65) 6222 3765
Keppel Capital to acquire 50% interest in Pierfront Capital Fund Management
Keppel Capital Holdings Pte. Ltd. (Keppel Capital) has through its wholly-owned subsidiary, KC Management One Pte. Ltd. (KC Management One), entered into a conditional sales and purchase agreement to acquire 50% interest in Pierfront Capital Fund Management Pte. Ltd. (Pierfront Capital) from Pierfront Capital Mezzanine Fund Pte. Ltd. (PCMF) for an aggregate cash consideration of approximately US$7.8 million (approximately S$10.8 million1).
Pierfront Capital is a wholly-owned subsidiary of PCMF, a Singapore-based alternative credit investment company in which Temasek and Sumitomo Mitsui Banking Corporation hold approximately 90.91% and 9.09% interests respectively.
Under the terms of the shareholders agreement to be entered into among KC Management One, Pierfront Capital and PCMF, Pierfront Capital will act as the investment manager of Keppel-Pierfront Private Credit Funds, a series of funds that would be established to provide credit to corporates or projects in the real asset sectors.
Ms Christina Tan, CEO of Keppel Capital, said, "The strategic acquisition of a stake in Pierfront Capital allows Keppel Capital to manage mezzanine loans for private debt, while extending our fund management capabilities beyond the equity layer of the capital stack. The private mezzanine debt for real estate and infrastructure projects is a growing asset class, and we are confident that Keppel-Pierfront Private Credit Funds will be well-positioned to capture investment opportunities and create value for investors and the Keppel Group."
The completion of the acquisition is subject to certain conditions as disclosed in the SGX announcement.
The abovementioned transaction is not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corporation Limited for the current financial year.
1 Based on an exchange rate of US$1 = S$1.3877.
About Keppel Capital
Keppel Capital is a premier asset manager in Asia. It is the asset management arm of Keppel Corporation Limited, a multi-business company providing solutions for sustainable urbanisation, to meet the growing need for energy, infrastructure, clean environments, high quality homes and offices, and connectivity.
With assets under management of approximately S$29 billion as at end-2018, Keppel Capital has a diversified portfolio that includes real estate, infrastructure and data centre assets in key global markets.
Keppel Capital aims to create value and deliver sustainable returns for institutional and retail investors through a range of products including listed REITs, business trusts, private funds, separate accounts and pooled investment vehicles.
The asset managers under Keppel Capital include Keppel REIT Management Limited, Keppel Infrastructure Fund Management Pte Ltd, Keppel DC REIT Management Pte Ltd, Keppel Pacific Oak US REIT Management Pte Ltd, Alpha Investment Partners Limited, and Keppel Capital Alternative Asset Pte Ltd.
For more information, please contact:
Media Relations
Ms Frances Teh
Senior Manager
Group Corporate Communications Keppel Corporation Limited
Tel: (65) 6413 6437
Email: [email protected]
Investor Relations
Ms Ivana Chua
Assistant General Manager
Group Corporate Communications Keppel Corporation Limited
Tel: (65) 6413 6436
Email: [email protected]
Pierfront Capital Mezzanine Fund Pte. Ltd. successfully completes a AUD$32 million investment in Minumbra Pty Ltd
Singapore – Wednesday, 12 December 2018: Pierfront Capital Mezzanine Fund Pte. Ltd. (“Pierfront Capital”) is pleased to announce an investment of AUD$32 million in Minumbra Pty Ltd (“Minumbra”).
Pierfront Capital, an alternative credit investor based in Singapore, acted as sole arranger and lender for a A$32m term loan facility to Minumbra.
Established in 1997, Minumbra specialises in the bespoke design, construction and operation of remote site villages throughout Australia. Minumbra’s clients include leading international multi-national mining companies that require high quality and reliable accommodation solutions for their workforce.
Minumbra currently owns and operates villages in Queensland at Coppabella and Bluff, and at Gove in the Northern Territory.
The Minumbra transaction is the ninth investment completed by Pierfront Capital since it started operating in 2016, and the fifth investment in the last twelve months. It comes shortly after an investment of US$33m in Elite UK Commercial Holdings Limited to support the acquisition of a UK-wide portfolio of 97 regional offices, let to a department of the UK Government on new, 10-year full repair and insurance leases.
About Pierfront Capital
Pierfront Capital is a specialist investor, sponsored by Temasek and SMBC, focused on providing junior debt, mezzanine and structured equity to projects, assets and companies primarily in the infrastructure, natural resources and real asset sectors. Pierfront Capital operates from Singapore with a global geographic remit.
