January Capital’s private credit fund marks final close at over US$130 million

[SINGAPORE] Singapore-headquartered investment firm January Capital on Monday (Dec 15) announced the final close of its Growth Credit Fund, which was oversubscribed and secured total commitments of more than US$130 million.

The Growth Credit Fund offers growth-stage, sponsor-backed technology firms less-dilutive financing through senior secured loans, said January Capital, a venture capital and multi-strategy investor that is focused on technology firms across the Asia-Pacific (Apac).

The fund typically provides financing of around US$10 million to US$20 million and aims to fill a “critical capital gap” in Apac by offering growth credit, a type of financing largely absent in the region.

Growth credit represents less than 2 per cent of the available funding for tech-enabled growth companies in Apac, according to January Capital’s estimates. This comes even though it is a well-established component of the capital stack for tech companies in mature innovation markets such as the US, where debt can account for up to 20 per cent of the total financing for growth-stage firms.

Benjamin Dunphy, founding partner of January Capital, noted that growth credit is a “natural extension” for the firm, given the scarcity of non-dilutive financing options for tech firms in the region.

“A credit product fills this critical gap, giving founders room to grow without giving up ownership. We see growth credit as having meaningful positive impact that will drive the region’s long-term potential,” he added.

January Capital remarked that the Growth Credit Fund has attracted a “strong and diverse group of institutional investors”.

Notably, the fund secured commitments from Australia’s largest public ancillary fund, Australian Philanthropic Services Foundation, alongside Japanese institutional investors such as SBI Holdings and GMO Payment Gateway, as well as global fund-of-funds platform Orient Growth Ventures.

Jason Edwards, founding partner of January Capital and co-head of credit, said that the interest from global institutions is a “clear signal that investors want disciplined exposure to high-quality, high-growth businesses in our core markets”.

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“Investors understand the structural opportunity, and see real value in a risk-managed approach to growth credit.”

Citing Pitchbook data, January Capital noted that lending to technology firms has delivered the best risk-adjusted returns of all asset classes of credit globally, when measured over a 20-year period.

The investment firm said that it has seen repayment of earlier facilities that have delivered returns in excess of these global benchmarks since the fund’s initial close in December 2024. It added that this reflects the relative attractiveness of growth credit in the Apac region.

January Capital noted that the fund has been actively deployed, as it has already provided growth credit to five category-leading companies in the region to date and has signed term sheets for an additional five transactions which are expected to close in the first quarter of 2026. 

The firm invests in technology-enabled companies across the Apac region and provides capital solutions through two core strategies of early-stage venture equity and growth-stage credit.