SINGAPORE Trends and Developments Contributed by: Evelyn Wee, Sandy Foo, Tracy-Anne Ang, Terence Quek, Hoon Chi Tern, Goh Jun Yi and Tricia Teo, Rajah & Tann Asia Singapore LLP
ing listed companies with strong fundamentals and long-term growth potential. In Singapore, the relatively illiquid nature of listed shares has made certain companies attractive targets for privatisation, especially when their market valu - ations may not reflect their intrinsic worth. PE firms can leverage their capital and operational expertise to restructure and reposition these companies for future growth, with the aim of subsequently exiting at a pre - mium. In particular, in December 2024, PE firm EQT Partners Hong Kong Ltd acquired PropertyGuru Group Ltd, a Singapore-based company engaged in operating an online property listing platform, at an offer price of USD6.7 per share, valuing PropertyGuru Group at an equity value of approximately USD1.1 billion, and del - isting it from the New York Stock Exchange. In January 2025, TAC 1 Pte Ltd (a special purpose vehicle of Renaldo Santosa and Gabriella Santosa) and TAC 2 Pte Ltd (a special purpose vehicle of Rachel Anastasia Kolonas) proposed acquisition of all the issued and paid-up shares in the capital of Japfa Ltd (other than the shares already held by Rangi Manage - ment Limited, Tasburgh Limited, Morze International Limited, Tallowe Services Inc and Renaldo Santosa), by way of a scheme of arrangement which valued Japfa Ltd at approximately SGD1.18 billion. Lastly, in July 2025, US PE firm TPG, through its spe - cial purpose vehicle, took Singapore Catalist-listed nursing operator Econ Healthcare (Asia) Limited pri - vate by way of a scheme of arrangement, with the acquisition valuing Econ Healthcare (Asia) Limited at Private credit continues to gain traction in South-East Asia as traditional bank lending tightens. Singapore is at the forefront, with institutional investors and family offices allocating capital to real estate-backed credit, special situations and infrastructure debt. Ares Man - agement, for example, is targeting USD2 billion for its Asia Special Situations Fund, reflecting growing demand for flexible, non-bank financing solutions. approximately SGD88 million. Private Credit and Convertibles
The Singapore Budget 2025 announced a Ministry of Trade and Industry-led initiative to launch a USD1 billion private credit growth fund managed by Apollo Global Management which is aimed at providing cus - tomised, non-dilutive financing to high-growth local enterprises. The fund is part of Singapore’s broader strategy to expand its footprint in the USD1.7 trillion global pri - vate debt market. Complementing this effort, the MAS has also proposed a regulatory framework to enable retail investor access to private markets with appropri - ate safeguards. Further reinforcing Singapore’s private credit ambi - tions, Temasek Holdings launched a SGD10 billion private credit platform in December 2024, while its unit SeaTown Holdings International raised USD1.3 billion for its second private credit fund. Earlier in the year, in July 2024, Xcelerate Pte Ltd, an integrated Environmental, Social, Governance, Risk and Compliance operating and investing platform, entered into agreements for a debt funding arrange - ment of up to USD52 million with Singapore-based private credit investment manager Orion Capital Asia. PE lenders have explored various structures for the deployment of private credit, with a notable shift towards the structuring of these investments as con - vertible or exchangeable instruments such as con - vertible loan notes, convertible preference shares or simple agreements for future equity (SAFEs). Convert - ible securities give investors flexibility as to whether to exercise their conversion right depending on the performance of the company at the time of a contem - plated exit. Even if they choose not to exercise their conversion right, they may still recover their principal investment amount either by requiring the company to redeem the convertible securities at maturity or by way of a put option. For instance, in August 2024, Asean PE fund manager Ikhlas Capital entered into a strategic partnership with food and beverage manufacturer Food Empire Hold - ings Limited by way of a capital injection of USD40 million for the subscription of redeemable exchange - able notes.
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