Singapore’s Granite Asia, formerly GGV Capital, has gathered $250 million in anchor commitments for its first-ever private credit strategy to chase deals in mid-sized companies in the Asia Pacific region.
The 2025-vintage Libra Hybrid Capital Fund has received backing from top Asian sovereign wealth funds and contributions from Granite Asia’s general partners as well as founders and entrepreneurs within its network ahead of its launch, according to a company statement on Thursday (May 8).
The fresh capital raised represents over 50% of the fund’s target, which was not disclosed in the statement.
The move officially marks a major identity shift for Granite, a veteran startup investor, that has evolved beyond its venture capital roots into a broader multi-asset investment firm after parting ways with its US and China counterparts.
“Libra Hybrid Capital is a cornerstone of our multi-asset platform strategy, building on our 25-year track record of backing Asia’s most innovative companies,” said Jenny Lee, Senior Managing Partner at Granite Asia. “It expands our ability to support a broader range of businesses—particularly sizable, capital-efficient enterprises that fall outside the typical equity profile but form the backbone of Asia’s economy.”
The debut vehicle, which had started investing this year, focuses on underwriting secured loans for established APAC businesses, from “technology-driven growth companies to traditional enterprises undergoing digital transformation,” per the statement.
The fund franchise is now led by partners Ming Eng and Roger Zhang who joined Granite from Orion Capital Asia and Blackstone, respectively.
Granite’s push into lending also reflects a broader trend among venture capital and private equity firms, which are rolling out new private credit strategies in the region amid a surge in investor interest.
The number of APAC-focused private debt funds rose by 48.6% between the first and fourth quarter of 2024, per Preqin data. They also have higher capital targets, especially for regional funds focused on Australia, India and Asia, suggesting optimism from market participants.
Among other private credit funds in the market looking to raise capital is Dubai-based Synergy Capital, which announced that it is targeting $1 billion for its third Asia-focused fund.
