Singapore-based Azalea Investment Management has held a first and final close of Altrium Private Equity Fund I, its inaugural fund-of-funds product, on $650m.
Launched just three months ago, the fund has surpassed its initial target of $400m.
Prior to Altrium, Azalea launched the Astrea platform in 2016. The platform consists of a series of private equity bonds backed by portfolios of investments in PE funds. This platform was Azalea's first product through which retail investors with exposure to PE.
Azalea is a wholly owned subsidiary of Temasek Holdings.
Institutional investors, including endowments and foundations, as well as family offices and high-net-worth individuals have backed the fund-of-funds.
Eligible investors were able to commit from as low as $200,000. Altrium offers to its LPs a shorter investment tenure than typical PE funds-of-funds, according to a statement.
The fund will invest in primary and secondary private equity funds across the US, Europe and Asia, with a focus on buyout and growth strategies.
Azalea – Margaret Lui (CEO); Chue En Yaw (managing director, head of private equity funds).
Asset is reportedly due to come to market in 2021, with the sale process most likely starting in H1
Redalpine has led a series-A funding round for Germany-headquartered pet healthcare startup Felmo.
GP intends to boost the company's growth and consolidate its market position in the Benelux and DACH regions
GP is deploying equity via WMS III and is investing with future managing director Holger Schmitz