It’s a deep dive into the private equity landscape as we speak to an investment firm that’s indirectly owned by Temasek Holdings. 

Set up in 2015, our guest Azalea Investment Management defines itself as being in the business of PE investments, with a focus on the development and innovation of new investment platforms and products. 

The firm said its goal is to bring private assets to a wider investor base through a phased approach, while educating the investing public at the same time.

Azalea Investment Management achieves this through two investment programmes or platforms, (1) the Altrium programme as well as the (2) Astrea Platform. 

Under the Altrium programme, accredited investors can co-invest with Azalea and access strong performing private equity fund managers globally, but with lower barriers to entry. 

The Astrea Platform, on the other hand, is a series of investment products developed based on diversified portfolios of PE funds. The platform is said to target long-term minded investors including Singapore retail investors looking to co-invest in private equity with the asset managers. 

But why are we speaking to Azalea Investment Management you might ask? Well the firm had closed a number of funds of late. In July 2024, the firm’s Astrea 8 PE bonds closed 2.8 times subscribed at over S$1 billion, with bonds distributed to diversified investors across institutions such as endowments, pensions and insurance companies as well as accredited investors.

More recently, it had in October closed two funds at over US$480 million as a whole, higher than the US$400 million target for both funds combined.  

But how does the firm assess the outlook for private markets in 2025 and what is next for its product line up? 

On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Chue En Yaw, Chief Investment Officer, Azalea Investment Management.

It&rsquo;s a deep dive into the private equity landscape as we speak to an investment firm that&rsquo;s indirectly owned by Temasek Holdings.&nbsp;
Set up in 2015, our guest Azalea Investment Management defines itself as being in the business of PE investments, with a focus on the development and innovation of new investment platforms and products.&nbsp;
The firm said its goal is to bring private assets to a wider investor base through a phased approach, while educating the investing public at the same time.
Azalea Investment Management achieves this through two investment programmes or platforms, (1) the Altrium programme as well as the (2) Astrea Platform.&nbsp;
Under the Altrium programme, accredited investors can co-invest with Azalea and access strong performing private equity fund managers globally, but with lower barriers to entry.&nbsp;
The Astrea Platform, on the other hand, is a series of investment products developed based on diversified portfolios of PE funds. The platform is said to target long-term minded investors including Singapore retail investors looking to co-invest in private equity with the asset managers.&nbsp;
But why are we speaking to Azalea Investment Management you might ask? Well the firm had closed a number of funds of late. In July 2024, the firm&rsquo;s Astrea 8 PE bonds closed 2.8 times subscribed at over S$1 billion, with bonds distributed to diversified investors across institutions such as endowments, pensions and insurance companies as well as accredited investors.
More recently, it had in October closed two funds at over US$480 million as a whole, higher than the US$400 million target for both funds combined. &nbsp;
But how does the firm assess the outlook for private markets in 2025 and what is next for its product line up?&nbsp;
On Under the Radar, The Evening Runway&rsquo;s finance presenter Chua Tian Tian posed these questions to Chue En Yaw, Chief Investment Officer, Azalea Investment Management.

We speak with businesses, industry leaders, venture capitalists and startups on their assessment of the business environment they're in, and what the future holds for them.

We speak with businesses, industry leaders, venture capitalists and startups on their assessment of the business environment they're in, and what the future holds for them.

Under The Radar

Money Matters is your guide to navigating the day's most important topics, from politics and current affairs to wealth management and trending issues. Every evening, the team delivers insightful discussions on business news, market movements, and the latest in alternative assets. Whether navigating the political landscape, understanding the economy, or uncovering emerging investment opportunities, Money Matters keeps you informed and ahead of the curve. Tune in daily to Hongbin Jeong and Chua Tian Tian from 4 pm to 7 pm on MONEY FM 89.3.

Money Matters is your guide to navigating the day's most important topics, from politics and current affairs to wealth management and trending issues. Every evening, the team delivers insightful discussions on business news, market movements, and the latest in alternative assets. Whether navigating the political landscape, understanding the economy, or uncovering emerging investment opportunities, Money Matters keeps you informed and ahead of the curve. Tune in daily to Hongbin Jeong and Chua Tian Tian from 4 pm to 7 pm on MONEY FM 89.3.

Money Matters with Hongbin Jeong and Chua Tian Tian

MONEY FM 89.3 is Singapore’s first and only Business and Personal Finance station. MONEY FM is a 24-hour English talk format station featuring local and international business and financial news. We provide you with financial market and currency updates and insights from analysts, economists, policy makers, industry experts and business owners.

In the lighter hours, listen to discussions on social issues and features on topics that include health, education, arts and music.

MONEY FM 89.3 is Singapore&rsquo;s first and only Business and Personal Finance station. MONEY FM is a 24-hour English talk format station featuring local and international business and financial news. We provide you with financial market and currency updates and insights from analysts, economists, policy makers, industry experts and business owners.
In the lighter hours, listen to discussions on social issues and features on topics that include health, education, arts and music.

MONEY FM 89.3 is Singapore’s first and only Business and Personal Finance station.

MONEY FM 89.3

Under the Radar: How does Temasek’s Azalea Investment Management assess the outlook for private markets in 2025?

