SINGAPORE : When global commercial real estate services firm JLL found public debt and loan markets were averse to funding a property project in Arizona, it turned to private credit markets and easily got the loan.The $585 million refinancing loan for real estate company Five Star Development was at an un
SINGAPORE : When global commercial real estate services firm JLL found public debt and loan markets were averse to funding a property project in Arizona, it turned to private credit markets and easily got the loan.
Private lenders, meanwhile, had"significant liquidity" to deploy for such financings, proving to be a right fit. Lenders are queuing up too, enticed by the prospect of higher returns as a result of an"illiquidity premium". "Private credit in Asia has been ramping up," said Tan."Asia is only at the beginning of this journey."Others with big plans to enter the highly opaque and largely unregulated private lending market include Hong Kong-based PAG, Bain Capital, India's Kotak Mahindra Bank, and Hong Kong's ADM Capital.BlackRock, the world's largest asset manager, last month debuted its retail private credit fund.
Data from Barclays shows global assets under management of business development companies - typically closed-end investment funds that invest in small and mid-sized private companies - hit $280 billion in the first quarter of this year, nearly double the amount from two years ago.
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