Singapore: New bonds by Temasek may give retail investors access to PE

A Temasek Holdings logo is seen at their office in Singapore July 8, 2014. REUTERS/Edgar Su/File Photo

A Temasek Holdings-owned fund of funds is offering $500 million in bonds, issued by a vehicle under its wholly-owned subsidiary Astrea Capital, that could eventually grant retail investors access to private equity (PE) as an asset class.

Credit Suisse and DBS Bank are managing the bond issue, which is being marketed and targeted for issuance in July 2016.

Astrea Capital is a unit of Azalea Asset Management, an indirect wholly-owned subsidiary of Temasek Holdings set up in 2015 to develop products that could reach a broad investor base.

The bond issue is backed by a portfolio of 34 PE investments – invested across 590 corporations in various industries like healthcare. IT, consumer products and industrials – valued at $1.1 billion, including funds managed by the Blackstone Group, KKR, TPG Capital and Warburg Pincus.

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