Southeast Asian alternative asset manager Indies Capital Partners has announced the final close of its fourth private credit vehicle, Indies Special Opportunities IV (ISO IV), raising more than $300 million—over twice the size of its previous fund, according to a statement on Thursday.
DealStreetAsia had reported in December 2024 that the firm is in the last leg of fundraising for the vehicle and that a final close is expected in 2025.
Indies said the close underscores strong investor appetite for the firm’s approach to addressing Southeast Asia’s persistent financing gaps. The firm focuses on offering tailored credit solutions to companies with solid fundamentals and resilience across the region.
“The steadfast support from both long-standing and new partners reflects continued confidence in our private credit strategies in Southeast Asia. We remain committed to delivering attractive, risk-adjusted returns and expanding our solutions to meet the growing needs of businesses across the region,” said Denny Goenawan, Managing Partner of Indies Capital.
ISO IV drew commitments from a global diverse mix of sovereign wealth and pension funds, insurers, financial institutions, corporates, and family offices.
The fund will target companies with established track records and sustainable growth prospects, deploying capital to back expansion plans, acquisitions, and balance sheet strengthening. The strategy reflects Indies’ aim to build durable partnerships and create long-term value, while offering investors differentiated exposure to Southeast Asia’s private credit market.
Indies closed its third credit fund at over $140 million in 2022 and has invested across Southeast Asia, including in the region’s digital infrastructure, logistics, consumer, and commercial property sectors. The anchor LPs for Indies Special Opportunities Fund III included Temasek-backed Pavilion Capital and South Korea’s NH Investment & Securities.
As part of its credit strategy, Indies typically deploys $20-30 million per deal, targeting companies with high growth potential.
Founded in 2009, Singapore-headquartered Indies Capital specialises in private credit and private equity solutions for mid-to-large cap companies. In private credit, it has invested over $1.3 billion since inception.
