Singapore’s state investor Temasek has on Friday announced the formation of a wholly-owned private credit platform with initial funding of about S$10 billion ($7.47 billion).

Temasek said in a statement that the platform’s initial portfolio will consist of direct investments and credit funds.

This portfolio will be managed by a team of around 15 seasoned credit investment professionals across offices in New York, London, and Singapore, who have been transferred from Temasek’s Credit & Hybrid Solutions team.

The platform will be led by Chief Executive Officer, Nicolas Debetencourt, who has been the Head of Credit and Hybrid Solutions at Temasek since 2016.

According to the statement, temasek has been investing in credit funds for over a decade.

In 2016, the firm assembled a credit and hybrid solutions team to buildout its direct and fund investments to seize a broader range of opportunities in the private credit space.

As it continues to shape a resilient and forward-looking portfolio, Temasek has set up a dedicated platform to enhance its ability to scale its credit and hybrid solutions portfolio and capture global private credit opportunities.

This is in addition to a Temasek asset management business, Seviora Group – which includes SeaTown Holdings International which offers private credit solutions in Asia.

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