SINGAPORE, April 22 (Reuters) – Azalea, a unit of Singapore-based asset manager Seviora Holdings and indirectly owned by state investor Temasek, plans to launch an evergreen private equity fund later this year depending on market conditions, its top executive told Reuters.
CEO and Chief Investment Officer Chue En Yaw said in a recent interview that the plan is part of the asset manager’s mission to broaden access to private equity. Evergreen private equity funds are open-ended vehicles without a fixed end date, unlike traditional private equity funds that typically have a set lifespan.
Under current Singapore regulations, only institutional and accredited investors, meaning investors who meet specified income, net worth or asset thresholds, can invest in private assets, according to Chue.
Azalea was set up in 2015 to make private equity available to a wider pool of investors.
Chue said Azalea is developing the product amid possible regulatory changes in Singapore that could eventually allow wider retail participation in long-term private market products.
Retail access in Singapore would depend on future regulatory developments, he added.
Singapore’s central bank in March 2025 proposed a new long-term investment fund framework that could eventually allow Singapore retail investors to access certain private-market funds. The rules are not yet in force and no implementation date has been announced.Â
Chue said suitable underlying private equity strategies include secondaries, which are cash generative. And for capital gains, he said that other strategies with shorter holding periods like private equity co-investments are also possible.
Potential investor-friendly features include having compounding share class and a distributing share class, depending on investor needs or life stage, he said.
Market volatility linked to geopolitical tensions could also create opportunities in secondaries, as some investors may seek liquidity and sell positions, he said.
“The worst time to fundraise can be the best time to invest, usually,” he said. “If asset owners have urgency to sell out, you can find bargains, you can find higher quality assets at a good price.”
(Reporting by Yantoultra Ngui; Editing by Susan Fenton)
By Yantoultra Ngui