Aura PE Evergreen Income Fund
The Aura PE Evergreen Income Fund (APEGIF) targets 12–15% p.a. net returns from a blended portfolio of Southeast Asian and Australian private equity (60%) and Australian private credit (40%) — with semi-annual distributions, quarterly liquidity, and no capital calls.
About the Fund
The Aura PE Evergreen Income Fund is an open-ended, evergreen vehicle managed by Aura Private Equity (APE), the private equity arm of Aura Group. It is designed to give investors immediate exposure to private markets — regular income and meaningful liquidity — without the multi-year capital-call cycle of a traditional closed-end private equity fund.
The Fund combines two of Aura’s established capabilities:
- 60% Private Equity — growth and buyout investments into small and mid-market companies across Southeast Asia and Australia, deployed through the Aura PE Growth Income Strategy, plus selective co-investments and secondaries
- 40% Private Credit — a liquidity sleeve allocated across Aura’s Australian private credit strategies (Aura Private Credit Income Fund, MM Real Estate Credit Fund, Aura Term Deposit Fund), providing the redemption capacity a pure private equity vehicle can’t.
This structure is built around Aura Private Equity’s existing track record, sourcing and portfolio-company relationships — the Fund is not a blind-pool start-from-scratch strategy; it draws on a pipeline of pre-identified seed assets to accelerate deployment.
Aura Private Equity Track Record
The figures below reflect the historical performance of Aura Private Equity’s existing investment portfolio (as of December 2025) — they are the track record of the manager and strategy behind the Fund, not a performance history of the Aura PE Evergreen Income Fund itself, which is newly established.
¹ All fund-related metrics reflect those across all APE investments excluding Giftaway, and are based on the latest internal valuations as of June 2026. Gross realisations and MOIC are calculated on invested capital and total proceeds from exited investments before deducting fees, expenses, or carried interest, over invested capital. IRR calculated over total capital commitments. DPI is 1.26x. Past performance is not a reliable indicator of future performance
Fund Allocation
60% Private Equity, Growth & Income
- Primary commitment — Aura PE Growth Income Strategy (APEGIF), the flagship regional program targeting a 20% net IRR at the APEGIF level, across 5–7 portfolio companies
- Co-investments or direct investments — direct stakes in Aura PE deals across Southeast Asia and Australia
- Secondaries — secondary positions across the broader market
- Potential seed assets include Australian Vaccine Services (Australia’s #1 corporate vaccine provider)
40% Liquid Credit Sleeve2
- Aura Private Credit Income Fund (APCIF) — diversified lending, Australian business focus, ~9-year track record
- MM Real Estate Credit Fund (MM1) — Australian real estate first-mortgage credit, targeting the ‘missing middle’
- Aura Term Deposit Fund (ATDF) — term deposits and cash equivalents as a liquidity buffer
The credit sleeve targets a blended 6–8% return and underpins the Fund’s quarterly redemption capacity — a materially larger liquidity allocation than the sub-10% typical of most evergreen private equity structures.
² Refer to the Aura Private Credit Income Fund and MM Real Estate Credit product pages for their individual track records and target returns.
