DBS partners with Granite Asia, closes $110 million AI IPO fund for wealth clients

SINGAPORE, Feb 23 (Reuters) - Singapore's biggest bank, DBS Group DBSM.SI, said on Monday it had formed a three-year partnership with investment firm Granite Asia to roll out investment products for DBS wealth clients and provide financing and deal support to fast-growing Asian companies.

The partnership starts with the closing of a $110 million artificial intelligence-focused initial public offering fund managed by Singapore-based Granite Asia and distributed exclusively to DBS wealth clients, the companies said in a statement. The fund will give the clients access to investments in IPOs.

DBS, Southeast Asia's largest bank by assets, said it would also support Granite Asia's funds and portfolio companies with services including subscription financing, corporate loans, M&A advisory, bond issuance support and IPO preparation.

Granite Asia said it planned to develop additional funds for DBS clients and offer co-investment opportunities under the partnership.

Granite Asia has about $10 billion in assets under management and co-managed capital, according to the statement.

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