Temasek's Azalea closes inaugural Altrium PE fund at $880m

It invests in PE funds across America, Europe and Asia.

Temasek’s wholly-owned subsidiary Azalea Investment Management has closed its inaugural fund-of-funds product, Altrium Private Equity Fund I, with total capital commitments of $880.49m (US$650m), according to a press release. It has surpassed its original target of $541.84m (US$400m).

Altrium was launched and raised in three months and invests in primary and secondary private equity (PE) funds across America, Europe and Asia, with a focus on buyout and growth strategies.

Investors in Altrium included endowment, foundation, other institutions, family offices and high net worth individuals.

Altrium aims to allow accredited investors to co-invest with Azalea and access to PE fund managers globally. According to Chu En Yaw, Azalea’s managing director and head of private equity funds, eligible investors can commit from as low as $270,900 (US$200,000).

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