Daryl Liew, the head of portfolio management at wealth manager Reyl Singapore, said there had been an increase in appetite from clients - although the appetite for private debt had been even larger.

“We have been seeing more appetite for private debt rather than for private equity,” said Liew. “The main reason for this is that these clients who have shown interest are generally looking for yield.”

The firm also noticed that there was a preference among its clients to invest directly in private issues rather than through a fund structure because this allows them to pick deals they are comfortable with as well as control fees. 

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