Great Eastern investing in Granite Private Credit Fund — Bloomberg

(Aug 26): Singapore-based insurer Great Eastern Holdings Ltd is backing Granite Asia’s inaugural private credit fund, according to people familiar with the matter. Great Eastern has invested around US$100 million (RM403 million) in the fund. Granite Asia, an asset manager based in Singapore, also raised close to S$70 million (US$55 million or RM222 million) from DBS Group Holdings Ltd’s private banking clients. The fund surpassed a US$500 million target for its Pan-Asia private credit strategy with new commitments from an insurer, DBS Private Bank, and other institutional investors. Under pressure to generate higher profits, global life insurance companies are among the biggest investors in private credit, though higher defaults have made them more selective. Recent concerns about software firm exposures to AI have led some alternative asset managers to limit withdrawals from funds. Despite these challenges, private credit remains growing in the Asia-Pacific, benefiting from closed-ended fund structures and reduced exposure to software-related risks. Moody’s Ratings noted that economic uncertainty, geopolitical tensions, and elevated interest rates may slow fundraising in the region. Last year, Granite Asia secured over US$350 million in anchor commitments for the fund’s first close.