SINGAPORE Trends and Developments Contributed by: Hui Choon Yuen, Smitha Menon, Trevor Chuan and Felix Lee, WongPartnership LLP
financing, property financing, project financing, cross-border transactions and security arrangements and documentation. He has also advised on standard forms for consumer credit transactions and debt restructuring.
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Private Credit in Singapore and Beyond: Trends, Legal Insights and the APAC Opportunity Private credit across the Asia-Pacific region has moved from niche to necessary, with the value of assets under management in the region estimated at around USD120 billion by the end of 2023, rough - ly double the value of four years earlier. Singapore remains the region’s anchor, combining legal pre - dictability, regulatory credibility and market depth to support origination, distribution and restructuring of private loans at scale. Policy support has been strong, including a SGD1 billion Private Credit Growth Fund announced in Budget 2025 and global investment company Temasek’s establishment of a dedicated private credit platform seeded with approximately USD10 billion. Nevertheless, the centre of gravity is broadening, with new origination channels emerging for small businesses, specialist lenders multiplying, and real estate private credit gathering momentum across developed and emerging markets. This article reframes the Singapore discussion through an APAC lens, drawing out practical implications for legal prac - titioners and deal teams. The increased role of private credit in the Asia-Pacific region has been supported by various demand drivers beyond GDP growth, such as the growing maturity of the private equity market and a shortage of flexible, readily available capital.
Recent significant transactions in the private credit space in Singapore include the following: • SeaTown, owned by Temasek’s asset management group Seviora, raised about USD900 million as of the second close of its Private Credit Fund III in December 2025, focusing on direct lending across the private credit spectrum, such as senior secured loans, second-lien loans, convertible loans and mezzanine debt. SeaTown expects to differenti - ate Private Credit Fund III through sourcing quality and structuring strength amid the forecast Federal Reserve rate cuts. • Granite Asia, a Singapore-based investment firm, also raised more than USD350 million in the first close of its Pan-Asia private credit fund, Libra Hybrid, in December 2025. Anchored by Singa - pore’s Temasek, Malaysia’s Khazanah Nasional and the Indonesia Investment Authority, approximately 30% of the fund’s available capital has been deployed or committed across six transactions, with further deals progressing across a diversified pipeline. In 2025, private credit in Singapore provided a reliable source of funding amid global geopolitical and eco - nomic uncertainty, with private credit lenders stepping in to fill liquidity gaps in the market. However, Singa - porean sovereign wealth fund GIC has urged caution,
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