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Temasek's Azalea unit plans US$598M private equity bond offering

Temasek Holdings (Pte.) Ltd.'s asset management arm is looking to raise US$598 million in an offering of private equity bonds, Deal Street Asia reported, citing a preliminary prospectus.

Azalea Asset Management Pte. Ltd. will offer class A-1 bonds to retail investors in Singapore, and A-2 and B bonds to institutional and accredited investors.

Cash flows from a portfolio of 38 diversified fund investments with an aggregate net asset value of US$1.32 billion as of March 31 back the Astrea V private equity bonds being offered.

Azalea is a private equity fund investor that seeks to make the asset class accessible to more investors through its Astrea funding platform. The offering is part of Azalea's strategy of bringing Singaporean retail investors closer to private equity, according to the May 22 report.