OCP Asia raises $200m direct lending fund
Hong Kong and Singapore-based hedge fund manager OCP Asia has raised a $200 million direct lending vehicle to make private equity-style credit investments in small and medium-sized enterprises (SME).
According to Bloomberg, the new fund will offer Asian SMEs loans in the range of $40-70 million to be secured by corporate properties. It comes as fund managers express increasing interest in private debt strategies on the back of an absence of credible debt investors in the region and waning support from risk-wary banks.
The fund, known as Landmark II, is expected to follow targeting criteria in line with its $1 billion predecessor, which focused largely on the property and commodities sectors and is said to have achieved a return rate of 14.2% in 2016. Deals would seek an internal rate of return up to 25% via 2-3 year loans.
OCP claims to have invested more than $4 billion across some 100 secured credit transactions since 2003. Previous activity also includes participation in a $14 million funding round for India’s HomeShop18, a multimedia retailer backed by SAIF Partners.
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