TLDR:
- GGV Capital’s Asia business, now known as Granite Asia, is considering venturing into private debt investment for the first time after splitting from its US counterpart.
- Granite Asia plans to assemble a private-credit investing team in the second half of the year to focus on markets in China, Japan, South Asia, Australia, and Southeast Asia.
Article Summary:
Fresh off a split from its US counterpart, GGV Capital’s Asia business, now known as Granite Asia, is considering raising funds to venture into private debt investment for the first time. This move comes after GGV’s decision to separate its US and Asia operations to form two stand-alone partnerships, citing geopolitical tensions between Washington and Beijing as one of the reasons for the split. The Asia partnership, led by Jenny Lee and Jixun Foo in Singapore, has rebranded as Granite Asia and plans to expand its portfolio into private credit investments.
Private credit, an asset class that is rapidly growing, has become a vital source of funding for businesses ranging from tech start-ups to real estate companies. Granite Asia intends to focus on markets in China, Japan, South Asia, Australia, and Southeast Asia with the establishment of a private-credit investing team by the second half of the year. The firm has also expressed interest in exploring private hybrid funding, combining equity and debt, as part of its future strategy. Despite the split, GGV’s legacy funds will continue to operate, with undeployed capital being invested in existing portfolio companies and new opportunities.
