Granite Asia Research
Overview
Granite Asia is Asia's most trusted multi-asset private capital platform, headquartered in Singapore. Formerly known as GGV Capital Asia, the firm was rebranded in March 2024 following GGV Capital's split into two independent businesses: Granite Asia (Asia-focused) and Notable Capital (U.S.-focused). The firm traces its roots to Granite Global Ventures, founded in 2000 in Singapore and Silicon Valley, making it one of the longest-tenured technology investors in the Asia-Pacific region.
Led by Senior Managing Partners Jenny Lee and Jixun Foo — two of Asia's most decorated venture capitalists — Granite Asia manages approximately $8.5 billion in AUM (2025), spanning venture capital, growth equity, and private credit. Over 24+ years the firm has backed 500+ companies, including 48 unicorns, achieving 63+ IPOs globally, completing 283 investments and 120 exits.
Investment Thesis
Granite Asia's core thesis is built around five long-term structural themes for Asia:
- Consumer Growth & Transformation: Targeting the USD $10 trillion consumption growth opportunity driven by Asia's young population (60%+ of the world's youth).
- Enterprise Workflow & Supply Chain: Supporting the continuing transition to cloud-based software delivery and digital service models.
- Food Systems & Sustainability: Achieving global food security through sustainable food practices and more resilient cultivation and distribution systems.
- Health Innovation & Wellness: Providing transparent, on-demand, sustainable healthcare resources to a regionally ageing population.
- Energy Transition & Automation: Investing in industrial automation, transport, and energy alternatives driving the emergence of Asia's Smart Cities.
As a multi-asset platform, Granite Asia distinguishes itself by offering flexible capital across multiple strategies — from early-stage venture equity to late-stage growth capital to private credit — allowing it to support companies throughout the entire business lifecycle. Jenny Lee has described the firm's vision as becoming "the dominant capital platform for startups, founders, and businesses across the region: capital for the region that's anchored in the region."
Stage Focus
Granite Asia invests across the full company lifecycle:
- Seed and early-stage venture
- Series A through Series C growth equity
- Late-stage and pre-IPO
- Private credit for profitable, transforming enterprises
The AI IPO Fund ($110M, launched with DBS Bank in February 2026) specifically targets next-generation AI companies building toward public markets. Granite-Integral (the Japan joint venture with Integral GlobalTech Partners) focuses on growth-stage technology companies with proven product-market fit domestically.
Check Size
Granite Asia's average investment range spans approximately $2.4M to $60M per deal across strategies. Recent anchor investments include:
- $60M Series A in Centific (led, June 2025)
- $15M Series B in Notta (led via Granite-Integral, December 2025)
For the Libra Hybrid private credit strategy, deal sizes are typically larger and structured as hybrid credit/equity instruments.
Lead Tendency
Granite Asia consistently leads rounds. Recent confirmed lead investments include Centific's $60M Series A and Notta's $15M Series B. Both Jenny Lee and Jixun Foo take board seats and play highly active roles in portfolio companies' strategic development — founder testimonials from Grab (Anthony Tan), Xpeng (He Xiaopeng), Oatside (Benedict Lim), and Thunes (Peter De Caluwe) all emphasize the partners' hands-on involvement.
Recent Activity
Granite Asia is active across all three of its investment strategies:
- June 2026: Led Series B in LiblibAI (Chinese AI image generation platform)
- June 2026: Participated in Supermagnetic New Energy (alternative energy)
- February 2026: Closed $110M AI IPO Fund in partnership with DBS Bank
- December 2025: Led $15M Series B in Notta (Japan AI voice intelligence) via Granite-Integral
- December 2025: Closed $350M+ first close for Libra Hybrid private credit strategy, anchored by Temasek, Khazanah, and Indonesia Investment Authority (targeting $500M total)
- June 2025: Led $60M Series A in Centific (AI data foundry)
- May 2025: Senior Managing Partners Jenny Lee and Jixun Foo named to 2025 Forbes Global Midas List
- November 2024: Received $1.2B mandate from Indonesia Investment Authority to invest in Indonesian technology companies
- March 2024: Rebranded from GGV Capital Asia to Granite Asia following the split of GGV Capital
Sub-Platforms
Granite Asia operates multiple specialized investment vehicles:
- Granite-Integral: A joint venture with Integral GlobalTech Partners managing $100M in committed capital. Backs growth-stage tech companies rooted in Japan (or those with Japan expansion potential), blending venture agility with buyout-level operational excellence. Co-headed by CK Choun and Joe Yan.
- Granite Asia Libra Hybrid: A Pan-Asia private credit strategy targeting $500M, having completed a $350M+ first close in December 2025. Anchored by Temasek, Khazanah, and INA. Led by Managing Partner Ming Eng. Focuses on performing credit opportunities for profitable enterprises undergoing transformation.
- AI IPO Fund: $110M fund launched with DBS Bank in February 2026 to accelerate Asia's next-generation AI companies toward public markets.
Portfolio Highlights
Notable portfolio companies include:
- Grab (grab.com) — Southeast Asia's leading super app (ride-hailing, food delivery, fintech). Jixun Foo served as board member and championed the super app strategy that drove Grab's growth. Anthony Tan (Grab CEO) credits Jixun with pushing the company toward GrabPay.
