Singapore-based insurer Great Eastern Holdings has invested about $100m in Granite Asia’s debut private credit fund, highlighting continued demand from insurers for private debt despite growing scrutiny of credit risks, according to a report by Bloomberg.
The commitment makes Great Eastern one of the latest insurance companies to increase its exposure to private credit as life insurers seek assets capable of generating higher returns in a challenging investment environment.
Granite Asia, a Singapore-based alternative asset manager, has raised more than $500m for its Pan-Asia private credit strategy, exceeding its initial fundraising target. The latest commitments include capital from Great Eastern, DBS Private Bank and other institutional investors.
DBS Group also said its private banking clients had committed close to S$70m ($55m) to the strategy.
The fundraising builds on more than $350m of anchor commitments secured by Granite Asia at the fund’s first close last year from investors including Temasek, Khazanah and the Indonesia Investment Authority.
