Singapore-based Azalea Investment Management has launched its first private equity fund using an evergreen structure, with $350 million in initial commitments from anchor investors, it said on Friday.
The fund, called Azalea All Access, gives investors exposure to a global portfolio of private equity secondaries and co-investments.
Secondaries are existing stakes in private equity funds or companies bought from other investors. Co-investments are direct investments made alongside private equity managers.
Azalea said the fund aims to give eligible investors long-term capital growth and, through one share class, the option of regular payouts.
Unlike traditional private equity funds, which often lock up money for years, the evergreen fund structure allows monthly subscriptions and quarterly redemptions, subject to limits.
The fund drew support from institutional investors, private banks, family offices and high-net-worth individuals in Asia, Azalea said.
Azalea is wholly owned by Azalea Asset Management, which is wholly owned by Seviora Holdings. Seviora is wholly owned by Singapore state investor Temasek.