Singapore Temasek Indirect Subsidiary Azalea Asset Management Closes 2 Funds Raising $480 Million for Altrium Co-Invest Fund I ($268 Million) & Altrium Growth Fund I ($212 Million), Investors Include Institutions, Private Banks, Family Offices, External Asset Managers & HNWIs
3rd October 2024 | Hong Kong
Singapore Temasek indirect subsidiary Azalea Asset Management has closed 2 funds raising $480 million for Altrium Co-Invest Fund I ($268 Million) & Altrium Growth Fund I ($212 Million). Investors include institutions, private banks, family offices, external asset managers & HNWIs (High net worth individuals). Announcement (1/10/24): “Azalea Investment Management Pte. Ltd. (“Azalea”) is pleased to announce the successful final closings of 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 respective target fund sizes of US$200 million. 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. These investors are from Singapore, Hong Kong, Japan, Korea and the Middle East. This underscores Azalea’s strategic intent to nurture global relationships and be a trusted partner in private equity (“PE”) for investors. ACF I enables investors to co-invest alongside top-performing PE fund managers with proven ability to drive growth in companies that are recession resilient and have strong secular tailwinds. AGF I provides investors with privileged access to top-tier early-stage growth and venture capital funds. Both funds capitalise on Azalea’s wide networks and being part of the Temasek ecosystem to source for good deals and offer attractive returns to investors. ACF I and AGF I mark the latest expansion of the Altrium product suite, adding on to Azalea’s flagship buyout-focused funds and sustainability fund. The broad range of strategies meets the evolving needs of investors at various stages of their PE journey – whether they are building a strong foundation in PE investments, seeking higher returns from growth funds or pursuing meaningful impact without sacrificing financial returns. Under the Altrium Platform, Azalea currently manages more than US$2 billion in assets.” In 2024 July, Azalea Asset Management announced to list $585 million of Astrea 8 Private Equity 15-Year Bonds in July 2024 on Singapore Exchange (SGX), with Class A-1 Tranche SGD 520 million Callable 2029 July and Class A-2 Tranche USD 200 Million Callable 2030 July (Both to mature in 2039 July). Astrea 8 Private Equity 15-Year Bonds are backed by cashflows from 38 private equity funds invested in 1,028 companies with $1.47 billion net asset value (NAV). In 2024 January, Azalea Investment Management announced the first close of private equity funds for accredited investors (including institutions, family offices and high-net-worth individuals) with $356 million raised, with the $200 million Altrium Co-Invest Fund I investing in high-performing private equity fund managers, and the $156 million Altrium Growth Fund I investing in top-tier growth & venture capital funds. Azalea Investment Management is the management arm of the Azalea Group, a wholly- owned subsidiary of Azalea Asset Management (Wholly-owned subsidiary of Seviora Holdings which is in turn wholly-owned by Temasek).
“ Singapore Temasek Indirect Subsidiary Azalea Asset Management Closes 2 Funds Raising $480 Million for Altrium Co-Invest Fund I ($268 Million) & Altrium Growth Fund I ($212 Million), Investors Include Institutions, Private Banks, Family Offices, External Asset Managers & HNWIs “
Margaret Lui, CEO of Azalea: “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.”
Chue En Yaw, CIO at Azalea: “Azalea remains committed to developing innovative investment solutions to broaden investor access to PE. In both ACF I and AGF I, similar to all Altrium products, Azalea invests significantly as a sponsor alongside investors, demonstrating our long-term alignment with investors’ interests.”
Azalea Group – Azalea Investment Management Pte. Ltd., the management arm of the Azalea Group, is a wholly- owned subsidiary of Azalea Asset Management Pte. Ltd. (“AAM”). AAM is a wholly-owned subsidiary of Seviora Holdings which is in turn wholly-owned by Temasek. The Azalea Group invests in private equity (“PE”) funds, with a focus on the development and innovation of new investment platforms and products to make PE accessible to a broader group of investors. One such innovation is the Altrium programme, which allows accredited investors to co-invest with Azalea and access strong performing PE fund managers globally, while at the same time helping investors overcome traditional challenges in accessing PE. Besides Altrium, Azalea also sponsors and manages the Astrea Platform, a series of investment products based on diversified portfolios of PE funds. It represents a phased approach to developing products for long-term minded investors, including Singapore retail investors, to co- invest in PE with Azalea. To date, Azalea has launched several series of Astrea PE bonds with Astrea 8 being the latest in July 2024. Two of the Astrea PE Bond series have been fully redeemed.
