Granite Asia has secured more than $350 million in a first close for Libra Hybrid, its Pan Asia private credit strategy, as the firm expands beyond its long running technology investing roots into structured credit across the region. The strategy is anchored by Temasek through its private credit platform Aranda Principal Strategies, Khazanah Nasional Berhad and the Indonesia Investment Authority, and is targeting $500 million in total commitments.
Granite Asia said the first close attracted capital from a broad base that includes global institutional investors, sovereign wealth funds, the firm’s general partners and its network of founders and entrepreneurs built over 25 years. The firm added that the fund has already deployed and committed about 30 percent of its available capital across six transactions, with additional deals in execution across what it described as a diversified pipeline.
The move into private credit extends Granite Asia’s track record in technology investing, where it says it has supported more than 500 companies and backed 63 IPOs globally. In credit, Granite Asia is focusing on performing opportunities across Asia, positioning Libra Hybrid as a provider of structured, non dilutive capital to profitable enterprises that are pursuing growth initiatives and business transformation.
Granite Asia framed the strategy as a response to demand from companies seeking alternatives to traditional equity raises or conventional debt, particularly as they modernize operations, expand internationally or reshape supply chains. The firm said its private credit approach aims to deliver stable yields while incorporating structured upside mechanisms, including value add features such as revenue sharing, intended to enhance returns while avoiding the risk profile of equity ownership.
Granite Asia said it has been building internal capacity to support the strategy, with its credit team doubling in size this year. The firm said its platform now spans venture, growth and credit with more than $6 billion in assets under management, supported by increasing deal flow and demand for flexible capital solutions across Asia.
The firm also positioned its differentiated approach around combining credit investing with technology sector expertise and operational value creation. Granite Asia said it will source deals through its Pan Asia presence and proprietary channels that include founders, corporates, collaborations with regional financial institutions and partnerships across a broader ecosystem.
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“We’re seeing strong demand for private credit from companies undergoing transformative growth — redesigning supply chains, expanding into new markets, or modernizing through technology,” said Ming Eng, Managing Partner at Granite Asia, who leads the firm’s private credit strategy. “These businesses require not just financing solutions beyond traditional equity or debt, but a trusted partner with specialized expertise and a deep regional track record. This dynamic creates a compelling opportunity for our investors: access to Asia’s growth through a capital-preserving credit strategy that delivers stable yields, augmented by structured upside through value-add, such as revenue sharing, designed to pursue equity-like returns without taking on equity-like risk.”
Ming Eng, Managing Partner At Granite Asia
“Private credit is a natural extension of our platform and reflects the evolving capital needs of the visionary founders and businesses we back. It strengthens our ability to provide comprehensive financing solutions — from equity to credit — built on the same discipline, insight, and long-term partnership that define Granite Asia. It reflects our proven ability to leverage our unique strengths and ecosystem to innovate and unlock value – partnering up with the region’s leading investors to drive growth across Asia.”
Jenny Lee, Senior Managing Partner At Granite Asia
