Private credit grows in Singapore as Australia’s IFM joins list

[SINGAPORE] Singapore has attracted another international asset manager to set up shop, adding to a growing list as the city-state seeks to strengthen its presence in the burgeoning US$1.7 trillion private credit market.

Australian asset manager IFM Investors, which is owned by some of the nation’s biggest pension funds, will open a Singapore office in March, according to sources familiar with the matter. The move follows its partnership with the Australian government in October to pursue investment opportunities across South-east Asia.

Singapore has seen a steady influx of global funds building private credit teams. Last year, Sixth Street Partners opened an office, appointing Stuart Wrigley from Goldman Sachs Asset Management as partner to lead operations. Global Infrastructure Partners, the private markets unit of BlackRock, and Pentagreen Capital also expanded their presence in the city.

The hires come as the government, through the Monetary Authority of Singapore’s US$6 billion private markets programme, looks to attract private equity, infrastructure and private credit managers to establish and grow local operations. It has additionally earmarked S$400 million to develop local financial talent.

Hong Ern Lee, IFM’s first Singapore hire, will join as director to source credit deals across the region, the sources said, who asked not to be identified discussing private matters. Hiran Wanigasekera, executive director and co-head of Asia-Pacific diversified credit for debt investments, could relocate to the city state from Australia, the sources added.

A representative for IFM Investors confirmed the plans to open its Singapore office in the coming months, while declining to confirm details on the hiring.

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Lee was earlier the origination lead for Asia credit at Ascertis Credit, according to his LinkedIn profile. Melbourne-based IFM managed US$172.6 billion on behalf of 814 institutional investors as at Oct 31, according to its website. BLOOMBERG