Southeast Asia-focused private equity firm Navis Capital Partners has beefed up its credit strategy team with the appointment of Jack Ng and Nicholas Nugroho as directors based in Singapore and Jakarta, respectively.

Both executives will join the Navis Asian Credit team, the firm said in a press release.

Commenting on the appointments, Navis Capital managing partner Nicholas Bloy said, “Navis’ Asia Credit strategy is an exciting initiative for us.  The strategy will provide an alternative funding solution for businesses in the region that require partnership capital but are not ready for a controlling shareholder.”

With Nicholas Nugroho’s appointment, Navis is also expanding its presence to Indonesia. Nugroho will be responsible for sourcing, executing, and monitoring investments for the Navis Asia Credit strategy primarily in Indonesia.

“Indonesia is a high growth market, well suited to Navis’ Private Credit strategy where it is important to have a team on the ground with local knowledge and expertise.  I am thrilled to be opening the new Navis office here in Jakarta,” said Nugroho.

He has previously worked for Deutsche Bank and Indies Capital and has over 11 years of experience in private credit and investment banking in Indonesia.

Meanwhile, Jack Ng will lead the firm’s investments across Southeast Asia. Ng has previously worked for The Rohatyn Group, VI Asset Management, and ADM Capital, with over 10 years of experience, including 6 years in private credit investing.

Jack Ng commented: “I am delighted to join the Navis Credit team.  It is an exciting time for private credit as an essential and rapidly growing asset class in Southeast Asia.  I look forward to working with the team to help build the Navis Asia Credit strategy.”

As reported by DealStreetAsia in November 2022, Navis was said to be seeking around $350 million for its maiden credit fund. It had recruited BlackRock Asia credit business executive Justin Ferrier to lead its Asian credit platform/

Navis Capital closed a $450-million continuation fund in 2021, which currently holds four businesses, including Australian restaurant chain Dome, Vietnam-based Godaco Seafood, Malaysia’s premium supermarket chain Food Purveyor and Singapore-based piping firm Cladtek.

The firm has backed Dan-D Foods, a Canada-headquartered healthy nut producer with core sourcing and processing facilities in Vietnam, following its investments in Thailand’s spine and nerve specialty hospital S-Spine and Nerve Hospital and Ambassador Education.