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Temasek launches co-investment platform

The sovereign wealth fund is the largest investor in a portfolio of funds managed by Ardian.  

Singapore investment company Temasek has launched Astrea II, a co-investment vehicle with holdings in 36 private equity funds, according to a statement.

Temasek is the largest investor in Astrea II, with a 38 percent stake. The vehicle includes six co-investors, including Ardian, formerly AXA Private Equity, which provided an independent valuation of Astrea II’s portfolio and is acting as general partner and manager of the vehicle. Temasek did not disclose the size of the portfolio, which is diversified across vintages, geographies and sectors, according to the firm.

Astrea II follows predecessor vehicle Astrea I, which Temasek launched in 2006. The firm’s efforts to build co-investment platforms such as Astrea are intended to make portfolios of assets available to outside investors, including retail investors “in the long term”, according to the statement.

“Astrea I and Astrea II are part of our phased approach to developing co-investment products,” Lee Theng Kia, president of Temasek, said in the statement. “They help us test market interest and find tune our thinking and product positioning for eventual participation by retail investors. When we are ready to launch suitable products for the retail market, we hope that retail investors in Singapore will welcome such opportunities to co-invest with us.”

Temasek has a total portfolio of S$215 billion (€125 billion; $172 billion) as of 31 March, 2013. The organisation is primarily a direct equity investor, with about 10 percent of its portfolio in funds managed by third parties.