Singapore-based January Capital has raised more than $85m (£66.96m) from a range of investors at the first close of its new growth credit fund.

The US International Development Finance Corporation and a European financial institution contributed $20m apiece, while the remaining $45m was invested by a number of institutions, family offices and private wealth firms.

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January Capital said that the fund will offer loans of between $5m and $20m to growth-stage, sponsor-backed technology companies in the Asia Pacific region. The firm said it has identified a growing funding cap in this sector, which it plans to fill by providing financing through senior secured loans.

“At the growth stage, companies are often seeking their first credit facility to diversify their capital base and demonstrate a track record of servicing debt,” said a January Capital spokesperson.

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“These types of facilities also offer companies an ability to fortify their balance sheet, make acquisitions and achieve important growth milestones prior to a future financing round or eventual exit.”

January Capital has assets under management of more than $300m, and a current portfolio value in excess of $6bn. It has backed approximately 60 companies to date, and describes itself as a “conviction-driven firm, focused on second-order businesses.”

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