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Fostering sustainable growth through a creative solution
We have been an investor in private equity funds for more than 15 years, building up a quality portfolio of funds and establishing networks and partnerships across the globe.
Taking advantage of prevailing market conditions to utilise our balance sheet more efficiently, we completed the financing of Astrea in the third quarter of 2006. Astrea is a Special Purpose Vehicle established to purchase a robustly-constructed portfolio of our interest in 46 private equity funds. The portfolio of both buyout and venture capital funds is well diversified by vintage and geography.
The first such product to be originated by an Asia-based institution, Astrea is one of the largest transactions of its kind to-date. It raised a total of nearly US$810 million in debt and equity denominated in both US Dollars and Euros. S&P and Moody’s rated the debt tranches at AAA/Aaa and AA/Aa. The transaction was well subscribed for all classes of securities in the capital structure.
Temasek remains an anchor investor in the equity tranche and will benefit from the continued performance of the underlying funds. At the same time, we generated substantial liquidity from an otherwise illiquid asset class and enhanced our returns.
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