Granite’s latest effort will serve as a fresh gauge of appetite among Asia’s wealthy investors for private credit — a US$1.8 trillion ($2.3 trillion) asset class that has been shaken globally by high-profile defaults and heavy redemption requests in the US. While Asia has remained relatively insulated, concerns still rippled through the region earlier this year, prompting private bankers in Hong Kong and Singapore to reassure clients.
(May 8): Singapore-based firm Granite Asia has engaged the private banking arm of DBS Group Holding Ltd to raise additional capital for its first private credit vehicle, people familiar with the matter said.
Access to the fund, which reached its first close last year, was recently made available to wealthy investors via DBS Private Bank, the people said, who asked not to be identified discussing private matters. It targets an internal rate of return of about 16% to 20% per year, with investor cash yields of about 8% to 10%, according to a document seen by Bloomberg News.
