Private lenders, meanwhile, had "significant liquidity" to deploy for such financings, proving to be a right fit.
Besides property developers, borrowers thronging private markets include privately-held companies and start-ups whose private equity issuance has been stymied by broader stock market swings and the deepening discounts of their valuations, known as a 'down round' in the industry.
Investment firm Muzinich & Co. recently announced it had closed a $500 million Asia Pacific private debt strategy.
Australian superannuation fund UniSuper, which runs a $15 billion private markets portfolio investing in unlisted infrastructure and private equity, is looking to grow its portfolio.
"Just given the pipeline of opportunities, we could see ourselves potentially ... (doing) another $3 to $5 billion," said Sandra Lee, UniSuper's head of private markets.
Persons:
Bryan Clark, Andrew Tan, Tan, Sandra Lee, UniSuper's, Shane Forster, Benno Klingenberg, Timm, Rae Wee, Georgina Lee, Vidya Ranganathan, Kim Coghill
Organizations:
Star, JLL, Western, Muzinich, Asia Pacific, Muzinich's Asia Pacific, ICE, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, BlackRock, Data, Barclays, UBS, Thomson
Locations:
SINGAPORE, Arizona, Asia, Hong Kong, Singapore