January Capital, a Singapore-based multi-strategy investment firm, has announced the oversubscribed, final close of its Growth Credit Fund, securing total commitments of over $130 million.
The firm said in a statement on Monday that over the past 12 months, the fund has attracted a strong and diverse group of institutional investors, reflecting its extensive global relationships.
The final close includes notable commitments from Japanese institutional investors such as SBI Holdings, Inc, GMO Payment Gateway, Inc., global fund-of-funds platforms such as Orient Growth Ventures, and Australia’s largest public ancillary fund, Australian Philanthropic Services Foundation.
This builds on earlier anchor commitments from leading institution including DEG, part of the KfW Group.
It is noted that January Capital’s Growth Credit Fund is the first of its kind in the Asia-Pacific region, offering growth-stage, sponsor-backed technology companies less-dilutive financing through senior secured loans.
The typical financing provided by the fund, in the order of $10-$20 million aims to fill a critical capital gap in the region.
Growth credit is a well-established component of the capital stack for tech companies in mature innovation markets like the United States, where debt can account for up to 20 percent of total financing for growth-stage firms.
Until now, this type of financing has been largely absent across Asia Pacific, estimated to represent less than 2 percent of available funding for tech-enabled growth companies in the region per January Capital estimates.
“Our mission at January Capital is to act as a true solutions provider for Asia-Pacific’s most exceptional technology companies – growth credit has been a natural extension for us given we have seen first-hand how few non-dilutive options are available for such firms in our region,
“A credit product fills this critical gap, giving founders room to grow without giving up ownership. We see growth credit as having meaningful positive impact that will drive the region’s long-term potential,” said Benjamin Dunphy, Founding Partner of January Capital.
Jason Edwards, founding partner of January Capital and Co-Head of Credit, commented they have been delighted to see the strong interest from leading global institutions, particularly those who have helped catalyze this emerging asset class in the Asia-Pacific region.
“It’s a clear signal that investors want disciplined exposure to high-quality, high-growth businesses in our core markets,
“What stands out is the quality of the conversations. Investors understand the structural opportunity and see real value in a risk-managed approach to growth credit,” he added.
Cited Pitchbook, the statement highlighted that lending to technology companies has delivered the best risk-adjusted returns of any asset class of credit globally, when measured over a 20-year period (which reflects through-the-cycle returns).
Since the fund’s initial close in December 2024, January Capital has now seen repayment of earlier facilities which have delivered returns in excess of these global benchmarks, reflecting the relative attractiveness of growth credit in the Asia-Pacific region.
The fund has been in active deployment, having already provided growth credit to five category-leading companies in the region to date and having signed term sheets for an additional five transactions which are expected to close in the first quarter of 2026, said the statement.
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