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Singapore-based Aura Group has rolled out the Aura PE Evergreen Income Fund, a semi-liquid private markets vehicle targeting 12–15% net annual returns and a 5% distribution yield. The fund blends 60% private equity and 40% private credit with no capital calls.
FundraisingAug 28, 2026
2min read
byCryptoRank
Aura Group has launched the Aura PE Evergreen Income Fund, an open-ended private markets strategy designed to give investors semi-liquid exposure to private equity and private credit while avoiding the capital call structure of traditional closed-end funds, the firm said in a statement cited by DealStreetAsia.
The Singapore-headquartered investment firm is targeting net returns of 12–15% per annum and a 5% per annum distribution yield, paid semi-annually. The fund offers quarterly dealing windows after an initial 12-month lock-up from inception and does not use capital calls.
The portfolio is structured with a targeted 60% allocation to private equity, drawing on Aura Group’s track record of deploying over A$100 million across Australia and Southeast Asia, where it reports an 18.3% net pooled IRR and 1.54x gross realisations to date. The remaining 40% is allocated to private credit, anchored by the Aura Private Credit Income Fund, which has delivered 9.42% net annual returns since inception.
Aura Group said the evergreen structure is intended to address challenges associated with blind-pool private equity funds, including capital call drag, multi-year lock-ups, limited interim income and portfolio sizing constraints. By using a private credit liquidity sleeve, the manager aims to provide regular distributions and bring forward the return profile versus traditional PE structures.
“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,” said Calvin Ng, Managing Director of Aura Group.
Citing Preqin data, Aura noted that the number of evergreen vehicles launched globally in 2025 hit a record 123 funds, with 30 more launched in the first two months of 2026. Hamilton Lane has forecast that evergreen structures could hold 20% of all private market capital within a decade, up from around 5% today, and has previously argued that semi-liquid funds are not exclusively for retail investors.
Institutional demand for evergreen and open-ended formats in Asia has been rising, with recent examples including Partners Group’s $1 billion Asia private credit mandate in an open-ended structure, Azalea’s Azalea All Access evergreen PE fund surpassing $350 million in initial commitments, Hong Kong-based Flow Capital Partners’ $125 million Flow Credit Master Fund, and an evergreen PE secondaries strategy from Franklin Templeton and Lexington Partners that raised over $1.2 billion by September 2025.
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Source: cryptorank.io