OUR PLATFORM

Astrea

A series of investment products based on diversified portfolios of private equity funds. Started in 2006, there are eight in the series to date, with Astrea 8 being the latest addition to the Astrea Platform.

FY2024 Astrea Annual Report

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Astrea Private Equity (“PE”) Bonds are underpinned by cash flows from quality diversified portfolios of PE funds. These bonds are rated investment grade and listed on the Singapore Stock Exchange.
 

Summary of the Report

  • Astrea portfolios generated positive cash distributions, and all the Astrea PE bond obligations were met, highlighting the importance of having high quality and well diversified portfolios.
  • Astrea V Bonds were fully redeemed, marking the successful conclusion of Azalea’s second retail private equity bond. Astrea VI Class A Bonds were also fully reserved.
  • Fitch Ratings upgraded Astrea VI Class A-2 Bonds from A to A+.
  • Despite trade tensions, tariffs, and macroeconomic challenges, Astrea’s diversified portfolios, strong track record of the fund managers in navigating difficult economic cycles and structural safeguards ensure the bonds remain well positioned to meet their obligations.


This report also includes the following sections:

  • 2024 PE Market Overview
  • Astrea: A Year in Review
  • Individual Astrea Performance Updates
  • Case Studies
  • Astrea VI, 7 & 8 Financial Statements

 

Click Here To Read The Full Report

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In Conversation with Margaret Lui, CEO and Chue En Yaw, CIO

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At Astrea Investor Day 2025, Margaret Lui, Azalea’s Chief Executive Officer and Chue En Yaw, Chief Investment Officer had an insightful conversation on Astrea private equity (“PE”) bonds.

 

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Azalea’s Beginnings and the History of Astrea

They kicked off the conversation with a recap on Azalea’s beginnings and the history of Astrea. Azalea was set up in 2015 by Temasek with the mission of making private equity more accessible to a wider group of investors. Astrea PE bonds marked the first step of a phased approach towards making PE available to retail investors. It provided retail investors with an opportunity to invest in an investment-grade rated fixed income product which is backed by cashflows from PE funds.

Building upon that foundation, Azalea launched Altrium PE Fund in 2019. Since then, Azalea has developed a suite of equity products including Altrium PE Fund,  Altrium Co-Invest Fund, Altrium Sustainability Fund and Altrium Growth Fund to meet different risk and return preferences of accredited investors.

 

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Personal Asset Allocation & Fixed Income Investing

When discussing asset allocation for one’s investment portfolio, Margaret highlighted the importance of investing in a diversified portfolio of safer assets such as fixed income, together with higher returning and higher risk growth assets like equities. She also shared that the right balance would depend on each individual’s financial goals and risk tolerance.

 

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Key Features of Astrea PE Bonds

En Yaw continued by outlining some key features of Astrea PE Bonds:

  1. Lower risk profile compared to equities; 
  2. Regular coupons paid every six months with a fixed maturity; and
  3. Rated by a reputable international agency to provide additional comfort to retail investors.

Margaret and En Yaw also took the opportunity to address some common questions that investors have on Astrea bonds.

1. Pricing of Astrea PE Bond

On how Azalea determines the interest rate for each Astrea PE bond, Margaret provided insights into the bookbuilding process, explaining how institutional investors play a key role in determining the bond pricing before it is offered to retail investors.

2. US Dollar Tranche for Retail Investors

En Yaw highlighted how investors have been able to subscribe to a USD-denominated tranche since Astrea 7, which provides more investment options for retail investors since many have become more accustomed to having USD exposure.

En Yaw also stressed that foreign exchange risk is a factor that retail investors should consider when investing in the USD tranche, as investments may be subject to exchange rate fluctuations if their investment currency base is not in USD.

3. Allocation Policy

Margaret explained the Astrea bond allocation process, sharing that Azalea's goal has always been to allocate to as many investors as possible.

Given the strong demand for Astrea bonds, Margaret highlighted that the allocation process ensures that smaller investors will get some allocation for the bonds even if it is not to the full amount they applied for. At higher amounts, applicants would have to be balloted and were allotted only a portion of their applications. Interested parties may refer to the balloting table published at the end of every issuance for more details.

 

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Leadership Succession and Azalea’s Future

En Yaw will succeed Margaret as CEO on 1 April 2025, while retaining his CIO responsibilities. 

On sharing his vision for Azalea, En Yaw highlighted that in addition to being a regular issuer of Astrea PE bonds, the team will look for new ways to innovate to expand retail offerings and enhance investor access to PE. 

 

Watch the full replay of the fireside chat here:

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Bain & Company Global Private Equity Report 2025

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Through one lens, 2024 can be considered the year of the partial exhale. 

Interest rates and inflation finally came down. Economic growth in many markets remained stable. In response, deal investment value increased by 37% and exit value moved 34% higher. Alas, fund-raising struck a discordant note, falling 23%. As we’ve mentioned before, fund-raising is a lagging indicator for deal activity. 

The real culprit behind lackluster fund-raising is a persistent liquidity situation for global limited partners (LPs). While exit activity accelerated last year, distributions as a portion of net asset value sank to 11%, the lowest rate in over a decade. 

Positive signs? Rates and inflation appear poised to remain stable or decrease in many markets. Dry powder is still mountainous and aging. General partners are finding new and creative ways to boost LP liquidity. More dollars should flow into the industry from sovereign wealth funds and private wealth. And most important, returns remain strong. 

Click to Download the Report

 

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