SG-based Azalea Investment Management secures $356m in first close of two funds

SG-based Azalea Investment Management secures $356m in first close of two funds

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Singapore-based Azalea Investment Management has announced the first close of its Altrium Co-Invest Fund I (ACF I) and Altrium Growth Fund I (AGF I) at $356 million.

The company said that ACF I secured $200 million in its first close since fundraising commenced in mid-2023, while AGF I marked its first close at $156 million. It is targeting the final close of these funds this year.

Azalea Investment Management is part of the Azalea Group, which is a wholly-owned subsidiary of Temasek-owned Seviora Holdings.

Both ACF I and AGF I attracted commitments from a diverse range of investors including institutions, family offices, and high-net-worth individuals.

AGF I invests in top-tier growth and venture capital funds, maintaining a global mandate with a strong focus on the US. Given the recalibration in valuations and emergence of new trends such as artificial intelligence, Azalea believes that the fund is poised to invest during an opportune time in the growth of the venture capital markets, the company stated in its release.

Chue En Yaw, CIO at Azalea, said, “ACF I and AGF I build on the success of our flagship Altrium PE fund of fund products. These funds are designed to provide accredited investors diversified and resilient investment options, continuing the high-quality investment legacy of our Altrium platform.”

The firm closed its second Altrium fund at $805 million in December 2021 and the first Altrium fund at $650 million in 2019.

Edited by: Joymitra Rai

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