For more information on Pierfront Capital please contact [email protected]
Pierfront Capital Mezzanine Fund Pte. Ltd. successfully completes a US$30 million investment in KNOT Offshore Partners LP
Singapore – Monday, 3 July 2017: Pierfront Capital Mezzanine Fund Pte. Ltd. (“Pierfront Capital”) is pleased to announce an investment of US$30 million in KNOT Offshore Partners LP (“KNOP”).
Pierfront Capital, an alternative credit investor based in Singapore, acted as anchor investor for an amount of US$30 million in the follow-on placement of Series A Preferred Units for KNOP.
As of closing, KNOP owned and operated a modern fleet of thirteen state of the art shuttle tankers, each equipped with the latest advanced technology, including dynamic positioning and offshore systems, ensuring safe and efficient offloading from offshore installations, in the most challenging of locations and weather conditions. All vessels operate under long term charters with major oil and gas companies engaged in offshore productions, such as Shell, ExxonMobil, Statoil, Transpetro and ENI
Formed in February 2013 and listed on the NYSE, KNOP is a limited partnership sponsored by Knutsen NYK Offshore Tankers AS, a market leading independent owner and operator of shuttle tankers, jointly owned by TS Shipping Invest AS, and Nippon Yusen Kaisha (NYK).
The KNOP transaction is the third investment completed by Pierfront Capital in the last twelve months, following its US$25 million investment in PT Merdeka Copper Gold Tbk, a major gold and copper project in Indonesia and its earlier US$33 million investment in Greenko Ventures Limited, the investment holding company of the founders and management and one of key shareholding entity in Greenko Energy Holdings. Greenko Energy Holdings is the market leading owner and operator of clean energy projects in India, with an operating portfolio of 2.5 GW of wind, hydropower, solar and biomass assets within India.
About Pierfront Capital
Pierfront Capital is a specialist investor focused on providing junior debt, mezzanine and structured equity to projects, assets and companies primarily in the infrastructure and real asset sectors. Pierfront Capital currently has US$220 million under management, and operates from Singapore with a global geographic remit. Pierfront Capital and Clifford Capital (https://www.cliffordcap.sg) are related Temasek portfolio companies and can provide borrowers with complete senior and junior debt financing solutions.
For more information on Pierfront Capital please contact [email protected]
Pierfront Capital Mezzanine Fund Pte. Ltd. successfully completes two investments in August and September - US$33 million in Greenko Ventures Limited and US$ 25 million in PT Merdeka Copper Gold Tbk
Singapore - Wednesday, 21 September 2016: Pierfront Capital Mezzanine Fund Pte. Ltd. (“Pierfront Capital”) is pleased to announce the investment of US$25 million in PT Merdeka Copper Gold Tbk (“Merdeka”).
Pierfront Capital, an alternative credit investor based in Singapore, acted as sole arranger and lender in a US$25m Term Loan Facility for Merdeka. Merdeka’s major asset is the mining project known as the Tujuh Bukit Project which is located in the Banyuwangi Regency, East Java, approximately 205 kilometers southeast of Surabaya. The Tujuh Bukit Project is one of the world's top undeveloped gold and copper projects with an estimated total JORC Compliant Resource containing 19 billion pounds of copper and 30 million ounces of gold.
Merdeka is listed on the Indonesian Stock Exchange, backed by Saratoga Capital and Provident Capital Partners, with the current senior development debt financed by HSBC, BNP Paribas and Societe Generale.
The Merdeka transaction was closed shortly after the closing of a transaction for Greenko Ventures Limited in August, where Pierfront Capital acted as the sole arranger and lender in a US$33m 3-years Term Loan Facility to Greenko Ventures Limited, the investment holding company of the founders and management and one of key shareholding entity in Greenko Energy Holdings (“Greenko”). Greenko is a market leading owner and operator of clean energy projects in India, building a de-risked portfolio of wind, hydropower, solar and biomass assets within India. Greenko currently has in excess of 1 GW of operating capacity.
Besides Greenko Ventures Limited, Greenko is backed by GIC, the sovereign wealth fund of the Government of Singapore, and the Abu Dhabi Investment Authority.
About Pierfront Capital
Pierfront Capital is a specialist investor focused on providing junior debt, mezzanine and structured equity to projects, assets and companies primarily in the infrastructure and real asset sectors. Pierfront Capital currently has US$220 million under management, and operates from Singapore with a global geographic remit. Pierfront Capital and Clifford Capital (www. http://cliffordcap.sg) are related Temasek portfolio companies and can provide borrowers with complete senior and junior debt financing solutions.
For more information on Pierfront Capital please contact [email protected]