Navis targets Us$350mil from maiden private credit fund

SINGAPORE: Asian buyout firm Navis Capital Partners is targeting a Us$350mil (Rm1.6bil) raising in an inaugural credit fund that will provide private lending mainly to South-east Asian companies, two sources with direct knowledge of the matter say.

The Kuala Lumpur-headquartered private equity firm will make credit investments in sustainable-focused businesses or sectors primarily in Indonesia, Vietnam, the Philippines, Laos and Cambodia, the sources told Reuters.

Private credit funds, which have potentially higher returns than bank financing, have gained traction in Asia over the last few years as companies tap alternative funding sources to equity and bank loans.

Navis Capital aims to reach a first-close of the fund, when the first batch of committed capital is secured for investment, by the first half of 2023, the sources said. The buyout firm declined to comment.

Founded in 1998, Navis Capital manages around Us$5bil (Rm22.8bil) in private equity capital and has six offices across Asia-pacific including Australia, Hong Kong and Singapore, according to its website.