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).
Austria-based electrical engineering company had filed for insolvency in April 2020
VC house expects to hold a €35-45m first close by the end of July and a final close in around one year
LPs in Exponent III include Aberdeen Standard Investments, Central Pension Fund and CNP Assurances
Company has generated €12m in revenues and has a 25% EBITDA margin