Deutsche Bank Singapore has secured mandate to offer transaction and fund administration services for Astrea III’ private equity assets in Southeast Asia.
Deutsche Bank Singapore’s corporate trust and alternative fund services teams will act as transaction and fund administrator, while Deutsche Bank will also take on the role of security trustee.
Marking the launch of Singapore’s first Collateralised Fund Obligation (CFO), the US$510m bond issuance is backed by cashflows generated from a globally diversified pool of 34 private equity funds.
Astrea Capital, a wholly-owned subsidiary of Azalea Asset Management, has sponsored the issuance.
Deutsche Bank head of global securities services for Asia Pacific Ying-Ying Tan said: “Our one-stop-shop service offering for this ground-breaking transaction in Southeast Asia is a great demonstration of our market leading Corporate Trust and Alternative Fund Services capabilities working together in the region.”
Azalea Asset Management CEO Margaret Lui said: “We are proud to launch this unique product, which is also Singapore’s first listed private equity bond, to make private equity more accessible to the wider investment community. Deutsche Bank’s strong expertise and innovative technology used to service such structures were the key factors in our decision to work with the Bank.”
Azalea Asset Management is a wholly-owned subsidiary of Singapore investment company, Temasek Holdings.