Granite Asia has raised $110 million for its AI-focused IPO fund distributed exclusively to DBS wealth clients as one of the first initiatives in a three-year partnership to deliver innovative financing, broaden capital access, and support the growth of Asia’s high-potential companies.
The fund is investing in initial public offerings of high-growth AI companies, providing investors with early access to these opportunities, according to a statement on Monday. Since 2015, over 13,000 AI-driven companies have been founded in Asia, many of which are now seeking capital to accelerate growth.
Investor participation for the fund was broad, spanning Southeast Asia, South Asia, and Europe.
This fund is the first in a planned series under the partnership, which was formalised through a memorandum of understanding. Granite Asia will develop new funds exclusively for DBS clients and offer co-investment opportunities, including private capital products designed to support technology-enabled transformation in Asian businesses with non-dilutive capital.
Under the collaboration, DBS will provide end-to-end support for Granite Asia’s funds and portfolio companies, spanning subscription financing, corporate loans, M&A advisory, bond issuance support, and IPO preparation. The partnership is the first of its kind for DBS with an asset manager, according to Tan Su Shan, CEO of DBS.
“By combining DBS’s capabilities with Granite Asia’s founder relationships and track record in backing innovative Asian champions, we can offer differentiated investment opportunities to our clients and create new pathways for ambitious founders to expand internationally,” said Tan. “With capital flows into Asia set to rise, this initiative also catalyses a vibrant funding ecosystem as listings return to the region.”
“Our strength lies in a deeply connected founder and operator network that spans the journey from private markets to IPO,” said Jixun Foo, Senior Managing Partner of Granite Asia. “Working alongside DBS allows us to extend that platform as capital markets momentum returns and growth capital becomes more accessible across the region.”
In the past six months, Granite Asia has seen five IPO listings and 10 additional filings among its portfolio companies, the firm said.