Today we’re going to take you through the ins and outs of a semiconductor optics company that made the headlines for its performance post-IPO on the Singapore Exchange. 

Listed on the SGX in September 2025, our guest for today MetaOptics develops metalenses, or flat, glass-based lenses made with the same technology and process as semiconductor chips.

But what does this mean exactly? Well, lenses are typically made using curved glass, which helps them refract and focus light rays, say in the case of camera lenses or magnifying glasses.  

MetaOptics, on the other hand, uses a different process to make its lenses. Instead of using curved glasses, it uses a process called semiconductor photolithography to carve out microscopic pillars on a flat wafer, just like how transistors are engraved onto silicon chips. 

With the microscopic pillars engraved on the lenses, the lenses behave like silicon chips, where their reflective index changes when varying amounts of electricity passes through it. This means the same lens can adopt multiple properties and perform multiple tasks from zooming in, focusing, or even shifting depth, depending on the situation. 

In application, this means that devices such as smartphones, laptops or projectors will only need one metalens to perform multiple functions. This reduces the thickness and weight of hardware devices, making them easier to carry around.

Beyond that, metalens can also be used to transmit information using light. This presents an opportunity for the firm to tap the rise in demand for computing devices in the age of AI. So how does the firm define its value proposition exactly, and what are the key revenue drivers for it? 

Meanwhile, MetaOptics listed on the Catalist board of the Singapore Exchange in September 2025, and has seen its shares rise five fold in three months. More recently, the firm also announced plans to seek a dual listing on the US NASDAQ stock exchange.

So how has the firm used the additional public capital raised? What are its plans for the future and what is its assessment of the effectiveness of listing on the local bourse then?

On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Mark Thng, CEO, Metaoptics.

Today we&rsquo;re going to take you through the ins and outs of a semiconductor optics company that made the headlines for its performance post-IPO on the Singapore Exchange.&nbsp;
Listed on the SGX in September 2025, our guest for today MetaOptics develops metalenses, or flat, glass-based lenses made with the same technology and process as semiconductor chips.
But what does this mean exactly? Well, lenses are typically made using curved glass, which helps them refract and focus light rays, say in the case of camera lenses or magnifying glasses. &nbsp;
MetaOptics, on the other hand, uses a different process to make its lenses. Instead of using curved glasses, it uses a process called semiconductor photolithography to carve out microscopic pillars on a flat wafer, just like how transistors are engraved onto silicon chips.&nbsp;
With the microscopic pillars engraved on the lenses, the lenses behave like silicon chips, where their reflective index changes when varying amounts of electricity passes through it. This means the same lens can adopt multiple properties and perform multiple tasks from zooming in, focusing, or even shifting depth, depending on the situation.&nbsp;
In application, this means that devices such as smartphones, laptops or projectors will only need one metalens to perform multiple functions. This reduces the thickness and weight of hardware devices, making them easier to carry around.
Beyond that, metalens can also be used to transmit information using light. This presents an opportunity for the firm to tap the rise in demand for computing devices in the age of AI. So how does the firm define its value proposition exactly, and what are the key revenue drivers for it?&nbsp;
Meanwhile, MetaOptics listed on the Catalist board of the Singapore Exchange in September 2025, and has seen its shares rise five fold in three months. More recently, the firm also announced plans to seek a dual listing on the US NASDAQ stock exchange.
So how has the firm used the additional public capital raised? What are its plans for the future and what is its assessment of the effectiveness of listing on the local bourse then?
On Under the Radar, Money Matters&rsquo; finance presenter Chua Tian Tian posed these questions to Mark Thng, CEO, Metaoptics.

Under the Radar: What is next for semiconductor optics firm MetaOptics post-SGX listing and how does it assess the effectiveness of listing on the local bourse? Its CEO explains.

We’re going to talk all about a hotpot ingredient that is sure to be on your reunion dinner table on Chinese New Year eve – the humble, inexpensive, yet comforting fishball that completes the meal.

Speaking of fishballs, one must talk about Thong Siek Food Global, who’s also better known as the parent company of Dodo fishballs.

Founded in 1976 as a family run backyard operation, Thong Siek Food Global has since evolved into a leading manufacturer, distributor and retailer of surimi (or minced fish paste) based seafood products in Singapore.

At its factory in Senoko spanning over 150,000 square feet, Thong Siek Global processes well over 28,000 kg of fish meat daily and more than 60 varieties of fish-based products including fishballs, prawn balls, cuttle fish balls and crab flavoured sticks.

These are exported to markets across Europe and Southeast Asia as well as the US, Canada, Dubai, Qatar, Australia and more.

But how is Thong Siek Global positioning its supply chain to grow internationally? Which are the key global markets for the firm?

Also – what are the key product trends that Thong Siek Global is tapping to relate with next generation consumers? 

In this Special, “On the Go” episode of Under the Radar, Money Matters’ finance presenter Chua Tian Tian headed down to Thong Siek Food Global’s factory floor to seek some answers from Novelle Lim, CEO of Thong Siek Global and Fayy Lim, Chief Operating Officer of Thong Siek Global.

