Singapore-based insurer Great Eastern Holdings Ltd. is backing Granite Asia’s inaugural private credit fund, according to people familiar with the matter, the latest example of an insurance company putting money into private credit. Great Eastern has invested around $100 million in the fund, said the people who asked not to be identified discussing private matters. The investment marks a growing trend of insurers allocating capital to private credit strategies for yield enhancement and portfolio diversification.

Granite Asia’s inaugural fund focuses on private lending opportunities across Asia, targeting middle-market companies with structured debt solutions. Great Eastern’s move reflects broader industry shifts as insurers seek alternatives to traditional fixed-income assets amid low-yield environments. The fund’s launch underscores increasing institutional interest in private credit as a durable asset class.

Neither Great Eastern nor Granite Asia commented publicly on the investment. The deal aligns with Great Eastern’s strategy to diversify its investment portfolio beyond government and corporate bonds. This development highlights the expanding role of insurance capital in alternative lending markets across the region.