Singapore-based Granite Asia is targeting mid-sized businesses across Asia for new private credit investments after raising more than $500m for its pan-Asian Libra Hybrid strategy, according to Private Equity Wire, citing a Reuters report.
Fundraise and strategy status
Libra Hybrid exceeded its initial $500m fundraising target last month, according to Private Equity Wire.
The report cites managing partner Ming Eng as saying there is no formal cap on the fund.
Eng said the firm is now prioritising the deployment of capital rather than further fundraising.
Since launching in 2025, Libra Hybrid has completed eight investments and realised two exits, with distributions already made to investors.
Eng said the strategy had generated returns in the “teens” over its first year, without providing a more precise figure.
Where Granite Asia is looking to deploy
Granite Asia is focusing on opportunities in areas including advanced manufacturing and healthcare, according to Private Equity Wire.
The report says the firm is taking a broad approach to geography across Asia.
The firm is assessing investment themes including digitalisation, technology adoption, regional expansion and changes in global supply chains.
Middle-market private credit rationale
The report cites Eng as saying the middle market offers an attractive combination of growth potential and financing demand.
Granite Asia sees private credit as particularly suited to mid-market companies that have access to traditional bank financing but may be reluctant to raise equity and dilute existing shareholders.
Eng described Asia’s private credit market as considerably less developed than those of the US and Europe, and said this creates an imbalance between available capital and borrower demand.
The opportunity is attracting increasing institutional interest as private credit managers expand across the region.
Market data cited
Asia-Pacific’s private credit market is projected to grow from $59bn in 2024 to $92bn by 2027, according to the Alternative Investment Management Association.
Widely known context: private credit typically refers to non-bank lending to companies, and market-growth projections such as these are often used by managers and LPs to contextualise fundraising and deployment activity.
Widely known context: “middle market” commonly denotes mid-sized companies, and the term is frequently used by private credit funds when describing borrower segments and sourcing focus.
