Deutsche Bank AG, Singapore branch, has been appointed as transaction administrator and fund administrator on a landmark securitisation of private equity assets in Southeast Asia for Astrea III Pte Ltd (Astrea III).
Singapore’s first collateralised fund obligation (CFO) is a US$510 million bond backed by cashflows generated from a globally diversified pool of 34 private equity funds. The sponsor is Astrea Capital Pte, a wholly-owned subsidiary of Azalea Asset Management Pte, itself a wholly-owned subsidiary of Singapore investment company, Temasek Holdings, also known as the Singapore wealth fund.
Deutsche Bank Singapore’s Corporate Trust and Alternative Fund Services teams have been appointed to the central roles of Transaction Administrator and Fund Administrator respectively. In addition, Deutsche Bank will also perform the role of Security Trustee and additional note agency roles.
Margaret Lui, chief executive officer of Azalea Asset Management, 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.”
Ying-Ying Tan, head of Global Securities Services – Asia Pacific at Deutsche Bank, said: “Our one-stop-shop service offering for this ground-breaking transaction in Southeast Asia is a great demonstration of our Corporate Trust and Alternative Fund Services capabilities working together in the region.”