Latest news with #MingEng
Bloomberg
08-08-2025
- Business
- Bloomberg
Granite Asia Picks Orion Capital Veteran to Drive Private Credit
Granite Asia is promoting former Orion Capital Asia executive Ming Eng to a role overseeing the investment firm's expansion into the burgeoning private credit market. Singapore-based Granite has raised more than half of the planned $500 million capacity for its inaugural private credit fund, and already deployed more than $100 million to two firms, Ming said in an interview. Malaysian sovereign wealth fund Khazanah Nasional Bhd. this week announced a move to partner with Granite and others to provide financing solutions for the country's mid-tier companies.
Business Times
09-05-2025
- Business
- Business Times
Granite Asia's first private credit fund hits US$250 million
[SINGAPORE] Granite Asia announced that it has secured over US$250 million from anchor investors for its first private credit fund, Libra Hybrid Capital Fund. In a press release on Thursday (May 8), the multi-asset platform said that anchor investors include top Asian sovereign wealth funds, as well as Granite Asia's general partners and its network of founders and entrepreneurs. The fund has a US$500 million target and has raised over half its targeted amount. Ming Eng and Roger Zhang, partners, credit strategy at Granite Asia, will lead the Libra Hybrid Capital Fund. The fund's key strategy is to offer secure loans to mid-market companies in Asia-Pacific as they scale regionally and globally. These are established businesses that are profitable or with positive cash flow with room to grow. 'It's all about scaling up the companies in this region,' Ming told The Business Times. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Key sectors that the private credit fund will target are in consumer, business services, advanced manufacturing automation, energy transition and healthcare sectors. Granite Asia will bring the same technological and operating expertise to bear for the companies it provides debt financing as it does equity financing. For instance, after a company has established its business in a new market, Granite Asia can help it expand by working with local financial institutions to set it up with more financing. Furthermore, this would provide an exit for the fund, which can then move on to other companies. 'Most of the time, borrowers see us as not only a capital provider, but also as a good partner to help them grow to the next level,' said Zhang. The high investor interest in the private credit fund is a reflection of Asia's status as a growth market. Unlike more mature private credit markets where returns are in the single digits, Asia has been delivering double-digit returns as companies here grow much faster. Even as the Federal Reserve interest rates come off a high, Asia will still provide double-digit returns, as regional companies considering private credit aim to grow at a pace exceeding the cost of capital. Investors in the Libra Hybrid Capital Fund are looking for more than just diversification. 'We do see a strong shift of mindset and capital, not only for diversification, I think people are recognising the growth,' said Ming. The fund is riding the rise of regional capital supporting mid-market companies navigating uncertainties and global capital seeking exposure to Asian growth markets. The deal pipeline for the fund is helped by strong market demand due to Asia being underserved by private credit. The Libra Hybrid Credit Fund has closed a few deals, with others in advanced stages. Likening financing options to menu options at a restaurant that previously only offered pizza, the addition of a pasta offering would draw customers wanting to try the new option. 'The Asian market is an equity market in a way, but now with the growth of the private-credit market, it offers an attractive solution to a lot of companies that are looking for non-dilutive capital to fund their growth,' said Zhang.
