Azalea Investment Management has announced its first closings of Altrium Co-Invest Fund I (ACF I) and Altrium Growth Fund I (AGF I) in December 2023.
ACF I secured $200m since fundraising stared in mid-2023. It offers investors the opportunity to co-invest alongside private equity fund managers with strong operational and M&A capabilities focused on investing in US and European companies that demonstrate significant sector tailwinds or recession resilience.
At the same time, AGF I marked its first closing at $156m. The fund invests in top-tier growth and venture capital funds with a strong focus on the US.
Both ACF I and AGF I attracted commitments from a range of investors including institutions, family offices and high-net-worth individuals. Azalea plans to hold the final closings of these funds in 2024, according to the firm.
“These funds are designed to provide accredited investors diversified and resilient investment options, continuing the high-quality investment legacy of our Altrium platform,” said Chue En Yaw, CIO at Azalea, in a statement.
For retail investors, Azalea offers a complementary solution in the Astrea bond series which provides diversification in investors’ portfolios, he added. The bonds are backed by cashflows from diversified portfolios of private equity funds.
Azalea has launched several series of Astrea private equity bonds with Astrea 7 being the latest in May 2022. Two of the Astrea series, Astrea III and Astrea IV, have been fully redeemed.
Azalea Investment Management is the management arm of the Azalea Group, a wholly-owned subsidiary of Azalea Asset Management, which is a subsidiary of Seviora Holdings which is in turn wholly-owned by Temasek, the Singapore government’s investment company.
The Azalea Group operates the Altrium programme, which enables accredited investors to co-invest with Azalea, gaining access to global private equity fund managers.
It also sponsors and manages the Astrea Platform, comprising a series of investment products that are based on diversified portfolios of private equity funds, and which offers a phased approach to developing products for Singapore retail investors to co-invest in private equity with Azalea.