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Temasek's Azalea raises US$650M for debut fund of funds

Temasek unit Azalea Investment Management Pte. Ltd. raised US$650 million at the first and final close of its debut fund of funds, Altrium.

The amount raised within three months surpassed the initial target of US$400 million.

The fund of funds invests in primary and secondary private equity vehicles from America, Europe and Asia and focuses on buyout and growth strategies.