Astrea Capital Pte. Ltd. is the sponsor to Astrea III Pte. Ltd.. The Sponsor is a wholly-owned subsidiary of Azalea Asset Management Pte. Ltd. (“Azalea”), who provides the Sponsor with management support.

Astrea Capital Pte. Ltd.

Critical roles played by the Sponsor in the Astrea III transaction include:

  • The Sponsor selected the underlying Funds for acquisition by the Asset-Owning Companies to form the Transaction Portfolio.
  • The Sponsor has entered into the Sponsor Commitment Agreement to provide funding to meet any capital calls arising from the underlying Funds should there be insufficient cash available to the Issuer for capital calls.
  • The Sponsor is authorised by the Issuer to provide instructions to the Manager on certain key matters relating to the underlying funds.

The Sponsor is also the sole owner of the Issuer's equity.

Background to Astrea transactions

Temasek Holdings (Private) Limited ("Temasek") and its investment vehicles ("Temasek Entities") have been investing in private equity funds globally for over two decades. Certain Temasek Entities have successfully launched transactions in the past involving the development of products based on portfolios of private equity funds.

Astrea I (2006)

  • Portfolio of 46 high quality private equity funds
  • Two classes of unrated securities and two classes of rated securities were issued and offered to institutional investors
  • The rated securities maintained their credit ratings throughout their tenure and were fully repaid in 2011

Astrea II (2014):

  • Portfolio of 36 high quality private equity funds
  • Offered to institutional investors, including sovereign wealth funds, pension funds, insurance companies and endowment funds

Azalea was established to undertake the development of the Astrea platform with the launch of Astrea III. It is focused on the development and innovation of new investment products to broaden investor access to private equity. It invests in suitable private equity funds and package them into diversified portfolios that will suit the investment objectives and risk tolerance of the targeted investors. As an indirect wholly-owned subsidiary of Temasek, it is an operating company with a board and management independent of Temasek.

Azalea launched Astrea III in June 2016, bringing to Singapore its first listed private equity bonds ("PE bonds").