Singapore-based Granite Asia — formerly the Asian arm of GGV Capital — has pulled in roughly $350m in the first close of its inaugural pan-Asia private credit fund, known as Libra Hybrid Capital Fund, according to a report by DealStreetAsia. The vehicle is targeting a final close at $500m.
The fund, anchored by regional heavyweight investors including Temasek, Khazanah Nasional Berhad and the Indonesia Investment Authority, is designed to provide secured debt to profitable companies across the Asia-Pacific region that are seeking growth-oriented financing beyond traditional equity or bank lending.
About 30% of committed capital is already deployed across six transactions, with a full deal pipeline in progress. The firm says the demand for private credit has surged as mid-market firms seek non-dilutive capital to fuel expansion, digital transformation or market-entry strategies.
Granite Asia has $6bn in assets under management spanning venture, growth, and now credit strategies. The firm has invested in over 500 companies, with 63 IPOs.
