Temasek unit eyes evergreen fund

Azalea, a Temasek-linked private-markets manager in Singapore, plans to launch an evergreen private-equity fund later in 2026 if markets cooperate. (reuters.com) Chief executive and chief investment officer Chue En Yaw told Reuters the fund is being prepared for launch later this year, with timing tied to market conditions. Azalea sits under Seviora Holdings and is indirectly owned by Temasek. (reuters.com, azalea.com.sg) An evergreen fund does not wind up on a fixed timetable like a standard 10-to-15-year private-equity fund. Investors can usually subscribe on a rolling basis and request redemptions at set intervals, though those withdrawals can be limited or delayed. (hsbc.co.uk, schroders.com) That structure has gained traction as investors push for ways to stay invested in private assets without locking money up for a decade. Preqin said in a 2025 primer that demand for liquidity and quicker distributions has helped drive interest in evergreens, continuation funds and secondaries funds. (preqin.com, mckinsey.com) The timing also lines up with a private-equity market that is still short on easy exits. Bain said in February 2026 that deal and exit values had improved, but fundraising was still dragging because of persistent liquidity issues. (bain.com) Azalea has spent the past decade building products meant to widen access to private equity in Singapore. Its website says the firm was set up in 2015, and Seviora said in 2024 that Azalea managed about US$11 billion and had expanded through the Astrea and Altrium platforms. (azalea.com.sg, sevioragroup.com) Astrea packages cash flows from diversified private-equity fund portfolios into listed bonds, while Altrium gives accredited investors access to private-equity funds. An evergreen vehicle would move Azalea closer to offering a fund format already being used by global managers to reach wealthy individuals and smaller institutions. (azalea.com.sg, morganstanley.com) Reuters reported Chue said dislocated markets can create buying opportunities when asset owners need to sell quickly. If Azalea proceeds, the launch would test whether that pitch can draw longer-term capital in Asia while still promising investors a periodic way out. (reuters.com)