Temasek-backed investment firm SeaTown Holdings has teamed up with Singaporean tech investor Lim Yuan En to launch Skyform, an enterprise technology services company, according to an announcement.
Both SeaTown and Lim have committed up to S$100 million (about $74 million) to Skyform, which will target key Asia Pacific markets to pursue growth by acquiring and scaling up enterprise technology services companies.
“Skyform addresses a market gap in the region for a trusted top-tier technology partner to emerging large and medium enterprises,” said Yuan En, founder of Skyform.
The focus, Yuan En added, will be on bringing to market a “differentiated customer proposition and sustained delivery excellence”.
The S$100-million commitment comes from SeaTown Private Capital Master Fund (PCap); and Yuan En, who recently co-led Southeast Asia direct buyouts at private markets investor Partners Group.
SeaTown has over $4 billion in assets under management across five open-end and closed-end strategies. The firm, founded and headquartered in Singapore in 2009, is owned by Seviora Holdings, Temasek’s asset management group.
Its private equity in Asia Pacific spans over a decade, with PCap having committed and deployed over $300 million into six APAC-based companies, including Singapore private specialist healthcare group Foundation Healthcare Holdings and Malaysian professional services firm YCC Holdings.
“Skyform’s vision to build a scalable, multi-market company across key Asia-Pacific markets aligns closely with SeaTown’s strategy and approach to value creation,” said SeaTown managing director Dickson Loo.
SeaTown recently secured over $1.3 billion in commitments for its latest private credit fund, SeaTown Private Credit Fund II. The commitment size surpassed the $1.2 billion raised for the predecessor fund.
In May, SeaTown, through its SeaTown Private Capital Master Fund, anchored the $40-million funding for Linnovate Partners, a Singapore-based fintech company that services the alternative investment industry.
