Temasek’s Azalea raises over US$1 billion despite ‘challenging’ environment for private equity
These stretch across three offerings, including its first evergreen PE fund
Azalea Investment Management has successfully raised more than US$1 billion in new capital commitments across three private equity offerings in a challenging fundraising environment. The Altrium Private Equity Fund III closed at US$526 million in June, and the Altrium Co-Invest Fund II raised US$210 million in July. The launch of Azalea All Access, the company's first evergreen PE fund, contributed over US$350 million.
Chue En Yaw, Azalea's CEO and CIO, expressed gratitude for investors' strong support despite the tough fundraising climate. The PE industry experienced a slowdown in 2025, with US$507 billion raised in the first three quarters of the year, accounting for 73% of the total raised in 2024. PE fundraising hit a record high of US$1 trillion in 2021 but slowed down due to the Federal Reserve's interest rate hikes in 2022.
Azalea's All Access fund offers investors long-term capital appreciation with periodic distributions through a fully paid-in investment model, providing access to a globally diversified portfolio of PE secondaries and co-investments.
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