Temasek’s SeaTown, Oman wealth fund invest in Vinpearl’s US$255 million private credit
The financing was structured through convertible dividend preference shares, that pay dividends with the option to convert to equity
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A unit of Singapore’s Temasek Holdings and Oman’s sovereign wealth fund are the investors in a US$255 million private credit financing for Vingroup’s hospitality arm, underscoring continued appetite among state-backed investors for such opportunities in Asia.
Temasek’s SeaTown Holdings, the Oman Investment Authority (OIA) and Vietnam Oman Investment have provided capital to Vinpearl’s fundraising, according to a statement late Tuesday (Jun 23).
Vietnam Oman Investment is a joint venture between the OIA and the State Capital Investment Corporation of Vietnam.
The proceeds will provide additional resources for the company’s long-term expansion plans, Vinpearl said.
The private credit financing was structured through convertible dividend preference shares, a hybrid security that pays investors a preferred dividend while giving them the option to convert into equity.
The deal comes as private credit markets in the US grapple with a series of high-profile setbacks, including markdowns on investments and redemption limits at some funds. Asia has so far remained relatively insulated, helped by lower exposure to the software sector, more conservative lending practices and a greater reliance on closed-end fund structures.
Sovereign wealth funds have continued to pour money into the US$1.8 trillion asset class despite growing scrutiny. Mubadala Investment chief executive officer Khaldoon Al Mubarak said in January that he remained confident in the Abu Dhabi fund’s private credit strategy, noting that returns from the portfolio reached the mid-double digits in 2025.
Jefferies Financial Group advised Vinpearl on the transaction. BLOOMBERG
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