Singapore’s Capita Land Investment Ltd. is targeting $500 million in commitments for its third Asia Pacific credit program, APC III, according to people familiar with the matter. The fundraising follows the firm’s successful $320 million close for its second vehicle, ACP II, which added about $600 million to funds under management. APC III will continue the previous credit strategies’ focus on senior secured asset-backed investments, with a first close targeted by year-end. The firm primarily plans to tap existing investors for the new fund. A spokesperson for Capita Land Investment declined to comment.

The initiative comes amid growing scrutiny of private credit in Asia, as investors question the safety of collateralized asset-backed loans. The collapse of Australian property developer Bathla Group, which relied heavily on private debt, has raised concerns about the A$200 billion ($144 billion) private credit market, where real estate accounts for up to 60% of lending.

Capita Land Investment’s first credit program, ACP I, raised A$265 million to finance mixed-use developments in Melbourne and Adelaide. The second funding pool supported mortgage loans for logistics, office, and living assets in Sydney and Seoul. The firm’s real estate credit platform has deployed over S$10 billion ($7.9 billion) across Asia Pacific, including through its acquisition of Wingate Group Holdings in 2025. Wingate was among over 40 asset managers that lent to Bathla before its collapse.

In recent personnel moves, Capita Land Investment disbanded its special opportunities team in July and appointed Jeff French as chief operating officer of its alternatives business in March, following his tenure at BNP Paribas Asset Management.