ASB Capital and StepStone launch Sharia-compliant private debt fund

ASB Capital, an asset management firm with $10.2 billion in assets under management, has partnered with StepStone (Nasdaq: STEP) to launch the ASB StepStone Private Debt Fund. The fund is designed to provide a Sharia-compliant investment strategy focused on generating current income and capital growth.

The fund utilizes an open-ended structure to offer investors flexibility regarding entry and exit. Its primary strategy involves providing senior secured loans to mid-sized companies within the United States markets, employing a disciplined underwriting approach and diversification across various sectors and borrowers.

This partnership marks a significant expansion for ASB Capital into private markets, aiming to meet the rising demand for income-generating alternative assets. By leveraging StepStone’s global investment platform, which manages approximately $245 billion in assets, the fund seeks to offer institutional-grade private debt capabilities to investors in the region.