Granite Asia raises over $500 million for debut Asian private credit fund

Anchor LPs include sovereign-linked funds from Singapore, Malaysia and Indonesia.

Singapore, Marina Bay — Marina Bay financial district in Singapore

Granite Asia has raised more than $500 million for its private credit fund for Asia, the Singapore-based firm said on Tuesday.

This marks an oversubscription for the Libra Hybrid fund, which is also Granite‘s first foray into private credit since GGV Capital’s historic split of its US and Asian VC operations back in 2024.

Several other VCs were also forced to carve out their divisions in the years since, including Sequoia Capital and GSR Ventures. Since then, GGV’s US arm has been renamed Notable Capital, while its Asian arm has relocated its headquarters to Singapore and rebranded as Granite Asia.

Granite has since evolved into a multi-asset firm, adding private credit to its product mix despite more than two decades of building its success as a Chinese venture capitalist, investing mostly in Chinese tech builders.

The Libra Hybrid Fund last made a $350 million first close in December 2025.

According to its latest statement, it has surpassed its fundraising target, securing anchor commitments from Temasek‘s private credit platform Aranda Principal Strategies, Khazanah Nasional and the Indonesian Investment Authority (INA). Temasek, Khazanah and INA are sovereign-linked funds from Singapore, Malaysia and Indonesia, respectively.

Singapore’s DBS Private Bank has also joined the private credit vehicle as a limited partner, underscoring the growing partnership between the two firms. In February, Granite closed a $110 million AI IPO-focused fund to be distributed exclusively to DBS wealth clients.

The fund is the first in an ongoing arrangement that would see Granite develop new funds and co-investment opportunities for DBS clients. In return, DBS Bank would provide support in the form of subscription financing, corporate loans, M&A advisory and IPO preparation.

Granite added that it has completed eight private credit transactions, realised two exits and begun making distributions to investors since its 2025 launch. It invests in sectors such as advanced manufacturing, consumer and healthcare across Asia.

Unlike in the US and Europe, Asian private credit remains a nascent asset class.

Asia’s long-term growth fundamentals and tight local regulatory environments often mean that Asian businesses lack access to non-dilutive capital-raising options. As such, Asian private credit is still underpenetrated in many markets.

However, rising private credit default rates affecting major US investors such as Ares and Blue Owl Capital have spooked global investors, making it more challenging for Asian private credit funds to raise new capital in the current market.

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