Granite Asia, a Singapore-based investment firm, has surpassed the $500 million target for its Pan-Asia private credit fund, Libra Hybrid, drawing new commitments from a leading insurer, DBS Private Bank, and other institutional investors.

In a statement on Tuesday, Granite Asia said the new backers join anchor investors including Temasek, through its private credit platform Aranda Principal Strategies; Malaysia’s Khazanah Nasional Berhad; and the Indonesia Investment Authority. The move followed Granite Asia’s raise of $350 million in December 2025.

Libra Hybrid aims to address Asia’s mid-market financing gap, providing capital to mid-sized companies that can be underserved by banks and public markets. Granite Asia sourced deals through its own relationships with founders and companies, rather than competing for broadly syndicated transactions.

Since launching in 2025, the fund has completed eight transactions, made two exits, and returned money to investors, with investments in sectors including advanced manufacturing, consumer businesses, and healthcare. Granite Asia’s strategy drew on a 26-year record across more than 500 companies and 68 initial public offerings, and a platform spanning venture- growth-credit with more than $10 billion in assets under management (AUM).

Ming Eng, the managing partner leading Granite Asia’s private credit strategy, said demand for private credit and hybrid capital remained strong among companies pursuing growth, strengthening supply chains, entering new markets, or upgrading through technology.

Jenny Lee, a senior managing partner at Granite Asia, said private credit is a natural extension of the firm’s platform and reflects the changing capital needs of founders and businesses across Asia.

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