Azalea holds USD 805m close for Altrium II

Harriet Matthews
04 January 2022

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Azalea Investment Management has announced the final close of Altrium Private Equity Fund II, its second private equity fund-of-funds vehicle.

The vehicle held a final close on 23 December 2021, according to a statement.

Altrium Private Equity Fund I held a final close in December 2019 on USD 650m, surpassing its USD 400m target.

Azalea's flagship private equity fund-of-funds strategy aims to increase investors' access to the asset class, as well as mitigating the challenges associated with investing in private equity funds. It therefore offers a low minimum commitment, shorter investment periods, and aims to manage capital efficiently, the firm said in a statement.

In addition to its fund-of-funds strategy, its Astrea strategy manages bonds for retail investors, backed by diversified portfolios of PE funds. Its most recent series of PE bonds is Astrea VI, which it launched in March 2021.

Azalea expects to launch further PE-focused products in 2022, according to the same statement.

Azalea Investment Management is the investment arm of Azalea Group, which is wholly owned by Temasek-backed Seviora Holdings. The firm is headquartered in Singapore.

Investors
The fund is backed by pension funds, foundations, insurance companies, family offices and high-net-worth individuals. Altrium I had a minimum commitment of USD 200,000, according to Unquote Data.

Investments
Altrium II will continue the strategy of its predecessor fund, targeting primary and secondary PE funds, focusing on buyout and growth strategies. The fund will focus on funds in the US, Asia and Europe.

People
Azalea Investment Management – Margaret Lui (CEO); Chue En Yaw (chief investment officer).