SINGAPORE, June 4 (Reuters) - BlackRock ( BLK ) said on

Tuesday that it has appointed Yik Ley Chan to lead its private

credit efforts in Southeast Asia, effective July 2024, according

to a statement.

The U.S.-headquartered asset manager said Chan, who holds 16

years of financial services experience, will be based in

Singapore and responsible for the origination and execution of

private credit investments.

He was most recently Asia Head of Private Credit at

Jefferies, where he oversaw markets in Southeast Asia including

Singapore, Malaysia, Vietnam, Indonesia and the Philippines,

according to BlackRock ( BLK ).

"Southeast Asia is an exciting region offering promising

opportunities for private credit, as corporates look for ways to

finance transformation beyond traditional avenues," Celia Yan,

Head of APAC Private Credit, BlackRock ( BLK ), said in the statement.

Chan's appointment comes at a time when private credit

funds, which have potentially higher returns than bank

financing, have gained traction in Asia over the last few years

as companies tap alternative funding sources to equity and bank

loans.

Last month, Malaysian government-linked private equity

company Ekuiti Nasional Bhd or Ekuinas announced the expansion

of its investment activity into private credit with an

allocation of 800 million ringgit ($170 million).