Temasek‑backed Azalea is rolling out an evergreen structure to broaden private‑equity participation. CEO‑CIO Chue En Yaw says the open‑ended fund, unlike traditional closed‑end vehicles, has no set termination date, allowing investors of varying size to stay invested indefinitely. Launched in 2015 with democratisation as its core goal, the firm now aligns product development with possible regulatory shifts in Singapore.

Singapore’s monetary authority floated a long‑term investment fund framework in March 2025 that could eventually permit retail investors to buy into private‑market pools. While the rules remain unsettled, Azalea is positioning the vehicle to tap that future market. Chue highlighted secondaries as a natural fit because they generate cash quickly, and co‑investments may offer shorter‑term capital‑gain exposure.

Market turbulence, Chue argues, creates buying opportunities in the secondary space as owners rush to liquidate. “The worst time to fundraise can be the best time to invest,” he told Reuters, noting urgency can drive prices down and improve asset quality. Azalea’s dual‑share design—compounding and distributing—should cater to income‑seeking investors. If the framework materialises, the fund could become a template for products across Asia.