Flow Capital Partners (FCP), a Hong Kong-based institutional alternative asset manager, has launched a $125-million Asia-focused credit fund, marking a pivot from its previous China- and Hong Kong-centric lending model.
In a LinkedIn Post, FCP said the newly formed Flow Credit Master Fund, seeded with capital from FCP’s founder, is structured as a semi-liquid, evergreen vehicle.
It will invest across the capital structure, targeting senior-secured direct lending, asset-backed financing, real estate-backed credit, capital solutions, special situations, and selective public credit exposures.
“The flexible approach allows the fund to complement stable cashflows of private credit with tactical public market positioning to manage liquidity and capture potential dislocations driven by evolving market cycles,” FCP said.
Founded in 2019, FCP has deployed over $1.1 billion into 20 deals as of December 2024, with 18 of those fully realised. The rebrand, effective June 2025, reflects a broader mandate that includes private corporate credit and publicly traded securities.
Jacky Tian, formerly of Oaktree Capital Management, has joined as Chief Investment Officer and will lead investment strategy and portfolio management.
Stephen Y, previously with Nexus Capital, has been appointed Chief Operating Officer and will oversee platform operations.
“As our investor base looks for resilient, cycle-aware credit solutions, we’re excited to launch a strategy that combines deep private markets underwriting with active public credit management—built for Asia, and built to perform,” the firm’s founder and chairman, Sam Lau, was quoted as saying.
The launch of the fund comes amid growing investor interest in Asia’s private credit space, part of a $1.7 trillion global market, signalling how the asset class has matured, delivering attractive and stable returns.
The private credit sector has grown to $1.5 trillion globally, making it the third-largest alternative asset class, after hedge funds and private equity, DealStreetAsia reported.
Non-bank loans are still 20% of the lending industry in Asia compared to 65% in the US.
