CapitaLand Investment (CLI) has acquired Wingate Group鈥檚 private real estate debt investment management business for A$200m (鈧�121m), with an additional A$100m potential performance-based earn-out over three years.
CLI first formed a partnership with Wingate in September when they launched the A$265m Australia Credit Program (ACP). CLI had seeded the fund and helped raise Asian capital for the vehicle. CLI is working with Wingate to originate and underwrite the deals for CLI鈥檚 maiden private credit fund.
Post transaction, Wingate鈥檚 A$2.5bn funds under management (FUM) is expected to boost CLI鈥檚 FUM to S$115bn (鈧�81bn) and increase its FUM in Australia by more than 30%.
Paul Tham, group chief financial officer at CLI, said Wingate鈥檚 private credit capabilities complement CLI鈥檚 own private funds platform and enable CLI to collaborate to create greater value for its capital partners in Australia and beyond, adding that 鈥渨e see scalable private credit opportunities in other Asia-Pacific markets, most notably in South Korea, India and Japan鈥�.
鈥淎s we accelerate our geographical diversification efforts, Australia is one of CLI鈥檚 focus markets where we see significant potential for growth. Australia will play a greater role in contributing to CLI鈥檚 FUM as we strive towards our S$200bn FUM target in 2028,鈥� Tham added.
Nick Jacobson, who will be appointed Wingate鈥檚 managing director overseeing the business, said: 鈥淲ingate is a private credit pioneer in Australia focused on fostering long-term partnerships, carefully managing risks and delivering sustainable returns.
鈥淭he growth of Wingate with the backing of CLI is a truly industry-transforming prospect for what can be delivered to local and global institutional investors.鈥�
This acquisition came after CLI last month bought a 40% stake in the Singapore-based asset manager, SC Capital, with a plan to acquire full ownership by 2030.
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