Astrea 9 Pte. Ltd., wholly owned by Azalea Asset Management, has lodged a preliminary prospectus with the Monetary Authority of Singapore (MAS) for the public offering of Astrea 9 Private Equity (PE) Bonds. The bonds, part of the Astrea Platform, provide retail investors in Singapore with a unique opportunity to invest in private equity through a diversified portfolio of 40 PE funds managed by 31 reputable general partners.
The Astrea 9 PE Bonds are divided into three classes: Class A-1 and Class A-2 Bonds, available to retail investors, and Class B Payment-in-Kind (PIK) Bonds, which are not offered to retail investors. The total offering size is approximately US$780 million, with S$615 million allocated to Class A-1 Bonds, US$200 million to Class A-2 Bonds, and US$100 million to Class B PIK Bonds. These bonds are backed by cash flows from over 1,000 investee companies across various regions and sectors.
Both Class A-1 and Class A-2 Bonds are expected to receive investment-grade ratings from Fitch and will be listed on the Mainboard of the Singapore Exchange (SGX-ST). Interest rates will be determined through a bookbuilding process with institutional investors and will be offered to retail investors at the same rates.
The Astrea Platform, initiated in 2006, has seen eight series to date, with Astrea 9 being the latest. Azalea has been committed to developing this platform since 2015, with all bond obligations fulfilled to date. The Astrea PE bonds have also experienced multiple credit ratings upgrades since issuance.
Applications for the Class A-1 and Class A-2 Public Offer Bonds will be open from 31 July to 6 August 2025. The bonds are not guaranteed or insured by any party, but structural safeguards are in place to ensure timely payment of interest and principal.
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