Granite Asia Secures $250 Million for Private Credit Fund

Granite Asia, formerly the Asian arm of GGV Capital, has secured over $250 million in anchor commitments from top Asian sovereign wealth funds, general partners, and its network of founders for the first close of its Libra Hybrid Capital Fund. The fund targets a total of $500 million and will provide secured loans to mid-market, cash-flow-positive companies across Asia-Pacific, focusing on sectors such as consumer, business services, advanced manufacturing, energy transition, and healthcare. Led by industry veterans Ming Eng and Roger Zhang, the fund is part of Granite Asia's broader multi-asset strategy to support companies scaling regionally and globally, especially those seeking non-dilutive financing alternatives. This move reflects a broader trend of venture firms expanding into private credit, driven by rising demand for flexible capital and strong growth prospects in Asia. Granite Asia aims to leverage its technological and operating expertise to support portfolio companies beyond financing, helping them expand and eventually providing fund exits. The high investor interest highlights Asia’s position as a growth market, with private credit returns in the region outpacing those in more mature markets.