Singapore’s CapitaLand Investment Ltd is targeting US$500 million in commitments from investors for its third Asia-Pacific credit programme, according to people familiar with the matter.
The latest fundraising effort by the Temasek Holdings Pte Ltd-controlled asset manager comes months after it secured US$320 million for its second vehicle, ACP II, which added approximately US$600 million to its funds under management. According to the people, who spoke on condition of anonymity as the matter is private, ACP III will continue the focus of its previous credit strategies on senior secured, asset-backed investments.
CapitaLand Investment will primarily target existing investors for the third fund and is aiming for a first close by year-end, the people said. A spokesperson for CapitaLand Investment declined to comment.
The fundraising initiative comes as private credit in Asia faces mounting scrutiny, with investors increasingly questioning whether loans backed by collateralised assets remain safe bets. The collapse of Australian property developer Bathla Group, which relied heavily on private debt, has heightened concerns that the country’s A$200 billion (US$144 billion) private credit market — where real estate accounts for as much as 60% of lending — may be beginning to show cracks.
The firm’s first credit programme, ACP I, raised A$265 million, which financed two prime mixed-use developments in Melbourne and Adelaide, the company said in April. The second funding pool was allocated toward mortgage loans for logistics, office and living assets in Sydney and Seoul.
The company has said its real estate credit platform has deployed more than S$10 billion (US$7.9 billion) across the Asia-Pacific region through Wingate Group Holdings, which it acquired in 2025. Wingate, one of Australia’s largest private credit managers, was among more than 40 asset managers that had lent to Bathla before its collapse, according to a report last month.
CapitaLand Investment has been undergoing a series of personnel changes in recent months. In July, the firm disbanded its special opportunities team, which had been dedicated to pursuing higher-risk strategies. Separately, Jeff French joined the firm in March as chief operating officer of its alternatives business, following a stint at BNP Paribas Asset Management.
