January Capital closes USD $130m Asia-Pacific tech fund

January Capital has closed more than USD $130 million for a new growth credit fund that will lend to sponsor-backed technology companies across the Asia-Pacific region.

The Singapore-headquartered investment firm said the Growth Credit Fund reached a final close above its target amount. The fundraise drew a mix of institutional investors from Japan, Australia and global fund-of-funds platforms.

Japanese groups SBI Holdings and GMO Payment Gateway have committed capital. Australian Philanthropic Services Foundation, described as the country's largest public ancillary fund, has also backed the vehicle. Orient Growth Ventures has joined as a global fund-of-funds investor.

The final close follows earlier anchor commitments from institutions including DEG, which is part of the KfW Group in Germany. January Capital said the investor mix reflects long-standing relationships across global markets.

New credit strategy

The Growth Credit Fund will provide senior secured loans to growth-stage technology businesses that already have financial sponsors. January Capital said the facility is the first dedicated growth credit fund of its kind focused on sponsor-backed technology companies in the Asia-Pacific region.

Typical loans from the fund will range between USD $10 million and USD $20 million. The firm said this addresses a gap in the capital available to later-stage technology businesses in markets such as Southeast Asia and Australasia.

Growth credit is already a feature of technology finance in markets such as the United States. In those markets, debt financing can account for as much as 20% of the overall funding stack for growth-stage companies.

January Capital estimates that similar forms of debt currently represent less than 2% of funding for technology-enabled growth businesses in Asia Pacific. The firm said limited debt options have pushed many founders towards equity-only funding structures in recent years.

Benjamin Dunphy, Founding Partner of January Capital, said the strategy reflects what the firm has seen across its portfolio and pipeline over recent years.

"Our mission at January Capital is to act as a true solutions provider for Asia-Pacific's most exceptional technology companies - growth credit has been a natural extension for us given we have seen first-hand how few non-dilutive options are available for such firms in our region. A credit product fills this critical gap, giving founders room to grow without giving up ownership. We see growth credit as having meaningful positive impact that will drive the region's long-term potential," said Dunphy.

Institutional interest

January Capital has positioned the fund towards investors that want exposure to private technology companies through credit rather than equity. The firm said the strategy aims at businesses that already have backing from recognised sponsors and that are at a growth stage.

Jason Edwards, Founding Partner and Co-Head of Credit at January Capital, said investor engagement during the raise highlighted interest in the segment.

"We've been delighted to see the strong interest from leading global institutions, particularly those who have helped catalyze this emerging asset class in the Asia-Pacific region. It's a clear signal that investors want disciplined exposure to high-quality, high-growth businesses in our core markets. What stands out is the quality of the conversations. Investors understand the structural opportunity and see real value in a risk-managed approach to growth credit," said Edwards.

Industry data providers have tracked the performance of technology lending over a long period. Research from Pitchbook indicates that lending to technology firms has delivered the strongest risk-adjusted returns of any major credit segment globally over a 20-year period, on a net basis.

January Capital said its early lending from the Growth Credit Fund has seen repayments that exceeded those global benchmarks. The firm said this outcome underscores how growth credit in Asia Pacific can compare with returns in North American and European markets.

Dealmaking under way

The fund has already begun deploying capital. January Capital said it has completed five loans to technology companies in the region that it describes as category leaders in their segments.

It has also signed term sheets for a further five transactions. The firm expects those deals to close in the first quarter of 2026, subject to final due diligence and documentation.

January Capital operates a multi-strategy model that combines early-stage venture equity with growth-stage credit. The firm focuses on technology-enabled businesses across Asia Pacific and uses proprietary data platforms for sourcing and assessment.

The new fund sits within that broader approach. The firm said it will continue to raise and deploy both equity and credit vehicles that target parts of the regional technology ecosystem which it views as underserved by mainstream institutions.

January Capital said the Growth Credit Fund will remain active in backing sponsor-backed technology companies across Asia Pacific as it converts its existing pipeline into completed loans and originates new transactions.