Singapore-based Azalea Investment Management has secured the final closes of two funds—Altrium Co-Invest Fund I (ACF I) and Altrium Growth Fund I (AGF I)—raising a combined $480 million. Both the funds surpassed their target of $200 million each.
According to an announcement on Oct. 1, ACF I received $268 million and AGF I closed with $212 million in commitments.
Investors in the funds included institutions, private banks, family offices, external asset managers, and high-net-worth individuals (HNIs). These investors are from Singapore, Hong Kong, Japan, Korea, and the Middle East.
With ACF I, investors can co-invest alongside top-performing PE fund managers with a proven track record of driving growth in companies that are recession-resistant and have a strong secular tailwind, according to the statement. With AGF I, investors have access to top-tier, early-stage growth and venture capital funds.
Both funds leverage Azalea’s wide network and the Temasek ecosystem to source for good deals and generate attractive returns, the statement added.
In January this year, Azalea announced the first closes of ACF I and AGF I, which raised a combined $356 million. ACF I secured $200 million in its first close, while AGF I marked its first close at $156 million.
Azalea Investment Management is part of the Azalea Group, which is a wholly-owned subsidiary of Temasek-owned Seviora Holdings. “In both ACF I and AGF I, similar to all Altrium products, Azalea invests significantly as a sponsor alongside investors, demonstrating our long-term alignment with investors’ interests,” said Chue En Yaw, Chief Investment Officer, Azalea.
Altrium’s ACF I and AGF I complement Azalea’s flagship buyout-focused funds and sustainability funds.
Whether investors want to build a solid foundation in PE investing, seek higher returns from growth funds or pursue meaningful impact without sacrificing financial returns, the broad range of strategies meets their evolving needs, added the release.
Under the Altrium Platform, Azalea currently manages more than $2 billion in assets.