Singapore-headquartered investment firm Aura Group has launched the Aura PE Evergreen Income Fund, opening access to private markets while addressing the liquidity constraints in the traditional closed-end fund structure.
The evergreen private markets strategy targets 12-15% per annum net returns and a 5% per annum distribution yield paid semi-annually, with no capital calls and quarterly dealing windows following an initial 12-month lock-up from fund inception, the firm said in a statement.
It is constructed with a targeted 60% of private equity investments, leveraging the firm’s over A$100 million ($72 million) deployed across Australia and Southeast Asia, with an 18.3% net pooled IRR and 1.54x gross realisations to date.
The remaining 40% private credit component is anchored by the Aura Private Credit Income Fund, with 9.42% per annum net returns since inception.
The private equity blind pool structure comes with certain challenges in capital call drag, multi-year lock-ups, limited income and difficulty sizing positions within a broader portfolio.
The evergreen structure eliminates capital calls, while the private credit liquidity sleeve provides regular distributions. The blended portfolio targets returns from an earlier stage than a traditional private equity fund structure would deliver, Aura said.
“We designed this fund with the adviser-directed market in mind. We know that private equity exposure is increasingly in demand, but the traditional model creates real implementation challenges at the portfolio level,” noted Calvin Ng, Managing Director of Aura Group.
The firm cited Preqin data that the number of evergreen vehicles launched globally in 2025 reached a record of 123 funds, with 30 more in the first two months of 2026 alone.
Hamilton Lane has forecast that 20% of all private market capital will be held in evergreen structures within a decade, up from around 5% currently. Hamilton Lane also noted in an earlier interaction with DealStreetAsia that semi-liquid funds are not meant for retail investors only.
Institutional investors are increasingly using evergreen vehicles to serve their liquidity demand.
Most recently, Partners Group closed a $1-billion Asia private credit mandate with a major institutional investor in Asia in an open-ended format.
Meanwhile, Azalea’s first evergreen private equity fund exceeded $350 million in initial commitments. The fund, called Azalea All Access, received support from institutional investors, private banks, family offices and high-net-worth individuals across Asia.
Earlier in 2025, Hong Kong-based Flow Capital Partners launched an open-ended, evergreen fund – the Flow Credit Master Fund – with an initial $125 million of founder capital. The product is a pan-Asia private and public credit vehicle.
In the same year, Franklin Templeton and Lexington Partners launched an evergreen private equity secondaries strategy targeting accredited investors in Asia Pacific, which raised more than $1.2 billion by September 2025.
