Singapore-based venture capital firm Granite Asia has raised over $250 million in anchor commitments from top Asian sovereign wealth funds to bankroll its private credit strategy.
Besides the fresh capital from Asian sovereign wealth funds, the initial funding commitments for the Libra Hybrid Capital Fund also came from Granite Asia’s existing general partners and its network of founders and entrepreneurs, the company said in a statement. The fund is targeting to raise as much as $500 million.
The fund will focus on providing secured loans with a defensive risk profile across the Asia Pacific. “We’re seeing strong demand for flexible, non-dilutive capital from well-run businesses looking to scale,” Roger Zhang, partner for credit strategy at Granite Asia, said in the statement. “Our deal pipeline is both active and proprietary, driven by our deep understanding of the region.”
Zhang, who previously worked as managing director of Blackstone Credit where he led credit deal origination for Asia, is co-leading the Libra Hybrid Capital Fund with Ming Eng, an industry veteran who previously worked as managing partner at Orion Capital Asia.
Granite Asia’s move into private credit comes after rebranding the Asian operations of GGV Capital last year. The venture capital firm—which was originally established as Granite Global Ventures in 2000—separated its Asian and U.S. operations in 2023 amid heightened geopolitical tensions between the world’s two largest economies.
“Libra Hybrid Capital is the cornerstone of our multi-asset strategy, building on our 25-year track record of backing Asia’s most innovative companies,” Jenny Lee, senior managing partner at Granite Asia, said in the statement. Lee and Jixun Foo—who are long-time managing partners of GGV Capital and frequently listed among the world’s top venture capitalists by Forbes—are co-managing Granite Asia, which has over $5 billion in assets under management.
Granite Asia is joining other Asian venture capital firms keen to tap into the booming private credit market. Hong Kong-based Gaw Capital Partners and India’s Kotak AlternateAsset Managers are each reportedly targeting to raise $2 billion for two new private credit funds.
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