CONSOLIDATION: Temasek Holdings Forms Larger Asset Management Group Seviora Holdings
Posted on 10/06/2020
Singapore’s Temasek Holdings created Seviora Holdings Pte. Ltd., a newly-formed asset management group, headquartered in Singapore, that will offer a broad range of multi-asset and multi-strategy investment expertise. Seviora will be set up as the operational holding company for four existing asset management companies currently wholly-owned by, or affiliated to, Temasek. These are Azalea Investment Management, Fullerton Fund Management Company, InnoVen Capital, and Seatown Holdings International. The combined AUM of the group will be about S$ 75 billion. Under the newly-formed structure, Seviora will work with the component entities on areas such as product development as well as marketing and distribution, with emphasis on collaboration and leveraging synergies. The transaction is subject to the relevant regulatory and other approvals, expected by the end of 2020.
The individual asset management companies will retain operational autonomy and continue to manage their investment strategies and organizational decisions, guided by their respective Boards and management. They will also remain as distinct entities and retain their existing branding.
Leadership
Mr. Goh Yew Lin will be appointed Chairman of Seviora. Jimmy Phoon, currently CEO of Seatown Holdings International, will be appointed CEO-designate of Seviora. He will hold both positions concurrently until a successor is appointed for Seatown Holdings International.
Azalea Investment Management Pte. Ltd is the management arm of the Azalea Group. Azalea is an investor, developer and manager of private assets, starting with private equity. The Azalea Group specializes in private equity fund investments, with a focus on the development and innovation of new investment platforms and products to make PE accessible to a broader group of investors. The AUM of Azalea is S$ 7 billion as at June 30, 2020. In December 2019, Altrium Private Equity Fund I closed with total capital commitments of US$ 650 million, surpassing its original target of US$ 400 million. Investors in Altrium include endowment, foundation, other institutions, family offices, and high net worth individuals. Altrium was launched and raised in three months and invests in primary and secondary private equity funds across America, Europe, and Asia, with a focus on buyout and growth strategies.
Fullerton Fund Management Company Ltd is an Asia-based investment specialist with assets under management of S$ 54.9 billion as at June 30, 2020. At Fullerton, we are focused on optimizing investment outcomes and enhancing investor experience. Incorporated in 2003, Fullerton is headquartered in Singapore, and has associated offices in Shanghai, London, Tokyo and Brunei.
InnoVen Capital is an Asian venture lending platform with offices in India, China, and Singapore. It provides structured debt capital to high growth ventures. Started in 2008 as the first dedicated venture debt provider in India, the platform offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and working capital support. Some of the prominent current & past investments include Byjus, Swiggy, Mining Lamp, Oyo Rooms, Akulaku, Momenta, CureFit, 17 Media, Edianzu, FirstCry, Dailyhunt, Carsome, Eruditus, Ruangguru, GreyOrange, and Nium. The platform has invested over US$ 650 million across more than 225 start-ups.
Seatown Holdings International (Seatown), based in Singapore, was established in 2009 as an investment manager focused on global alternative, absolute-return strategies. Seatown offers and manages multi-asset and public credit strategies in open-end funds and segregated mandates, as well as private investments in closed-end funds. Seatown’s total asset under management is approximately S$ 7.9 billion as of June 30, 2020.
