About This Fund
Astrea 9 is the ninth edition of the Astrea private equity securitization program managed by Azalea Asset Management, a wholly-owned subsidiary of Seviora Holdings, which is in turn wholly owned by Temasek, Singapore's sovereign wealth fund. The Astrea series represents a pioneering financial structure that democratizes access to institutional private equity returns by securitizing a diversified portfolio of mature PE fund interests and issuing investment-grade bonds backed by the cash flows and NAV of the underlying portfolio, making private equity exposure accessible to both retail and institutional investors in Singapore.
Astrea 9 is backed by a USD 1.625 billion portfolio of 40 private equity funds managed by 31 general partners, providing exposure to over 1,086 underlying portfolio companies across diverse sectors and geographies. The vehicle issued approximately USD 775 million equivalent of bonds across three classes in August 2025: Class A-1 bonds (SGD-denominated, 3.4% coupon) available to retail investors on the Singapore Exchange; Class A-2 bonds (USD-denominated, 5.7% coupon) available to retail and accredited investors; and Class B bonds (Pay-in-Kind structure, institutional and accredited investors only). This multi-tranche structure allows different investor categories to access PE exposure at different risk-return profiles while the underlying portfolio generates cash distributions from PE fund realizations.
The Astrea program has a consistent performance track record: Astrea III, IV, and V have all been fully redeemed, with multiple series receiving credit rating upgrades since launch. Astrea 9's underlying PE portfolio had already generated USD 188 million in cash distributions, approximately 12% of the starting portfolio NAV, ahead of the structural payment schedule. Azalea Asset Management positions the Astrea program as an evergreen channel for retail access to institutional private equity in Singapore, with Astrea 9 representing the largest retail offering in the series to date.