CapitaLand targets US$500 million for third Asian credit fund

Singapore's CapitaLand Investment is seeking US$500 million (S$633.4 million) in commitments for its third Asia Pacific credit programme, according to sources familiar with the matter. The latest fundraising effort follows a US$320 million commitment for the second vehicle, ACP II, which added approximately US$600 million to the firm's funds under management.

APC III will focus on senior secured asset-backed investments, targeting existing investors with a goal of closing by year-end. The fundraising initiative occurs as private credit in Asia faces scrutiny, with concerns over loan safety in light of the collapse of Australian property developer Bathla Group, which relied heavily on private debt.

CapitaLand's first credit programme, ACP I, raised A$265 million, financing two prime mixed-use developments in Melbourne and Adelaide. The company has deployed over $10 billion in real estate credit across Asia Pacific, primarily through its subsidiary Wingate Group Holdings. CapitaLand Investment has recently undergone personnel changes, including the disbanding of its special opportunities team and the hiring of Jeff French as chief operating officer of the firm's alternatives business.