Singapore-based Azalea Investment Management has secured more than $1bn in new commitments across three private equity offerings, including the final close of its latest flagship fund and the launch of its first evergreen vehicle.
The Temasek-backed private markets manager said it raised $526m for Altrium Private Equity Fund III, held a $210m first close for Altrium Co-Invest Fund II, and attracted more than $350m in initial commitments for Azalea All Access.
Altrium III reached its final close in June, with support from existing investors as well as new commitments from markets including Hong Kong, Taiwan, South Korea, Malaysia and the UK.
The fund targets a diversified portfolio of global mid-market buyouts and secondary investments, giving institutional and accredited investors exposure to established private equity managers.
Altrium Co-Invest Fund II completed its first close in July. The strategy invests alongside established private equity sponsors and targets businesses benefiting from long-term sector trends or demonstrating resilience through different economic conditions.
Azalea said both funds have benefited from continued investor interest in mid-market buyouts, secondary opportunities and co-investments as market volatility creates opportunities for investors seeking to diversify private equity exposure.
The firm also pointed to growing demand for co-investments, which can give investors more targeted exposure to individual transactions and typically involve lower fees than conventional private equity funds.
Azalea All Access marks the firm’s entry into the evergreen private equity market.
The fund is designed to provide long-term capital growth while offering investors the potential for periodic distributions. It provides exposure to a globally diversified portfolio of private equity secondaries and co-investments managed by established investment firms.
Unlike traditional closed-end private equity funds, Azalea All Access allows monthly subscriptions and quarterly redemption opportunities, subject to applicable gates.
The strategy has attracted commitments from institutional investors, private banks, family offices and high-net-worth investors across Asia, according to Azalea.
