Singapore-headquartered private investment firm Granite Asia has surpassed the $500-million fundraising target for its pan-Asia private credit strategy, Libra Hybrid, according to an announcement.
The development comes after Granite Asia secured new commitments from DBS Private Bank, a major insurer, and other institutional investors.
The new investors join existing backers including Singapore state investor Temasek, through its private credit platform Aranda Principal Strategies; Malaysia’s sovereign wealth fund Khazanah Nasional Berhad; and the Indonesia Investment Authority.
The investment firm did not disclose the total amount raised or the size of the latest commitments.
Launched in 2025, Libra Hybrid targets private credit and hybrid capital opportunities among mid-market companies across Asia, where Granite Asia sees a financing gap as businesses seek capital for expansion, supply-chain development, and technology upgrades.
The strategy focuses on privately originated transactions sourced through Granite Asia’s relationships with founders and companies rather than broadly syndicated deals.
Libra Hybrid has completed eight transactions since its launch and recorded two exits, with distributions already made to investors, the firm said.
Its investments span sectors including advanced manufacturing, consumer, and healthcare. Granite Asia did not identify the portfolio companies or disclose individual investment sizes.
“We continue to see strong demand for private credit and hybrid capital from companies undergoing transformative growth, strengthening supply chains, expanding into new markets, or modernising through technology,” said Ming Eng, Managing Partner at Granite Asia and head of its private credit strategy.
Private credit has become an increasingly important part of Granite Asia’s investment platform as the firm seeks to provide companies with financing across both equity and debt.
“Private credit is a natural extension of our platform, reflecting the evolving capital needs of the founders and businesses across Asia,” said Jenny Lee, Senior Managing Partner at Granite Asia.
The addition of investors from the banking and insurance sectors would strengthen the firm’s ability to provide financing ranging from equity to credit, Lee added.
Granite Asia, formerly known as GGV Capital Asia, manages more than $10 billion in assets across venture capital, growth equity, and private credit. The firm said its investment track record spans 26 years, more than 500 companies, and 68 initial public offerings.
Earlier this year, Granite Asia raised $110 million for its AI-focused IPO fund distributed exclusively to DBS wealth clients as one of the first initiatives in a three-year partnership to deliver innovative financing, broaden capital access, and support the growth of Asia’s high-potential companies.
The fund is investing in initial public offerings of high-growth AI companies, providing investors with early access to these opportunities, according to a statement on Monday.
Since 2015, over 13,000 AI-driven companies have been founded in Asia, many of which are now seeking capital to accelerate growth.
