Granite Asia Launches $500M Libra Fund to Expand Into Private Credit

Singaporean VC firm Granite Asia has obtained more than $250 million in anchor commitments from prominent Asian sovereign wealth funds to back its private credit strategy, the Libra Hybrid Capital Fund.

Alongside this fresh capital, initial investments also come from Granite Asia’s existing general partners and its extensive network of founders and entrepreneurs, which has been built over the past 25 years. The fund aims to raise a total of up to $500 million.

Granite Asia’s Libra Hybrid Capital Fund focuses on providing secured loans with a conservative risk profile to mid-sized companies across the Asia-Pacific region. The fund aims to deliver steady cash yields coupled with enhanced returns by leveraging Granite Asia’s technology platform and active value creation approach. It targets established businesses, including both tech-driven firms and traditional enterprises undergoing digital transformation.

The fund offers non-dilutive private debt as a flexible financing route for companies aiming to grow either through internal expansion or acquisitions. This allows businesses to tap into customized capital solutions while leveraging Granite Asia’s broad network and the hands-on guidance of its seasoned team of investors and operators.

Jenny Lee, Senior Managing Partner at Granite Asia, emphasized that Libra Hybrid Capital is a key component of the firm’s multi-asset strategy, building on its 25-year history of supporting innovative companies in Asia. She highlighted that the fund’s focus on sizable, capital-efficient enterprises complements Granite Asia’s existing equity investments and addresses a vital segment of the regional economy.

The Libra Hybrid Capital Fund is co-managed by Granite Asia partners Roger Zhang and Ming Eng, both experienced credit experts with extensive knowledge of the region. Ming Eng highlighted that the substantial anchor commitments, supported by leading Asian sovereign wealth funds, reflect growing confidence from institutional investors in Granite Asia’s focused credit strategy and its capacity to offer on-the-ground access to Asia’s expanding market prospects.

Roger Zhang highlighted the growing demand for flexible, non-dilutive capital among well-managed companies seeking to expand. He emphasized that Granite Asia’s proprietary deal pipeline and unique capabilities in technology enable the fund to identify and support high-potential businesses early, accelerating their development through both capital and strategic resources.

Ming Eng and Roger Zhang co-lead the credit solutions strategy at Granite Asia, bringing extensive experience in Asia’s private credit markets. Ming Eng has over 20 years of expertise, having previously served as Managing Partner at Orion Capital Asia and held senior roles at Macquarie Bank, VTB Capital, and Goldman Sachs. She holds an MBA from the Wharton School. Roger Zhang brings 19 years of regional credit experience, formerly leading private debt origination at Blackstone Credit and Partners Group, and holds an MBA from NYU Stern.

Granite Asia, previously operating as GGV Capital Asia, is a multi-asset investment platform based in Singapore that concentrates on the Asia-Pacific region, including India, Japan, Australia, Southeast Asia, and China. Managing assets worth $5 billion, the firm has invested in 48 companies valued at over $1 billion and has been involved in 30 IPOs. With the launch of the Libra Hybrid Capital Fund, Granite Asia is expanding into private credit, joining other regional firms aiming to capitalize on this fast-growing sector.