- Xpeng (xpeng.com) — Chinese electric vehicle and smart mobility leader. Granite Asia backed founder He Xiaopeng's previous company UC Web, then supported the founding of Xpeng.
- Oatside (oatside.com) — Sustainable plant-based dairy alternative, Southeast Asia. Jenny Lee backed and provided strategic guidance throughout the company's growth journey.
- Thunes (thunes.com) — Cross-border payments infrastructure connecting financial ecosystems globally.
- Notta (notta.ai) — Japanese AI voice intelligence platform converting spoken dialogue to structured, actionable insights. Granite-Integral led the $15M Series B in December 2025 as part of the Japan Nexus strategy.
- Centific (centific.com) — AI data foundry helping enterprises develop, train, and deploy production-ready AI. Granite Asia led the $60M Series A in June 2025.
- Alibaba (alibaba.com) — GGV (now Granite Asia) backed Alibaba in its early years; Jenny Lee was instrumental in the firm's China strategy.
- Xiaomi (xiaomi.com) — Chinese consumer electronics giant. Jenny Lee backed Xiaomi as part of the firm's consumer growth thesis.
Team
- Jenny Lee, Senior Managing Partner: In firm since 2005 when she established GGV's China office. First woman to break the top 10 of Forbes Global 100 VC Midas List (2015). Named to 2025 Forbes Midas List. Focuses on consumer, edtech, fintech, and the metaverse. LinkedIn: linkedin.com/in/jennylee08
- Jixun Foo, Senior Managing Partner: Named VC Professional of the Year by Asia Venture Capital Journal (2014). Named to 2025 Forbes Midas List. Championed Grab's super app strategy as a board member.
- Eric Xu, Managing Partner: Investment team
- Haojun Li, Managing Partner: Investment team
- Joshua Wu, Managing Partner: Investment team
- Ming Eng, Managing Partner: Leads the Granite Asia Libra Hybrid private credit strategy
- Brandon Aw, Managing Director: Granite Asia Libra Hybrid
- CK Choun, Co-Head, Granite-Integral: Japan-focused growth platform
- Joe Yan, Partner & Co-Head, Granite-Integral: Japan-focused growth platform
- Terence Jen, Partner, Group Chief Operating Officer
- Grace Zhou, Partner, CFO (Funds)
- Noelle Tan, Partner, Global Client Solutions
- Kheng Nam Lee, Venture Partner
- Wei Hun Liew, Venture Partner
- Yinghui Kuang, Partner
- Yusi Chen, Partner
- Zoe Zhao, General Counsel, Portfolio & Investments
- Lily Cao, Partner, Portfolio Services
- Chuen Hong Lew, Partner, Special Projects & Partnerships
- Hyomi Jie, Portfolio Manager
Advisory Council
- Thomas Ng: Founding Partner of GGV Capital, Founding Advisor of Granite Asia
- Dr. Teh Kok Peng: Chairman of Granite Asia's Advisory Council, former GIC President for Special Investments
- Teo Ming Kian: Founding Advisor, former Chairman of Singapore's National Science and Technology Board, Chairman of Singapore Technologies Engineering and Vertex Ventures Holdings
Geographic Focus
Granite Asia covers the full APAC region with offices in Singapore (HQ), Beijing, Shanghai, Hong Kong, India, and Indonesia:
- Southeast Asia (Singapore, Indonesia, Vietnam, Malaysia, Thailand, Philippines)
- Greater China (China, Hong Kong)
- India
- Japan (via Granite-Integral joint venture)
- Australia (selective)
The firm's Japan strategy has become a focal point through Granite-Integral, which specifically targets companies that are "born or rooted in Japan" with global scaling potential.
Decision Process
Granite Asia operates as a partnership/investment committee structure given its large team across multiple investment strategies. Partners are notably hands-on — taking board seats, facilitating introductions, providing strategic guidance, and participating actively in portfolio company governance. The firm is known for long-lasting relationships: Jenny Lee and Jixun Foo have worked with many portfolio founders for 10+ years across multiple companies.
LP Base and Institutional Partnerships
Notable LPs and strategic partners include:
- Temasek (via Aranda Principal Strategies)
- Khazanah Nasional Berhad (Malaysia sovereign wealth fund)
- Indonesia Investment Authority (INA) — strategic $1.2B mandate + LP in Libra Hybrid
- DBS Bank (partner in $110M AI IPO Fund)
- Integral GlobalTech Partners (Japan JV partner)
- Global institutional investors, sovereign wealth funds, and a network of founders and entrepreneurs built over 25 years
Competitive Positioning
Granite Asia differentiates itself as Asia's only multi-asset platform spanning venture, growth equity, and private credit under one roof. The firm funded 18% of all billion-dollar companies in Asia (48 unicorns). Its 25-year operating history, deep founder relationships, and proprietary deal flow from its regional network of founders and corporates form the core competitive moat. The firm explicitly does not have a U.S. focus following the GGV split — all capital is dedicated to the Asia-Pacific opportunity.