ASB Capital Launches Private Equity Fund in Partnership with StepStone
ASB Capital, an asset and wealth management firm with approximately $10.2 billion in assets under management, announced the launch of the ASB Stepstone Private Credit Fund in partnership with Stepstone. The initiative aims to expand investment solutions in private markets and provide a Sharia-compliant financing strategy.
The fund invests in a diversified portfolio of private credit, focusing on generating current income and capital growth by providing senior secured financing to mid-sized companies in the U.S. market. The approach emphasizes borrower and sector diversification and disciplined underwriting practices.
The fund features an open-ended structure, offering investors greater flexibility to enter, invest, and exit. The strategy prioritizes repayment seniority, strong collateral, and portfolio diversification.
ASB Capital stated that the fund’s launch marks a new expansion of its private markets platform, responding to growing demand for alternative, income-generating, Sharia-compliant investment solutions, while providing opportunities to diversify portfolios beyond public market assets.
The partnership leverages Stepstone’s expertise and global investment network in private markets, where the platform manages approximately $245 billion in assets, alongside ASB Capital’s regional presence and expertise in asset management and investment product development.
Rafiq Al-Nayid, Managing Director of ASB Capital, said the fund represents a significant step in developing the company’s private markets platform, noting that investors are increasingly turning to income-generating strategies that help diversify portfolios. He added that the partnership provides access to a diversified private credit strategy backed by institutional investment capabilities.
Hans-Jörg Baumann, Chairman and Co-Founder of Stepstone Private Debt, said private credit can play an important role in diversified portfolios by providing contractual income and investment opportunities distinct from those available in public markets. He expressed his anticipation of expanding the strategy’s reach to investors in the region.
The fund extends ASB Capital’s investment platform, which includes public and private markets and investment banking services, as part of the company’s strategy to diversify products and solutions tailored for investors.
