Keppel Capital to buy 50% interest in Pierfront Capital Fund Management

It will act as the investment manager of their combined funds.

KC Management One, a wholly-owned subsidiary of Keppel Capital, has entered into a conditional sales and purchase agreement to acquire a 50% interest in Pierfront Capital Fund Management (PCF) for a consideration of $10.8m (US$7.8m).

The stake will be bought from Pierfront Capital Mezzanine Fund (PCMF). 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.