DBS partners Granite Asia to provide capital, financing for high-growth companies in Asia

[SINGAPORE] DBS is partnering a multi-asset investment platform to develop innovative investment and financing solutions, targeted at providing capital and support for high-growth Asian companies.

The partnership with Granite Asia – formerly known as GGV Capital Asia – kicked off with the closing of a US$110 million artificial intelligence-focused initial public offering (IPO) fund, which was subscribed for exclusively by DBS wealth clients. It drew broad-based interest from investors across South-east Asia, South Asia and Europe.

The fund is the first in a series under the partnership formalised through a memorandum of understanding. Under the deal, Granite Asia will develop new funds for DBS clients and offer co-investment opportunities.

In the pipeline is a private capital product designed to accelerate tech-enabled transformation across Asian businesses through non-dilutive capital, enabling wealth clients to invest in opportunities typically available only to institutional investors.

On its part, DBS will leverage its corporate and investment banking capabilities to support Granite Asia’s fund and portfolio companies in every stage of their life cycle.

This includes an end-to-end solution spanning subscription financing and corporate loans, advisory for mergers and acquisitions mandates, support for bond issuance and preparation for an IPO.

Singapore-based Granite Asia specialises in equity and credit solutions designed to drive long-term impact, providing support from early-stage equity to late-stage financing.

It manages around US$10 billion in assets and co-managed capital. In the last six months alone, the company has achieved five listings, and 10 additional IPO filings among its portfolio companies.

Granite has invested in 127 companies valued at over US$1 billion and supported 65 IPOs worldwide. It has consistently delivered a 30 per cent internal rate of return over the past 20 years. Unicorns in its portfolio include Grab, Xiaohongshu, Thunes and XPeng.

SEE ALSO

Granite Asia raises US$350 million for fund backed by Temasek, Khazanah, INA

DBS CEO Tan Su Shan urges investors to ‘buckle up’ for volatile 2026; income outlook steady despite Q4 profit miss

DBS chief executive Tan Su Shan on Monday (Feb 23) said the partnership with an asset manager is the first of its kind for the bank, and reflects its commitment to power Asia’s next generation of global leaders.

It is also a “clear expression of our ‘One Bank’ approach”, she added, bringing together the wealth, institutional banking and global financial markets teams to serve clients across their life cycle.

“By combining DBS’ capabilities with Granite Asia’s deep founder relationships and track record in backing innovative Asian champions, we can bring differentiated investment opportunities to our clients and create new pathways for ambitious founders to expand internationally.

“With capital flows into Asia set to rise over the coming years, this initiative also catalyses a vibrant funding ecosystem at a time when listings are returning to Asia’s equity markets.”

Since 2015, more than 13,000 AI-driven companies have been founded in Asia, and many are seeking capital for expansion.

Jenny Lee, Granite Asia senior managing partner, said the firm brings a “unique investment lens” focused on technology and transformation, while DBS contributes banking and capital markets expertise, and regional networks. The collaboration is also a first for the company.

She added: “Together, we aim to support founders and companies as they scale across borders and mature into enduring global leaders.”

Foo Jixun, senior managing partner of Granite Asia, said: “Over more than two decades, (we have) partnered closely with founders building category-defining companies across Asia. Our strength lies in a deeply connected founder and operator network that spans the journey from private markets to IPO.

“Working alongside DBS allows us to extend that platform as capital markets momentum returns and growth capital becomes more accessible across the region.”