Granite Asia raises $500m for Libra Hybrid from DBS and an insurer

Granite Asia has raised $500m for Libra Hybrid, its Pan-Asia private credit strategy, with commitments from DBS Private Bank, a leading insurer and other institutional investors joining anchor backers Temasek, through its private credit platform Aranda Principal Strategies, Khazanah Nasional Berhad and the Indonesia Investment Authority. The raise, reported by Alternative Credit Investor, lands as plain-vanilla direct lending funds face a harder allocator conversation, while a region-specific vehicle with sovereign anchors and a private-bank channel clears.

Libra Hybrid invests in mid-market companies across Asia and has completed eight transactions since launching in 2025, spanning advanced manufacturing, consumer and healthcare. Jenny Lee, senior managing partner at Granite Asia, said private credit is a natural extension of the platform, reflecting the evolving capital needs of the founders and businesses across Asia; the firm manages more than $10bn across venture, growth and credit, with more than 500 portfolio companies and 68 IPOs on its record.

DBS Private Bank's participation suggests the strategy is being distributed through the wealth channel, pulling high-net-worth capital into a vehicle seeded by sovereign institutions, and a leading insurer on the cap table adds long-duration money with a different liquidity profile. Together they broaden the LP base well beyond the three anchors that got Libra Hybrid off the ground.

Libra Hybrid sits inside a firm that writes venture and growth equity checks, so Granite Asia can present itself as a financing partner across a company's lifecycle rather than a single-product lender. The eight completed transactions across manufacturing, consumer and healthcare give the strategy a track record short enough to be scrutinized but real enough to market.

Granite Asia's equity-and-credit platform gives Libra Hybrid a crossover narrative a standalone mid-market lending fund would struggle to match. Watch whether the firm opens the strategy to more private-bank distribution; that will tell you how much of the next fundraise comes from Asia's wealthy rather than its institutions.