KUALA LUMPUR, June 3 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier gains to end lower on Wednesday, weighed down by losses in telecommunications and banking sectors, despite a broadly positive performance across Asian markets. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local market remains under pressure amid lingering concerns over geopolitical tensions, elevated oil prices and uncertainty surrounding the global interest rate outlook. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 10.33 points, or 0.61 per cent, to finish at its intraday low of 1,672.74 compared with Friday’s close of 1,683.07. The local bourse resumed trading after being closed on Monday and Tuesday for public holidays. The benchmark index opened 4.06 points higher at 1,687.13 and climbed to an intraday high of 1,693.09 during the morning session before losing momentum to end the day lower.
Granite Asia Raises Over US$350 Million for Pan-Asia Private Credit Fund Backed by Temasek, Khazanah, INA
Granite Asia has secured more than US$350 million in the first close of its new Pan-Asia private credit fund, attracting commitments from major Southeast Asian state investors including Temasek, Khazanah Nasional, and the Indonesia Investment Authority (INA).
The strategy, known as Libra Hybrid, is targeting a total fund size of US$500 million. In addition to the three sovereign anchors, the fund drew capital from global institutional investors, sovereign funds, and Granite Asia’s own partners.
Temasek invested through its private credit platform Aranda Principal Strategies, the firm said.
Granite Asia added that roughly 30% of the committed capital has already been deployed across six transactions.
Private Credit Growth Across Asia
The launch comes as Asia’s private credit market continues accelerating. According to a report by the Alternative Investment Management Association and several advisory firms, the region’s private credit market is expected to expand 46% to US$92 billion by 2027 — outpacing global growth despite regulatory fragmentation and currency risks.
“We’re seeing strong demand for private credit from companies undergoing transformative growth — redesigning supply chains, expanding into new markets, or modernising through technology,” said managing partner Ming Eng, who leads Granite Asia’s private credit strategy.
Granite Asia’s Regional Footprint
Granite Asia — formerly GGV Capital Asia — was formed after its US parent split operations in 2023 following scrutiny from US authorities over investment ties to Chinese technology companies.
The firm has been expanding its regional partnerships:
Last year, it teamed up with INA for a US$1.2 billion investment programme in Indonesia’s tech sector.
In March, it partnered with Japan’s Integral to form a US$100 million joint venture.
Granite Asia currently manages about US$6 billion across venture, growth, and credit strategies, with investments in 57 unicorn-level companies and involvement in 33 IPOs, according to its statement.
Key Takeaways
Granite Asia raised US$350m+ in the first close of its Libra Hybrid private credit fund.
Anchors include Temasek, Khazanah, and INA — three of Southeast Asia’s most influential state investors.
The fund targets US$500m total commitments and has already deployed 30% across six deals.
Asia’s private credit market is forecast to grow 46% to US$92b by 2027, outpacing global trends.
Granite Asia continues to expand its regional partnerships after its 2023 split from GGV Capital US.
The firm manages US$6b in assets and has backed companies that achieved 57 unicorn valuations and 33 IPOs.
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