Singapore-based Azalea Investment Management has closed the second fund of its flagship private equity (PE) fund of funds product,  Altrium II, raising US$805 million. The fund allows accredited investors direct equity participation in a diversified portfolio of PE funds across the United States, Europe and Asia.

It has gathered capital commitments from a diverse group of limited partners, including pensions, foundations, insurers, family offices and high-net-worth individuals.

Launched two years after Azalea’s inaugural Altrium I of US$650 million in 2019, Altrium II represents a continuation of Azalea’s mandate to broaden investors’ access to private equity.

“We believe that private equity is an attractive asset class and we have received strong interest from new investors as well as Altrium I investors,” Azalea chief executive officer Margaret Lui comments. “This is testament to PE’s growing popularity as investors seek to diversify their existing portfolios with longer-term investments. The Altrium programme empowers investors to build up meaningful exposure to private equity and we look forward to launching more quality PE products in 2022.”

Chue En Yaw, the firm’s chief investment officer, adds: “PE is traditionally difficult for individuals to access. Through Altrium, accredited investors are able to co-invest with Azalea and enjoy privileged access to strong-performing PE fund managers globally. Investors were also attracted by Altrium’s unique investor-friendly product features, including low minimum commitment, shorter investment tenure and ensuring efficient capital management for investors.”

In addition to Altrium, Azalea says, it has developed other investment products with innovative features that enable investor access or exposure to private equity, including the Astrea PE bonds. Launched in 2016, Astrea provides retail investors exposure to PE through bonds backed by diversified portfolios of PE funds. To date, Azalea has launched several series of Astrea PE bonds with Astrea VI being the latest in March 2021.

Azalea Investment Management, the management arm of Azalea Group, is a wholly owned subsidiary of Azalea Asset Management. Azalea is a wholly owned subsidiary of Seviora Holdings, which is in turn wholly owned by Temasek.