Granite Asia, the recently rebranded Asian arm of GGV Capital, has secured over $250m in anchor capital for the first close of its inaugural private credit vehicle, Libra Hybrid Capital Fund, according to a report by Reuters.
According to a company statement, the initial close was backed by leading sovereign wealth funds in Asia, alongside commitments from the firm’s general partners and a network of founders and entrepreneurs cultivated over the past 25 years. The vehicle is targeting a final close of $500m.
The raise comes ahead of the fund’s formal launch and underscores two key trends shaping the regional landscape: a broader pivot of global capital into Asia’s growth markets, and increasing appetite from domestic capital sources for mid-market lending strategies amid macroeconomic uncertainty.
Granite Asia’s entry into private credit places it among a growing cohort of alternative asset managers expanding in the Asia-Pacific region, which currently accounts for a small share of the $1.6tn global private debt market.
Other managers including Hong Kong-based Gaw Capital Partners and India’s Kotak Alternate Asset Managers are also in market, each seeking to raise $2bn for dedicated credit strategies.
Libra Hybrid Capital will be led by Granite Asia partners Ming Eng, formerly Managing Partner at Orion Capital Asia, and Roger Zhang, ex-Managing Director at Blackstone. The fund will focus on providing secured loans across Asia Pacific, with an emphasis on risk-adjusted returns and downside protection.
