Temasek Launches Private Equity Co-Investment Vehicle Astrea II

Singapore’s state investment company Temasek Holdings has launched
Astrea II, a co-investment vehicle with diversified holdings in 36 private equity funds, according to an announcement.

Astrea II has six co-investors. Temasek is the single largest investor in Astrea II with a 38% stake.

Ardian, previously AXA Private Equity, is one of the six co-investors. It has been appointed general partner and manager of Astrea II.

An active investor in private equity funds globally for over two decades, Temasek has earlier sponsored Astrea I in 2006 with a diversified and balanced portfolio of selected Temasek interests in high quality private equity funds.

Astrea II is the latest of Temasek’s efforts to develop co-investment platforms, where diversified portfolios can be made available to a broader base of investors, including retail investors in the long term.

"Temasek will remain actively engaged with the private equity funds that have been injected into the Astrea II platform," says Dilhan Pillay Sandrasegara, head of enterprise development group at Temasek.

"Outside of Astrea II, we continue to manage a large and growing portfolio of private equity fund interests," he adds.

Lee Theng Kiat, president of Temasek, says that Astrea I and Astrea II are part of Temasek’s phased approach to developing co-investment products to eventually make them available to retail investors.

Temasek manages S$215 billion as of 31 March 2013. It has 10% of its portfolio in third-party managed funds.