HONG KONG — Investors in private credit are looking for opportunities across Asia as rising interest rates hamper public markets and activity in mergers and acquisitions. 

Private credit — lending money to a company against an agreed-upon amount of collateral — has been a relatively niche strategy in Asia compared to other forms of financing, such as private equity deals, bank loans and initial public offerings. But investors and companies alike are finding it increasingly attractive as high interest rates make other fundraising routes more expensive.