Granite Asia nets over $350m for private credit, anchored by Temasek

Granite Asia has raised over US$350 million in the first close of its pan-Asia private credit strategy, Libra Hybrid, anchored by Temasek through its private credit platform Aranda Principal Strategies, Khazanah Nasional Berhad, and Indonesia Investment Authority (INA).

Granite Asia, formerly known as GGV Capital Asia, is headquartered in Singapore and invests across the Asia-Pacific region.

The fund targets US$500 million in total commitments.

Granite Asia said it has already deployed and committed about 30% of available capital across six transactions, with several more in execution.

This new strategy marks the firm’s expansion into private credit, building on its 25-year track record in tech investing, supporting over 500 companies, and 63 IPOs globally.

Granite Asia manages over US$6 billion in assets across venture, growth, and credit strategies.

🔗 Source: Granite Asia

🧠 Food for thought

Implications, context, and why it matters.

Granite Asia’s hybrid credit plan offers equity-like returns with downside protection

Libra Hybrid Capital Fund blends first-priority loans with upside via warrants (rights to buy shares at a preset price) or performance payments, sets a contractually guaranteed minimum return in the teens, and holds the equity piece until a sale or IPO 1.
It backs mid-sized Asia-Pacific firms pursuing growth through digitalization and supplies non-dilutive capital (financing that doesn’t reduce existing owners’ stakes) to tech-led companies or traditional businesses moving through digital transformation 2.
The structure centers on secured loans (backed by collateral) with a defensive risk profile, and taps Granite Asia’s 25-year tech investing track record 2.
Credit can amortize over time (paid down in installments) or pay at exit (a sale or IPO), while the equity piece shares in upside without near-term dilution pressure 1.

Private credit fund managers in Asia can use sovereign wealth fund LP ties for co-investment opportunities

Top Asian sovereign wealth funds are anchoring (providing large initial commitments to) Granite Asia’s private credit strategy 2.
Managers can pitch co-investments (investing alongside the main fund) to these anchors on larger deals that outsize one fund, especially in infrastructure, renewable energy, or data centers that now rely more on private markets 3.
Global private credit could near $3 trillion within five years as capital-heavy sectors lean on private markets, so managers who build direct ties with institutional anchors may access larger ticket sizes (bigger checks) 3.