Seviora Group, an asset manager wholly owned by Singapore’s Temasek, is acquiring a minority stake in Hong Kong-headquartered private credit manager ADM Capital, the companies said in a statement on Monday.
The deal comes as Seviora looks to expand its private credit offerings across the region, according to the statement, looking to build on ADM’s existing investment strategy of targeting mid-market corporates.
The partnership remains subject to regulatory approvals but is expected to be completed within the fourth quarter of this year, the statement read.
“With the private credit landscape in Asia growing rapidly, Seviora has been actively seeking opportunities to invest in asset managers that add scale and expertise to our private credit franchise,” said Seviora Holdings CEO Jimmy Phoon.
Established in 2020 by Singapore state-owned investor Temasek, Seviora Group manages $52 billion in assets with a presence in Singapore, India, and China. Its asset management companies include Azalea Investment Management, Fullerton Fund Management, InnoVen Capital, Seatown Holdings, and Seviora Capital.
ADM is active across developed and emerging Asia-Pacific markets and currently manages around $1.7 billion on behalf of its global institutional client base.
The firm is said to be raising $300 million for its third fund investing in small and medium enterprises (SMEs) across emerging markets in the region. It is also looking to raise a separate $200 million for an impact fund targeting Indonesia.