Key Takeaways
- Sector: Energy Infrastructure & Renewables, Real Estate.
- Geography: Hong Kong, Singapore.
Analysis
Flow Capital Partners (FCP), a Hong Kong-based private lender, has launched the Asia Credit Master Fund, a new $125 million fund targeting private credit opportunities across Asia-Pacific.
This marks a shift from FCP’s original focus on China and Hong Kong. The new fund will consolidate all future deals under a centralized structure instead of separate special purpose vehicles, with a goal of growing assets under management to $300 million by 2026.
Historically known for financing Chinese property developers, FCP notably lent HKD 900 million ($115 million) in 2023 to a unit of Country Garden Holdings, backed by parent guarantees and Hong Kong real estate assets.
With this fund, FCP is broadening its sector exposure to include areas like renewable energy, reflecting changing credit demand across the region.
Jacky Tian, previously with Oaktree Capital Management, will manage the new vehicle. He joined the firm in June 2025. Meanwhile, former shareholder Adrian Cheng, ex-CEO of New World Development, has exited the company.
The launch comes amid rapid expansion of Asia’s $1.7 trillion private credit market, which is growing faster than other regions. FCP joins peers like SC Lowy and Tor Investment Management in scaling up Asia-focused credit strategies.
Other regional examples include Granite Asia’s Libra Hybrid Capital Fund, which raised over $250 million, and RRJ Capital’s $2 billion Asia private credit fund focused on Southeast Asia, India, and Australia.
In Japan, firms like CHC have partnered with global players to build out large-scale battery storage platforms. In Southeast Asia, rising institutional appetite has led to growing fund activity in infrastructure and climate finance.
According to market data, private credit penetration in Asia-Pacific remains low compared to North America, suggesting significant room for growth. In 2023, the region accounted for just 5% of global private credit fundraising.
FCP has reportedly deployed more than $1.1 billion across 20 investments to date, with 18 of those fully realized. It continues to expand its reach via partnerships with international firms such as Tikehau Capital.
With regional banks retreating from high-risk sectors, firms like FCP are increasingly filling the funding gap, offering flexible capital solutions to mid-market borrowers across Greater China, South Korea, and ASEAN economies.