Granite Asia, a multi-asset firm, has successfully raised over $500 million for its Libra Hybrid pan-Asia private credit fund, exceeding its initial target. This achievement comes amid a difficult fundraising climate for private credit, particularly in the Asia-Pacific region, as noted by Moody's Ratings.
The fund attracted significant investment, including close to $70 million from DBS Private Bank clients. Other notable investors include anchor backers such as Khazanah Nasional, the Indonesia Investment Authority, and Temasek, through its Aranda Principal Strategies platform. An unnamed insurer also contributed to this latest funding round.
Since its launch in 2025, the Libra Hybrid fund has already executed eight transactions, completed two exits, and distributed returns to its investors. Its investment focus spans sectors like advanced manufacturing, consumer goods, and healthcare, capitalizing on Asia's structural growth drivers.
Ming Eng, managing partner and private credit lead at Granite Asia, highlighted the strong demand for private credit and hybrid capital from companies seeking financing for transformative growth, supply chain strengthening, market expansion, and technology modernization. James Tan, group head of investment product and advisory at DBS, emphasized that the fund's success in a selective market signals investor confidence in managers with the right expertise to originate and structure lucrative deals.
This fundraising success for Granite Asia contrasts with a broader trend of slowing growth in Asia-Pacific private credit fundraising and deployment, impacted by macroeconomic uncertainty, geopolitical tensions, and higher interest rates. Despite these challenges, the firm's oversubscription demonstrates continued investor interest in addressing Asia's mid-market financing gap.