We&rsquo;re going to talk all about a hotpot ingredient that is sure to be on your reunion dinner table on Chinese New Year eve &ndash; the humble, inexpensive, yet comforting fishball that completes the meal.
Speaking of fishballs, one must talk about Thong Siek Food Global, who&rsquo;s also better known as the parent company of Dodo fishballs.
Founded in 1976 as a family run backyard operation, Thong Siek Food Global has since evolved into a leading manufacturer, distributor and retailer of surimi (or minced fish paste) based seafood products in Singapore.
At its factory in Senoko spanning over 150,000 square feet, Thong Siek Global processes well over 28,000 kg of fish meat daily and more than 60 varieties of fish-based products including fishballs, prawn balls, cuttle fish balls and crab flavoured sticks.
These are exported to markets across Europe and Southeast Asia as well as the US, Canada, Dubai, Qatar, Australia and more.
But how is Thong Siek Global positioning its supply chain to grow internationally? Which are the key global markets for the firm?
Also &ndash; what are the key product trends that Thong Siek Global is tapping to relate with next generation consumers?&nbsp;
In this Special, &ldquo;On the Go&rdquo; episode of Under the Radar, Money Matters&rsquo; finance presenter Chua Tian Tian headed down to Thong Siek Food Global&rsquo;s factory floor to seek some answers from Novelle Lim, CEO of Thong Siek Global and Fayy Lim, Chief Operating Officer of Thong Siek Global.

Under the Radar: (SPECIALS) All about the fishballs – what should we know about DoDo’s parent Thong Siek Global and its internationalisation moves? We head down to its factory floor to find out.

It is back to the real estate sector today as we take you through the ins and outs of a real estate management services group that recently spun off its coliving arm on the Singapore Exchange. 

You might have guessed it by now. Yes we are talking about the majority shareholder of coliving brand Coliwoo, or the SGX mainboard listed LHN Group. Established in 1991, LHN Group prides itself with the ability to generate value for space owners and users alike with its expertise in Space Optimisation. 

The firm engages in four types of business operations, namely (1) space optimisation, where it redesigns unused, old and under-utilised spaces to maximise leasable area, (2) property development and investment where it engages in the acquisition, development and sale of properties, (3) facilities management including the provision of car park and energy management services, and finally (4) energy solutions, including the provision of charging stations for electric vehicles.

LHN had in November posted a net profit of S$5.9 million for the half-year ended September 2025. The performance marks an 82.7 per cent decrease from levels seen in the previous year, on the back of fair value losses on its investment properties. Revenue for the same period, though fell by a more modest 8.4 per cent on the year to S$60.9 million.

So how does the firm assess its latest performance and what will be the key drivers of growth going forward? 

Meanwhile, the firm’s coliving subsidiary Coliwoo went public on the Singapore Exchange in November 2025. The move was said to help LHN better allocate resources within the remaining businesses within the group. So how far are we seeing that play out? 

Speaking of resource allocation, LHN Group appears to be doubling down on its space optimisation business through its storage solutions subsidiary Work+Store. So how important will Work+Store be to the firm post-listing of Coliwoo?

On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Kelvin Lim, Executive Chairman and Executive Director of LHN Group and Danny Wong, Chief Executive Officer of Work+Store. 

It is back to the real estate sector today as we take you through the ins and outs of a real estate management services group that recently spun off its coliving arm on the Singapore Exchange.&nbsp;
You might have guessed it by now. Yes we are talking about the majority shareholder of coliving brand Coliwoo, or the SGX mainboard listed LHN Group. Established in 1991, LHN Group prides itself with the ability to generate value for space owners and users alike with its expertise in Space Optimisation.&nbsp;
The firm engages in four types of business operations, namely (1) space optimisation, where it redesigns unused, old and under-utilised spaces to maximise leasable area, (2) property development and investment where it engages in the acquisition, development and sale of properties, (3) facilities management including the provision of car park and energy management services, and finally (4) energy solutions, including the provision of charging stations for electric vehicles.
LHN had in November posted a net profit of S$5.9 million for the half-year ended September 2025. The performance marks an 82.7 per cent decrease from levels seen in the previous year, on the back of fair value losses on its investment properties. Revenue for the same period, though fell by a more modest 8.4 per cent on the year to S$60.9 million.
So how does the firm assess its latest performance and what will be the key drivers of growth going forward?&nbsp;
Meanwhile, the firm&rsquo;s coliving subsidiary Coliwoo went public on the Singapore Exchange in November 2025. The move was said to help LHN better allocate resources within the remaining businesses within the group. So how far are we seeing that play out?&nbsp;
Speaking of resource allocation, LHN Group appears to be doubling down on its space optimisation business through its storage solutions subsidiary Work+Store. So how important will Work+Store be to the firm post-listing of Coliwoo?
On Under the Radar, Money Matters&rsquo; finance presenter Chua Tian Tian posed these questions to Kelvin Lim, Executive Chairman and Executive Director of LHN Group and Danny Wong, Chief Executive Officer of Work+Store.&nbsp;

Under the Radar: How does Temasek’s Azalea Investment Management assess the outlook for private markets in 2025?

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