Granite Asia, a Singapore-headquartered investment firm, announced on Tuesday that it raised over $350 million in the initial closing of its Pan-Asia private credit fund. The fund, called Libra Hybrid, received backing from pivotal Southeast Asian state investors including Temasek, Khazanah Nasional, and Indonesia Investment Authority (INA).

The initiative, targeting $500 million in total commitments, attracted substantial interest from global institutions and sovereign wealth funds. Already, about 30% of the capital has been allocated across six deals. Projections indicate Asia's private credit market will swell 46% to $92 billion by 2027, despite obstacles like fragmented regulations and currency risks.

Granite Asia, previously GGV Capital Asia, oversees $6 billion in management. It ha

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