Temasek’s Azalea closes inaugural PE fund-of-funds at $650m

Temasek’s Azalea closes inaugural PE fund-of-funds at $650m

Commercial buildings in the central business district are illuminated at dusk in Singapore. Photographer: Brent Lewin/Bloomberg

Azalea Investment Management, a unit of Singapore state investor Temasek, has made the final close of its inaugural private equity fund of funds with $650 million in commitments, surpassing the original target of $400 million, according to a company announcement.