JAKARTA - DBS and Granite Asia signed a memorandum of understanding in Singapore on February 23 and formalized a three-year partnership and the close of a $110 million AI-focused IPO fund. It's the first product to be made available to DBS wealth clients under the deal. 

The MOU was signed by DBS CEO Tan Su Shan and Granite Asia's two senior managing partners, Jenny Lee and Jixun Foo. A private credit vehicle is also in the pipeline for DBS clients.

The AI IPO fund is available exclusively to DBS's high-net-worth clients. Granite Asia will manage the pooled capital and direct it toward IPO-stage AI companies across the region, drawing on a portfolio that produced five listings and ten additional IPO filings in the six months before the announcement. Investors from Southeast Asia, South Asia, and Europe have already signed on.

DBS will provide Granite Asia's portfolio companies with subscription financing, corporate loans, M&A advisory, bond issuance support, and IPO preparation through its corporate and investment banking franchise. 

Ten of the eleven largest global venture deals in the final quarter of 2025 were American, according to KPMG, and both sides have said the partnership targets that imbalance directly. 

In the official statement, Tan called it "the first of its kind for DBS with an asset manager" and added that "with capital flows into Asia set to rise over the coming years, this initiative catalyses a vibrant funding ecosystem at a time when listings are returning to Asia's equity markets."

Granite Asia has $10 billion in assets under management and co-managed capital. The firm rebranded from GGV Capital Asia in March 2024, at which point the U.S. operations became Notable Capital and the China-focused funds continued separately as Jiyuan Capital.