Apollo makes first hire for Singapore’s S$1 billion private fund

[SINGAPORE] Apollo Global Management has made its first dedicated hire for a S$1 billion private credit fund aimed at Singapore’s high-growth enterprises, sources familiar with the matter said, as the city-state seeks to strengthen its foothold in the asset class.

Singapore-based Wong Wei Ming will assume the role of principal and begin later this month, the sources said, who asked not to be identified discussing private matters.

In his new role, Wong will focus on originating and analysing deals for companies eligible to tap the fund, they said. He was earlier a vice-president at Warburg Pincus, according to his LinkedIn profile.

A spokesperson for Apollo declined to comment. Wong did not immediately respond to requests for comment.

Apollo’s hire comes as private credit markets in the US reel from a series of high-profile setbacks, with lenders marking down investments.

Asia, however, remains more insulated from such concerns, given its limited exposure to the software sector, more conservative lending practices and reliance on closed-ended vehicles.

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Last year, the Ministry for Trade and Industry and Enterprise Singapore introduced the S$1 billion Private Credit Growth Fund to provide non-dilutive, customised financing for local high-growth firms. The initiative is part of the city’s broader push to strengthen its position in the US$1.8 trillion private debt space.

Singapore has recently drawn several international asset managers, including Australia’s IFM Investors, which opened an office this month, and Sixth Street Partners, which established a presence last year. BLOOMBERG