SINGAPORE-BASED alternative investment firm SeaTown Holdings International on Tuesday said it has raised more than $1.3 billion for its second private credit fund from limited partners including insurance companies and family offices.

SeaTown, a unit of state-owned investor Temasek's asset management arm Seviora, said the total commitment size of the new fund surpassed the $1.2 billion secured for its first iteration.

The firm added that one of the investors in the fund included a leading Middle Eastern institutional investor, without disclosing any further details of the investors.

It said that it will provide financing solutions, including providing credit, to firms in the Asia-Pacific region, while targeting net returns in mid-teens percentage and double-digit distribution yield for investors over the fund's life.