Singapore Temasek Indirect Subsidiary Azalea Asset Management to List $585 Million of Azalea 8 Private Equity 15-Year Bonds in July 2024 on Singapore Exchange, Class A-1 Tranche SGD 500 Million Callable 2029 July & Class A-2 Tranche USD 215 Million Callable 2030 July with Both to Mature in 2039 July, Bonds are Backed by Cashflows from 38 Private Equity Funds Invested in 1,028 Companies with $1.47 Billion Net Asset Value, Azalea Asset Management is Owned by Temasek Subsidiary Seviora Holdings
3rd July 2024 – Singapore Temasek indirect subsidiary Azalea Asset Management will be listing $585 million of Azalea 8 Private Equity 15-Year Bonds in July 2024 on Singapore Exchange (SGX), with Class A-1 Tranche SGD 500 million Callable 2029 July and Class A-2 Tranche USD 215 Million Callable 2030 July (Both to mature in 2039 July). Azalea 8 Private Equity 15-Year Bonds are backed by cashflows from 38 private equity funds invested in 1,028 companies with $1.47 billion net asset value (NAV). In 2024 January, Azalea Investment Management announced the first close of private equity funds for accredited investors (including institutions, family offices and high-net-worth individuals) with $356 million raised, with the $200 million Altrium Co-Invest Fund I investing in high-performing private equity fund managers, and the $156 million Altrium Growth Fund I investing in top-tier growth & venture capital funds. Azalea Investment Management is the management arm of the Azalea Group, a wholly- owned subsidiary of Azalea Asset Management (Wholly-owned subsidiary of Seviora Holdings which is in turn wholly-owned by Temasek).
Singapore Temasek Indirect Subsidiary Azalea Investment Management First Close of Private Equity Funds for Accredited Investors with $356 Million Raised, $200 Million Altrium Co-Invest Fund I Invests in High-Performing Private Equity Fund Managers, $156 Million Altrium Growth Fund I Invests in Top-Tier Growth & Venture Capital Funds
11th January 2024 – Singapore Temasek indirect subsidiary Azalea Investment Management has announced the first close of private equity funds for accredited investors (including institutions, family offices and high-net-worth individuals) with $356 million raised, with the $200 million Altrium Co-Invest Fund I investing in high-performing private equity fund managers, and the $156 million Altrium Growth Fund I investing in top-tier growth & venture capital funds. Azalea Investment Management is the management arm of the Azalea Group, a wholly- owned subsidiary of Azalea Asset Management (Wholly-owned subsidiary of Seviora Holdings which is in turn wholly-owned by Temasek). Announcement: “Azalea Investment Management is pleased to announce strong first closings of Altrium Co-Invest Fund I (“ACF I”) and Altrium Growth Fund I (“AGF I”) in December 2023. ACF I successfully secured US$200 million in its first closing since fundraising commenced in mid-2023. Leveraging Azalea’s extensive network and being part of the Temasek ecosystem, ACF I offers investors the opportunity to co-invest alongside renowned and high-performing private equity (“PE”) fund managers with strong operational and M&A capabilities. These managers focus on investing in US and European companies that demonstrate significant sector tailwinds or recession resilience. In parallel, AGF I marked its first closing at US$156 million. AGF I invests in top-tier growth and venture capital funds, maintaining a global mandate with a strong focus on the US. Given the recalibration in valuations and emergence of new trends such as Artificial Intelligence, Azalea believes that the fund is poised to invest during an opportune time in the growth and venture capital markets. Both ACF I and AGF I attracted commitments from a diverse range of investors including institutions, family offices and high-net-worth individuals. Azalea plans to hold the final closings of these funds in 2024 … … For retail investors, Azalea offers a complementary solution in the Astrea bond series which provides diversification in investors’ portfolios. These bonds, backed by cashflows from diversified portfolios of PE funds, present investors with attractive yields and strong downside protection. To date, Azalea has launched several series of Astrea PE bonds with Astrea 7 being the latest in May 2022. Two of the Astrea series, Astrea III and Astrea IV, have been fully redeemed.”
Margaret Lui, CEO of Azalea: “This milestone demonstrates the trust and confidence our investors have in Azalea’s strategic vision and our capability to identify unique investment opportunities, even in challenging market conditions.”
Chue En Yaw, CIO at Azalea: “ACF I and AGF I build on the success of our flagship Altrium PE fund of fund products, embodying the evolution of our product offerings to meet the demands of investors. These funds are designed to provide accredited investors diversified and resilient investment options, continuing the high-quality investment legacy of our Altrium platform.”
About the Azalea Group
Azalea Investment Management Pte. Ltd., the management arm of the Azalea Group, is a wholly- owned subsidiary of Azalea Asset Management Pte. Ltd. (“AAM”). AAM is a wholly-owned subsidiary of Seviora Holdings which is in turn wholly-owned by Temasek. The Azalea Group invests in private equity (“PE”) funds, with a focus on the development and innovation of new investment platforms and products to make PE accessible to a broader group of investors. One key innovation is the Altrium programme, which enables accredited investors to co-invest with Azalea, gaining access to top-performing global PE fund managers. It effectively addresses the traditional challenges investors face in accessing PE investments. Besides Altrium, Azalea also sponsors and manages the Astrea Platform, comprising a series of investment products that are based on diversified portfolios of PE funds. It represents a phased approach to developing products for long-term minded Singapore retail investors to co-invest in PE with Azalea.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
