DBS Sells Private Credit Fund Yielding Up to 20% to Rich Clients

Singapore-based firm Granite Asia has engaged the private banking arm of DBS Group Holding Ltd. to raise additional capital for its first private credit vehicle, people familiar with the matter said.

Access to the fund, which reached its first close last year, was recently made available to wealthy investors via DBS Private Bank, the people said, who asked not to be identified discussing private matters. It targets an internal rate of return of about 16% to 20% per year, with investor cash yields of about 8% to 10%, according to a document seen by Bloomberg News.