Manama:ASB Capital, a prominent asset and wealth management firm, has announced a strategic partnership with StepStone to launch the ASB StepStone Private Financing Fund. This new fund aims to provide investors with access to a diversified Shari'a-compliant private financing strategy focused on current income and capital appreciation.
According to Bahrain News Agency, the fund is structured as an open-ended perpetual vehicle, offering greater flexibility in subscriptions and redemptions. The strategy mainly targets senior secured financing for US middle-market companies, emphasizing disciplined underwriting and diversification across various borrowers and sectors.
The launch of the ASB StepStone Private Financing Fund marks a significant milestone in ASB Capital's expansion into private markets, addressing the increasing demand for Shari'a-compliant income-generating investment alternatives. By partnering with StepStone, ASB Capital aims to offer a global strategy with an established track record and attractive risk-adjusted returns. The strategy prioritizes seniority of repayment, collateral coverage, and portfolio diversification.
ASB Capital leverages StepStone's global private-markets investment platform, which manages approximately USD 245 billion in assets. This collaboration combines StepStone's expertise in private markets with ASB Capital's regional presence and diverse product range.
The fund is a part of ASB Capital's broader strategy to diversify its investment solutions, enabling investors to access alternative asset classes that support income generation and portfolio diversification. Rafik Nayed, Managing Director of ASB Capital, highlighted the significance of this development for their private markets platform, emphasizing the growing investor interest in actively managed income-generating strategies. Hans-Jörg Baumann, Chairman and Founding Partner of StepStone Private Debt, expressed satisfaction in partnering with ASB Capital to offer a diversified private financing strategy to regional investors.