Stephenson Harwood (Singapore) Alliance advises Seraya Partners on US$100m co-investment

Stephenson Harwood (Singapore) Alliance has advised Seraya Partners on a co-investment into Cyan Renewables Pte. Ltd by New South Wales Treasury Corp (TCorp). TCorp has made an initial investment of over US$100 million in Cyan Renewables and intends to invest more to support its growth.

TCorp is the investment arm of the state of New South Wales, with AU$114 billion of assets under management. TCorp is a top 10 Australian institutional investor and is the central borrowing authority of the state of NSW. This is set to be one of the largest co-investment deal this year involving Asia-based infrastructure funds.

Cyan Renewables is an offshore vessel portfolio company owned by one of the largest Singapore private equity funds, Seraya Partners. It has become the leading vessel operator by fleet size and cumulative experience in wind after its acquisition of Australian offshore marine services provider MMA Offshore in July 2024, on which the team also advised.

The team was led by partner Jay Tai, who was supported by associates Ming Hui Gan and Anya Parekh. Further Singapore law advice was provided by Virtus Law partner Sheetal Sandhu and foreign registered lawyer Vanessa Ho.

The firm's Asia-based private equity team has advised Seraya Partners on their first co-investment into Cyan Renewables, and is also currently advising Seraya's portfolio companies on multiple infrastructure projects in Southeast Asia.

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