DBS and Granite Asia Partner to Accelerate Growth of Asia’s Next Generation Companies, Close USD 110 million AI IPO Fund

• First-of-its-kind partnership to develop investment and financing solutions, expand access to capital and support high-growth Asian companies
• AI IPO fund to accelerate region’s AI ecosystem, give DBS wealth clients exclusive access to IPOs of AI-driven companies in Asia
• DBS to provide Granite Asia’s funds and portfolio companies financing, advisory and capital markets solutions

Singapore, 23 February 2026 — DBS, Southeast Asia’s largest bank by assets, and Granite Asia, a leading multi-asset investment platform, are partnering to develop innovative investment and financing solutions, broaden access to capital and provide strategic support to high-growth Asian companies. The three-year partnership is among the first of its kind in the region in terms of scope between a bank and an asset manager.

The partnership kicked off with Granite Asia’s closing of a USD 110 million AI-focused initial public offering (IPO) fund, which was distributed exclusively to DBS’ wealth clients. Since 2015, over 13,000 AI-driven companies have been founded in Asia, many of which are now at a stage in their life cycle where they are seeking capital injections to catalyse expansion. The fund aims to accelerate Asia’s AI ecosystem by directing capital into the IPOs of high-growth AI-driven companies in the region, while providing investors with early access to these investment opportunities. Reflecting strong global interest, it drew broad-based participation from investors across Southeast Asia, as well as from South Asia and Europe.

The successful closing underscores the partners’ commitment to supporting the long‑term growth of Asia-based companies. It leverages Granite Asia’s track record in guiding companies from private markets to an IPO, with five listings and 10 additional IPO filings among its portfolio companies in the past six months alone. In addition, this marks Granite Asia’s first collaborative product of this kind.

The fund is the first in a series of funds to be developed under the partnership, which was formalised through a memorandum of understanding. Under the collaboration, Granite Asia will develop new funds exclusively for DBS clients and offer co-investment opportunities. In the pipeline is a private capital product designed to accelerate the technology-enabled transformation of Asian businesses with non-dilutive capital, while enabling wealth clients to access an asset class that is typically available to only institutional investors.

In addition, DBS will leverage its corporate and investment banking franchise to support Granite Asia’s funds and portfolio companies across every stage of their life cycle. This includes an end-to-end suite of solutions spanning subscription financing and corporate loans, advisory for merger and acquisition mandates, supporting bond issuances and preparing for an IPO.

Tan Su Shan, CEO of DBS, said: “This partnership, the first of its kind for DBS with an asset manager, reflects our heritage as a development bank and our commitment to power Asia’s next generation of global category leaders. It is a clear expression of our One Bank approach, where we bring together our wealth, institutional banking and global financial markets teams to serve clients seamlessly across their lifecycle. By combining DBS’ capabilities with Granite Asia’s deep founder relationships and track record in backing innovative Asian champions, we can offer differentiated investment opportunities to our clients and create new pathways for ambitious founders to expand internationally. With capital flows into Asia set to rise over the coming years, this initiative also catalyses a vibrant funding ecosystem at a time when listings are returning to Asia’s equity markets.”

Jenny Lee, Senior Managing Partner of Granite Asia, said: “This partnership unites two premier Asian institutions. Granite Asia brings a unique investment lens focused on technology and transformation, while DBS contributes unrivalled banking strength, capital markets expertise and regional networks. Together, we aim to support founders and companies as they scale across borders and mature into enduring global leaders.”

Jixun Foo, Senior Managing Partner of Granite Asia, said: “Over more than two decades, Granite Asia has partnered closely with founders building category-defining companies across Asia. Our strength lies in a deeply connected founder and operator network that spans the journey from private markets to IPO. Working alongside DBS allows us to extend that platform as capital markets momentum returns and growth capital becomes more accessible across the region.”

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

About Granite Asia

Granite Asia is Asia’s most trusted multi-asset investment platform, partnering with visionary founders to build industry champions. With USD 10 billion in assets under management and co-managed capital, the firm has invested in 127 companies valued at over USD 1 billion and supported 65 IPOs worldwide. Investing across private equity, private credit, and public capital, Granite Asia combines deep technology expertise with flexible capital solutions to help ambitious companies scale, navigate inflection points, and unlock long-term value across global markets.