Temasek-Backed Azalea Raises Over $1 Billion Across Three Private Equity Vehicles
The Singapore manager closed Altrium Private Equity Fund III at $526 million, held a $210 million first close for its second co-invest fund, and launched its first evergreen fund, Azalea All Access, with more than $350 million.
SINGAPORE, August 24, 2026. Azalea Investment Management, the private equity manager indirectly owned by Temasek, has raised more than $1 billion in new capital commitments across three offerings, the firm said in a statement Monday reported by DealStreetAsia and The Business Times.
The total comprises the final close of Altrium Private Equity Fund III at $526 million in June, the first close of Altrium Co-Invest Fund II at $210 million in July, and the launch of Azalea All Access, the firm's first evergreen private equity fund, which exceeded $350 million in initial commitments.
Altrium III gives institutional and accredited investors diversified exposure to global mid-market buyouts and secondaries, and closed with support from existing investors and a widening international base. The co-invest fund offers investments alongside established private equity managers in businesses the firm views as benefiting from durable sector tailwinds or resilience across economic cycles. Azalea All Access is a fully paid-in evergreen vehicle with monthly subscriptions and quarterly redemptions, giving investors immediate access to a globally diversified portfolio of secondaries and co-investments.
Commitments came from institutional investors, private banks, family offices and high-net-worth individuals across Asia, with the firm citing support from Hong Kong, Taiwan, South Korea, Malaysia and the United Kingdom alongside re-ups from existing investors.
"This reflects investors' confidence in our ability to identify attractive PE opportunities and build resilient portfolios, and it underscores the growing role of PE as a portfolio diversifier and complementary source of long-term returns," said Chue En Yaw, Chief Executive Officer and Chief Investment Officer of Azalea.
Azalea Investment Management is a subsidiary of Azalea Asset Management, owned by Seviora Holdings, a wholly owned subsidiary of Temasek. Its prior flagship, Altrium Private Equity Fund II, closed at $805 million in December 2021; Altrium III held a $262 million first close in April 2025.