Family Offices Back Azalea Evergreen Private Equity Fund with USD350m

The Azalea evergreen private equity fund has attracted family offices, private banks and wealthy individuals from across Asia as the Temasek-linked investment manager raised more than USD1bn across three vehicles.

Azalea All Access secured more than USD350m in initial commitments and offers exposure to private equity secondaries and co-investments through monthly subscriptions and quarterly redemptions.

Azalea also closed Altrium Private Equity Fund III at USD526m in June and raised USD210m at the first close of Altrium Co-Invest Fund II in July.

Altrium III targets global mid-market buyouts and secondaries and attracted investors from Hong Kong, Taiwan, South Korea, Malaysia and Britain.

The co-investment vehicle invests alongside private equity managers in companies benefiting from long-term structural trends or demonstrating resilience across economic cycles.

The fundraising highlights growing demand from Asian family offices for more flexible access to diversified private equity portfolios.