ASB Capital and StepStone launch Sharia-compliant private credit fund

ASB Capital, a Dubai-based asset and wealth management firm with $10.2 billion in assets under management, has partnered with StepStone (Nasdaq: STEP) to launch the ASB StepStone Private Financing Fund, according to a press release.

The fund is structured as an open-ended perpetual vehicle focused on senior secured financing to U.S. middle-market companies. It is designed to be Sharia-compliant and targets current income and capital appreciation through diversification across borrowers and industries.

StepStone manages approximately $245 billion in assets across its global private-markets platform. The partnership combines StepStone's institutional investment capabilities with ASB Capital's regional reach in the Middle East.

Rafik Nayed, Managing Director of ASB Capital, said: "Investors are increasingly seeking actively managed income-generating strategies that can diversify their portfolios beyond traditional assets. Through our partnership with StepStone, we are providing clients with access to a diversified private financing strategy supported by institutional investment capabilities and disciplined portfolio construction."

Hans-Jörg Baumann, Chairman and Founding Partner of StepStone Private Debt, said: "Private financing can play an important role in diversified portfolios by providing access to contractual income and opportunities that are not generally available through public markets."

The fund forms part of ASB Capital's broader effort to expand its offerings across public markets, private markets, and investment banking.

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