Temasek's Azalea bets on evergreen structure to democratise private equity access

CEO and Chief Investment Officer Chue En Yaw said the initiative forms part of Azalea’s broader mission to widen access to private equity.

Unlike traditional closed-end funds with fixed lifespans, evergreen structures are open-ended vehicles with no set end date, making them more accessible and flexible for a broader range of investors.

Founded in 2015 with exactly this democratisation goal in mind, Azalea is now developing the product in parallel with potential regulatory changes in Singapore that could eventually open private markets to retail participants.

Singapore’s central bank proposed a new long-term investment fund framework in March 2025 that may, in time, allow retail investors to access certain private market funds. The rules remain pending, with no implementation date yet announced.

On strategy, Chue said secondaries are among the most suitable underlying private equity approaches for such a vehicle, given their cash-generative characteristics. Co-investments, with their comparatively shorter holding periods, are also under consideration for capital gains exposure. The fund could offer both a compounding share class and a distributing share class, depending on investor needs.

Chue also noted that the current market volatility could prove advantageous, particularly in secondaries, as some investors seek liquidity and look to exit positions. “The worst time to fundraise can be the best time to invest, usually,” he told Reuters. “If asset owners have urgency to sell out, you can find bargains, you can find higher quality assets at a good price.” 

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