Key Takeaways
- • ASB Capital, a Dubai-based asset and wealth manager with USD 10.2 billion in AUM, has partnered with StepStone (Nasdaq: STEP) to launch the ASB StepStone Private Financing Fund.
- • The fund is an open-ended perpetual vehicle offering Shari'a compliant access to a diversified private financing strategy focused on current income and capital appreciation.
- • The underlying strategy focuses predominantly on senior secured financing to US middle-market companies, with emphasis on seniority, collateral coverage and diversification.
- • The launch marks a step in ASB Capital's expansion into private markets and addresses client demand for Shari'a compliant income-generating alternatives.
- • StepStone brings a global private-markets platform with approximately USD 245 billion in AUM to the partnership.
Summary
ASB Capital, described as a purpose-driven asset and wealth management firm with USD 10.2 billion in assets under management, has announced a partnership with StepStone (Nasdaq: STEP) to launch the ASB StepStone Private Financing Fund, according to a Business Wire release datelined Dubai. The fund will give investors access to a Shari'a compliant diversified private financing strategy focused on current income and capital appreciation.
The fund is structured as an open-ended perpetual vehicle, designed to offer greater flexibility around subscriptions and redemptions than closed-end alternatives. The underlying strategy focuses predominantly on senior secured financing to US middle-market companies, and the release emphasizes disciplined underwriting and diversification across borrowers and industries.
ASB Capital characterizes the fund as an important step in its expansion into private markets, broadening its offering to meet demand for Shari'a compliant income-generating alternatives. The firm states that, as private credit plays a growing role in global portfolios, the fund aims to give investors access to international strategies with an established track record and attractive risk-adjusted returns, with a strong focus on seniority, collateral coverage and portfolio diversification.
Through the partnership, ASB Capital clients gain access to StepStone's global private-markets investment platform, which the release places at approximately USD 245 billion in AUM. ASB Capital Managing Director Rafik Nayed said the fund "represents a significant milestone in the development of our private markets platform," adding that investors are increasingly seeking actively managed income-generating strategies. Hans-Jörg Baumann, Chairman and Founding Partner of StepStone Private Debt, said private financing can provide contractual income and opportunities not generally available through public markets, and described ASB Capital as one of the region's fastest growing asset managers.
The partnership further extends ASB Capital's platform across public markets, private markets and investment banking. The release does not disclose fund size, minimum investment, or target returns.
The fund is structured as an open-ended perpetual vehicle, designed to offer greater flexibility around subscriptions and redemptions than closed-end alternatives. The underlying strategy focuses predominantly on senior secured financing to US middle-market companies, and the release emphasizes disciplined underwriting and diversification across borrowers and industries.
ASB Capital characterizes the fund as an important step in its expansion into private markets, broadening its offering to meet demand for Shari'a compliant income-generating alternatives. The firm states that, as private credit plays a growing role in global portfolios, the fund aims to give investors access to international strategies with an established track record and attractive risk-adjusted returns, with a strong focus on seniority, collateral coverage and portfolio diversification.
Through the partnership, ASB Capital clients gain access to StepStone's global private-markets investment platform, which the release places at approximately USD 245 billion in AUM. ASB Capital Managing Director Rafik Nayed said the fund "represents a significant milestone in the development of our private markets platform," adding that investors are increasingly seeking actively managed income-generating strategies. Hans-Jörg Baumann, Chairman and Founding Partner of StepStone Private Debt, said private financing can provide contractual income and opportunities not generally available through public markets, and described ASB Capital as one of the region's fastest growing asset managers.
The partnership further extends ASB Capital's platform across public markets, private markets and investment banking. The release does not disclose fund size, minimum investment, or target returns.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.