Temasek Commences Private Equity Portfolio Astrea II

Singapore’s Temasek Holdings has pushed out Astrea II, a platform that has interests in 36 private equity funds. The Sovereign Wealth Fund Institute reported in late March, that Temasek was seeking an acquirer for US$ 1 billion of buyout fund interests. Temasek holds 38% of Astrea II, being the biggest single institutional investor. There are 6 other co-investors in Astrea II. Paris-based Ardian Sarl, formerly AXA Private Equity, will be the general partner and manager of Astrea II. Astrea II will be diversified targeting funds across sectors, geographic regions and vintage years.

Astrea is essentially a securitization of an existing private equity limited partner portfolio.

According to the Temasek press release, Dilhan Pillay Sandrasegara, Head of Enterprise Development commented, “Temasek continues to be an active investor in high quality private equity or PE funds globally. These investments have created value for us in the form of direct returns, as well as opportunities for us to make further direct investments alongside the PE fund managers.”

The law firm Macfarlanes advised Temasek on Astrea II.

For over 20 years, Temasek has been an institutional investor in private equity funds. They sponsored Astrea I in 2006, which allowed the sovereign wealth fund to broaden its investor base and dump some exposure to the 46 private equity funds. Astrea had exposure to over 480 companies. The deal with Astrea I raised around US$ 810 million in debt and equity. Astrea I provided attractive financing terms for Temasek.

astrea

Astrea is essentially a securitization of an existing private equity limited partner portfolio.



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