Tor raises $310m for new Asia private credit fund
Tor Investment Management has raised $310m (£248m) for a new Asia opportunities private credit fund.
This will be the third such fund for the Hong Kong based credit manager.
The fund aims to take advantage of the growing popularity of private credit in the Asia-Pacific region. It will target deals of between $50m and $150m, said Tor’s co-founder and portfolio manager Christopher Mikosh.
Read more: KKR eyes “rare opportunity” in Asia’s private credit market
Mikosh said that he sees new opportunities in the China property market, after a series of debt failures caused many investors to pull their investments. He said that the China property crisis has created a funding gap, with demand for financing particularly high in data centres, logistics and the renewables sector.
“It is impossible not to acknowledge the enormous amount of pain investors have suffered in China over the last few years,” Mikosh said.
Read more: Apollo boss points to “massive transition” in financial markets
“While there’s been certain progress in terms of creditors’ rights and efficiency of markets for exercising collateral rights, markets remain fragmented and somewhat idiosyncratic.”
Tor has approximately $2.1bn of assets under management across one evergreen fund, four closed-end funds and co-investments. It specialises in offering investors access to the Asia-Pacific credit markets via high-yield bonds, traded loans and private financing deals.
Read more: Australia’s Pengana launches listed private credit fund