SINGAPORE, Apollo Global Management has been awarded the mandate to manage Singapore’s S$1 billion (US$778.3 million) Private Credit Growth Fund, which targets high-growth local enterprises, according to information published on a government procurement portal.
Launched in March by the Ministry of Trade and Industry (MTI) and Enterprise Singapore, the fund aims to provide non-dilutive and customised financing to support the expansion of local enterprises with strong growth potential. Further details about the fund are expected to be announced in the third quarter of this year.
First introduced during the national Budget 2024 speech, the Private Credit Growth Fund forms part of Singapore’s broader efforts to strengthen its position in the US$1.7 trillion global private debt market. The fund seeks to address financing gaps for local businesses while fostering a more vibrant and diversified capital market landscape.
The move complements other private market initiatives, including the Monetary Authority of Singapore’s (MAS) consultation in March on a proposed regulatory framework aimed at opening private market access to retail investors—subject to adequate investor protection measures.
In parallel, Temasek Holdings, Singapore’s sovereign wealth fund, has also deepened its involvement in the asset class. In December, it launched a private credit platform with an initial portfolio of approximately US$10 billion in direct investments and credit funds. Additionally, Temasek’s subsidiary SeaTown Holdings International raised US$1.3 billion last year for its second private credit fund.
The appointment of Apollo—renowned for its expertise in alternative investments—signals a major step in advancing Singapore’s ambitions to become a regional hub for private credit and alternative financing.