- Regional private equity exposure most global PE evergreens don’t offer — Southeast Asia and Australia, rather than US/Europe-heavy portfolios
- Income alongside growth — a 5%+ p.a. semi-annual distribution target from dividend-paying middle-market companies and credit income, alongside long-term capital growth
- Liquidity without capital calls — a single subscription and quarterly redemption windows, instead of multi-year capital call cycles
- Diversification for existing global private equity and primary fund allocations, rather than overlapping exposure
| Asset Class | Private equity evergreen |
|---|---|
| Structure | Open-ended sub-fund of Aura Group Master Fund VCC4, a Singapore-incorporated Variable Capital Company (VCC). |
| Allocation | Private equity (Southeast Asia, Australia) and private credit (Australia); strategic 60/40 split — credit sleeve can rotate 25–100% |
| Target Return | 12–15% p.a. net return3; 5%+ p.a. semi-annual distribution target |
| Portfolio | 8–15 concentrated private equity assets once fully deployed, plus the credit liquidity sleeve |
| Currencies | AUD, SGD, USD |
| Liquidity | Quarterly subscriptions and redemptions; 5% NAV per quarter gate; initial 12-month lock-up from fund launch |
| Distributions | Semi-annual |
| Fees | Management fee of 0.30% p.a. at Evergreen level, with underlying strategy fees passed through. Direct PE investments carry a management fee of 2.0% p.a. of funds invested, plus a 20% performance fee over an 8% p.a. preferred return hurdle with full GP catch-up. No fees at the Evergreen level on PE/credit fund investments beyond underlying fund fees. |
| Eligible Investors | Accredited, wholesale and institutional investors only |
³ Target returns are forward-looking statements based on current expectations and assumptions, involve risk, and are not guaranteed. Refer to the Information Memorandum for full terms. The Manager retains discretion to amend investment terms.
⁴ Aura Group Master Fund VCC (UEN T21VC0220A); the Fund is sub-fund registration number T21VC0220A-SF008.
Overview
Aura Private Equity has been investing across Southeast Asia and Australia since Aura Group was founded in 2008 — 17 years of building proprietary deal flow in markets most global private equity evergreens structurally underweight. The vast majority of evergreen private equity capital today sits in global mega- and large-cap strategies allocating 70–80% to the US and Europe; Aura’s regional focus is designed to complement, not duplicate, that exposure.
The Fund applies Aura’s proprietary “Time Machine” approach — screening industries in Southeast Asia that sit roughly a decade behind more advanced Asian markets — to identify high-growth sectors including healthcare, financial services, the digital economy, consumer and infrastructure. Investments typically range from US$10–30m into companies of up to US$200m enterprise value, most structured with preference shares or convertible notes for downside protection.
What is the Aura PE Evergreen Income Fund?
It’s an open-ended, evergreen fund managed by Aura Private Equity that combines a 60% allocation to Southeast Asian and Australian private equity with a 40% allocation to Australian private credit, targeting 12–15% p.a. net returns with quarterly liquidity.
How is an evergreen private equity fund different from a traditional private equity fund?
Traditional private equity funds are closed-end: investors commit capital that is drawn down over several years via capital calls, with limited liquidity until assets are exited. An evergreen fund like APEGIF takes a single upfront subscription, has no capital calls, and offers periodic (quarterly) redemption windows instead.
What is the minimum investment in the Aura PE Evergreen Income Fund?
The minimum initial subscription is $100,000 in the respective currency, with a minimum of $5,000 for subsequent subscriptions. The Fund Manager may, at its discretion, determine a different amount either generally or in any particular case.
Who can invest in the Aura PE Evergreen Income Fund?
The Fund is available to accredited, wholesale and institutional investors only, as defined under the applicable Australian and Singapore regulatory frameworks.
How does the Fund provide liquidity if private equity investments are illiquid?
Through its 40% allocation to Australian private credit and cash (APCIF, MM1 and ATDF), which is structured to fund quarterly redemption requests without forcing early exits from the private equity portfolio.
What returns does the Aura PE Evergreen Income Fund target?
The Fund targets 12–15% p.a. net returns and a 5%+ p.a. semi-annual distribution yield. These are forward-looking targets, not guaranteed returns — actual performance may differ materially.
Does Aura Private Equity have a track record?
Yes — the strategy behind the Fund draws on Aura Private Equity’s existing portfolio, which has delivered a 29.0% gross IRR, 18.3% net pooled IRR and 2.63x gross MOIC as of December 2025, with 6 of 7 investments partially or fully exited. This is the track record of the manager and underlying strategy, not of the Evergreen Fund itself.
Does Aura Group have any exposure to Bathla?
No. Aura Group has no exposure to Bathla — across the Aura PE Evergreen Income Fund, APCIF, MM1, or any other Aura fund.