(Bloomberg) -- Navis Capital Partners has raised over $135 million for its first private credit fund after an initial round of investor commitments, according to a letter to investors seen by Bloomberg News.
The Navis Asia Credit Fund, which will focus on private credit in Southeast Asia, got demand from existing investors in Navis Capital’s other funds as well as new limited partners from the US, Europe and Asia, the letter said.
The new fund has team members based in Indonesia, Malaysia, Singapore and Thailand, the letter said. The fund has already identified the first two investments, which it said were “bilaterally sourced.”
Navis Capital declined to comment.
The funding round is the latest example of global firms placing bets on private credit in Asia, following years of growth in the US market. Global managers such as BlackRock Inc. and Tikehau Capital have also turned their attention to the region, where private credit is increasingly being seen an alternative to mainstream borrowing.
Navis’s Asia credit team is managed by Justin Ferrier, formerly a managing director in BlackRock Inc’s private credit team in Asia. He will work closely with Michael Ottoman, a senior partner at the firm, to maximise synergies with the fund manager’s existing platform, the letter said.
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