Hong Kong, December 2025 – Digital Capital Group (DCG), the digital investment bank, and Elham Credit Partners (Elham), the private credit arm of Hillhouse Investment Management, have entered a strategic partnership to jointly develop solution-oriented private credit origination capabilities across Asia-Pacific, with an initial focus on Japan's emerging mid-market sector.

The collaboration brings together DCG's technology-enabled origination and structuring platform with Elham's deep regional underwriting experience and capital deployment capabilities. Together, the two organizations aim to build a scalable ecosystem that connects local origination networks with global institutional investors, creating a new standard for providing the best risk-adjusted returns across the key geographies in the region by combining their bespoke and best-in-class private capital practices.

"This partnership reflects our shared belief that Asia's private credit markets are entering a transformative phase, with substantial growth potential in the coming years," said Siddhartha Hari, Head, Elham Credit Partners. "By combining Elham's private credit expertise in APAC with DCG's regional network and technology platform, we can together shape a more efficient and scalable credit origination landscape to capture Japan’s significant mid-market opportunity."

The partnership marks a significant step in both firms’ commitment to advancing innovative financing solutions to corporates and business owners across Asia, leveraging technology and cross-border collaboration to drive sustainable value creation.

“By pairing Elham’s deep investment expertise with DCG’s origination infrastructure - and leveraging the strong support and market access provided by Daiwa Securities Group Inc.(Daiwa) - we’re positioned to deliver high-quality credit opportunities and expand access to alternative financing for corporates across Japan and the broader region,” said Julien Martin, Founder and CEO of Digital Capital Group.

Under the framework, DCG will serve as Elham's origination partner for institutional private credit opportunities in Japan. Strategically, it leverages DCG's relationship with local partners, including Daiwa, which is also a strategic investor in DCG, to enhance sourcing and market connectivity. Building on this relationship, DCG will lead efforts to cultivate high-quality, durable deal flow to support the partnership with Elham.

Elham and DCG will further explore cross-border opportunities between MENA and Asia, joint business development initiatives, portfolio value enhancement, and expanded institutional LP access.

About Elham Credit Partners

Elham Credit represents Hillhouse's dedicated APAC private credit investment arm, established to capitalize on the region's emerging alternative lending opportunities to provide total capital solutions to the growing universe of corporates.

About Digital Capital Group

We are a neo-investment bank focused on powering the infrastructure of tomorrow — across energy, future-proof infrastructure, food security, that underpin economic and social resilience.