Singapore taps Apollo to oversee a S$1 billion private credit expansion fund
Apollo Global Management Wins Mandate for Singapore's S$1 Billion Private Credit Growth Fund
A leading global investment manager, Apollo Global Management, has been awarded the contract to manage Singapore's new S$1 billion (approximately US$778 million) Private Credit Growth Fund. The fund aims to provide non-dilutive, customised financing to high-growth local enterprises in Singapore, focusing on supporting their expansion without equity dilution.
The Singapore Ministry for Trade and Industry and Enterprise Singapore unveiled the fund in March 2025, with plans to release more detailed information about the fund by the third quarter of 2025.
The Private Credit Growth Fund is designed to help local enterprises grow into Singapore-based global champions. The fund targets high-growth local Singaporean enterprises that require non-dilutive financing solutions. This suggests that the eligibility criteria will be focused on Singapore-based companies demonstrating significant growth potential.
Apollo Global Management was chosen among nine respondents to a request for proposal. Other respondents included Clifford Capital Asset Management, Muzinich & Co, Tikehau Investment Management Asia, and Granite Asia Capital.
The emergence of a private credit market globally offers innovative financing solutions to enterprises, and this fund is no exception. Few private credit funds focus on Asia, much less Singapore-based enterprises, according to the government's Budget speech.
Enterprise Singapore has been contacted for comment regarding the fund, but no additional information has been disclosed yet. The contract was awarded on 6 May this year, according to the Singapore Government Agency website GeBiz.
The purpose of the fund, according to Enterprise Singapore, is to grow local enterprises into Singapore-based global champions. The fund is suitable for high-growth enterprises requiring bespoke, non-dilutive financing for growth activities like international mergers and acquisitions and large capital expenditures.
In the coming months, further details about the fund, including the fund manager and eligibility criteria, will be released. The release of these details is expected in the third quarter of 2025.
[1] Enterprise Singapore (2025). Press Release: New S$1 billion Private Credit Growth Fund to support local enterprises
[2] Apollo Global Management (n.d.). About Us
[3] Ministry of Trade and Industry Singapore (2025). Budget 2025: Growing Enterprises for a Sustainable Future
[4] GeBiz (n.d.). Award of Contract
[5] Enterprise Singapore (2025). Private Credit Growth Fund
The Private Credit Growth Fund, managed by Apollo Global Management, is designed to provide financing to high-growth local enterprises in Singapore, aligning with the business sector. This fund, a part of the Singaporean government's strategy, aims to grow these enterprises into Singapore-based global champions using technology-driven financing solutions, a trend observed in the global finance landscape.