Forbes
08-05-2025
- Business
- Forbes
Granite Asia Gets $250 Million Anchor Commitments To Bankroll Private Credit Fund
Jenny Lee, Granite Asia senior managing partner. Juliana Tan for Forbes Asia Singapore-based venture capital firm Granite Asia has raised over $250 million in anchor commitments from top Asian sovereign wealth funds to bankroll its private credit strategy. Besides the fresh capital from Asian sovereign wealth funds, the initial funding commitments for the Libra Hybrid Capital Fund also came from Granite Asia's existing general partners and its network of founders and entrepreneurs, the company said in a statement. The fund is targeting to raise as much as $500 million. The fund will focus on providing secured loans with a defensive risk profile across the Asia Pacific. 'We're seeing strong demand for flexible, non-dilutive capital from well-run businesses looking to scale,' Roger Zhang, partner for credit strategy at Granite Asia, said in the statement. 'Our deal pipeline is both active and proprietary, driven by our deep understanding of the region.' Zhang, who previously worked as managing director of Blackstone Credit where he led credit deal origination for Asia, is co-leading the Libra Hybrid Capital Fund with Ming Eng, an industry veteran who previously worked as managing partner at Orion Capital Asia. Granite Asia's move into private credit comes after rebranding the Asian operations of GGV Capital last year. The venture capital firm—which was originally established as Granite Global Ventures in 2000—separated its Asian and U.S. operations in 2023 amid heightened geopolitical tensions between the world's two largest economies. 'Libra Hybrid Capital is the cornerstone of our multi-asset strategy, building on our 25-year track record of backing Asia's most innovative companies,' Jenny Lee, senior managing partner at Granite Asia, said in the statement. Lee and Jixun Foo—who are long-time managing partners of GGV Capital and frequently listed among the world's top venture capitalists by Forbes —are co-managing Granite Asia, which has over $5 billion in assets under management. Granite Asia is joining other Asian venture capital firms keen to tap into the booming private credit market. Hong Kong-based Gaw Capital Partners and India's Kotak AlternateAsset Managers are each reportedly targeting to raise $2 billion for two new private credit funds.
Business Times
08-05-2025
- Business
- Business Times
Granite Asia's first private credit fund hits US$250 million at first close
[SINGAPORE] Granite Asia announced that it has secured over US$250 million from anchor investors for its first private credit fund, Libra Hybrid Capital Fund. In a press release on Thursday (May 8), the multi-asset platform said that anchor investors include top Asian sovereign wealth funds, as well as Granite Asia's general partners and its network of founders and entrepreneurs. The fund has a US$500 million target and has raised over half its targeted amount. Ming Eng and Roger Zhang, partners, credit strategy at Granite Asia will lead the Libra Hybrid Capital Fund. The fund's key strategy is to offer secure loans to mid-market companies in Asia-Pacific as they scale regionally and globally. These are established businesses that are profitable or with positive cash flow with room to grow. 'It's all about scaling up the companies in this region,' Ming told The Business Times. Key sectors that the private credit fund will target are in consumer, business services, advanced manufacturing automation, energy transition and healthcare sectors. Granite Asia will bring the same technological and operating expertise to bear for the companies it provides debt financing as it does equity financing. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up For instance, after a company has established its business in a new market, Granite Asia can help it expand by working with local financial institutions to set it up with more financing. Furthermore, this would provide an exit for the fund, which can then move on to other companies. 'Most of the time, borrowers see us as not only a capital provider, but also as a good partner to help them grow to the next level,' said Zhang. The high investor interest in the private credit fund is a reflection of Asia's status as a growth market. Unlike more mature private credit markets where returns are in the single digits, Asia has been delivering double-digit returns as companies here grow much faster. Even as the Federal Reserve interest rates come off a high, Asia will still provide double-digit returns, as regional companies considering private credit aim to grow at a pace exceeding the cost of capital. Investors in the Libra Hybrid Capital Fund are looking for more than just diversification. 'We do see a strong shift of mindset and capital, not only for diversification, I think people are recognising the growth,' said Ming. The fund is riding the rise of regional capital supporting mid-market companies navigating uncertainties and global capital seeking exposure to Asian growth markets. The deal pipeline for the fund is helped by strong market demand due to Asia being underserved by private credit. The Libra Hybrid Credit Fund has closed a few deals, with others in advanced stages. Likening financing options to menu options at a restaurant that previously only offered pizza, the addition of a pasta offering would draw customers wanting to try the new option. 'The Asian market is an equity market in a way, but now with the growth of the private-credit market, it offers an attractive solution to a lot of companies that are looking for non-dilutive capital to fund their growth,' said Zhang.
