(Bloomberg) -- Private credit firm Kadita Partners has raised more than $100 million for the first close of its maiden investment fund, according to a person familiar with the matter.

The Singapore-based firm led by managing partners Xavier De Nazelle and Matthieu Simoncini completed the first close in early May and ultimately aims to raise up to $250 million, the person familiar said. 

Kadita Partners focuses on sectors such as real assets and infrastructure, energy security and energy transition, and resources management, the person familiar said.

De Nazelle declined to comment when contacted by Bloomberg.

A filing with the US Securities and Exchange Commission dated May 2 shows both De Nazelle and Simoncini as directors for Singapore-registered firm Kadita Partners Pte. Kadita Partners Pte in turn is is promoter for Kadita Credit Solutions 1 LP, a pooled investment fund set up under Rule 506(b), according to the filing.

Prior to joining Kadita Partners, De Nazelle was head of private credit in the trade financing firm EFA Group, according to his LinkedIn profile, while Simoncini was senior investment associate for private credit at the same firm.

The $1.7 trillion global private-credit market is becoming a serious rival to mainstream lending by offering higher, floating rates of return. Hong Kong-based alternative credit manager Tor Investment Management last month raised $310 million for its third Asia opportunistic private credit fund.

©2024 Bloomberg L.P.