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Asset Management / Wealth Management
Azalea funds raise US$480 million, beating targets
Firm’s wide networks and Temasek ecosystem help funds draw diverse group of investors
Tom King 2 Oct 2024

Singapore-based Azalea Investment Management has closed its Altrium Co-Invest Fund I (ACF I) and Altrium Growth Fund I (AGF I). ACF I raised US$268 million and AGF I closed with US$212 million in commitments, both surpassing their target fund size of US$200 million each.

Both ACF I and AGF I attracted a diverse group of investors, including institutions, private banks, family offices, external asset managers, and high-net-worth individuals from Singapore, Hong Kong, Japan, South Korea, and the Middle East.

ACF I enables investors to co-invest alongside top-performing private equity (PE) fund managers with a proven ability to drive growth in recession-resilient companies with strong secular tailwinds. AGF I provides investors with favoured access to top-tier early-stage growth and venture capital funds. Both funds capitalize on Azalea's wide networks and its being a part of the Temasek ecosystem.

Azalea chief investment officer Chue En Yaw says the firm’s commitment to providing innovative PE solutions reflects its long-term alignment with investor interests, reinforcing trust and partnership.

Chief executive officer Margaret Lui adds: “This milestone stands as a testament to the confidence investors place in Azalea’s expertise to unlock opportunities amid an investment landscape marked by volatility and uncertainty,”

Azalea Investment Management, the management arm of the Azalea Group, is a wholly owned subsidiary of Azalea Asset Management. Azalea is also a wholly owned subsidiary of Seviora Holdings, which is, in turn, wholly owned by Temasek.