Private credit roundup: Australian home builder Bathla's dues

Singapore-based Granite Asia recently raised more than its $500 million target for its pan-Asian Libra Hybrid strategy. Since its launch in 2025, the strategy has completed eight transactions and two exits. The firm is now focused on deploying the capital.

Managing partner Ming Eng said Granite was targeting mid-sized companies tied to digitalisation, technology, regional expansion and shifting supply chains. Asian private credit markets remain less crowded than those in the United States and Europe, she said.

New structures are also emerging to channel capital across borders.

Tether and Fasanara Capital launched an evergreen private credit fund last week, backed by $400 million in sponsor capital and targeting up to $3 billion from third-party institutional investors.

The fund will use Tether's dollar-pegged USDT stablecoin to support cross-border lending and invest in short-duration, asset-backed credit through fintech platforms operating in more than 60 countries.