Temasek unit Azalea plans evergreen private equity fund

Azalea, a subsidiary of Seviora Holdings and an indirect unit of the state investor Temasek, is preparing to launch an evergreen private equity fund later this year. The timing of the launch remains dependent on prevailing market conditions, according to the firm's leadership. CEO and Chief Investment Officer Chue En Yaw stated that the initiative aligns with the asset manager's broader mission to expand access to private equity markets. Unlike traditional private equity funds that operate with a fixed lifespan, evergreen funds are open-ended vehicles designed without a specific end date.

Currently, regulations in Singapore restrict investment in private assets to institutional and accredited investors who meet specified income, net worth, or asset thresholds. Azalea, established in 2015, was specifically created to make these asset classes available to a more diverse pool of investors. The firm is developing this product in anticipation of potential regulatory shifts. In March 2025, the central bank of Singapore proposed a new framework for long-term investment funds that could eventually grant retail investors access to certain private-market products. While these rules are not yet in force and no implementation date has been announced, Chue noted that retail access would hinge on these future developments.