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).
Renewable energy service will also receive future growth funding from the GP
Relationship is set to facilitate access to Pantheon's offering for French institutional investors
Deal follows the acquisition of the company's bank debt by Idea CCR II in December 2017
Newly appointed partner Richard Goldsack previously worked at Grant Thornton and EY