Temasek’s Astrea II nearly $1bn in size

Secondaries Investor reveals more details about the Ardian-managed fund comprising 36 LP stakes.

The co-investment fund Temasek made public this week contains 36 private equity fund stakes worth nearly $1 billion, according to three sources close to the matter.

The Astrea II portfolio includes interests in European private equity funds managed by Equistone and PAI Partners, Secondaries Investor revealed earlier this week.

An independent valuation of the fund was provided by Ardian, which is one of six co-investors and the fund’s appointed GP, according to a Temasek statement released earlier this week that noted the Singaporean institutional investor would retain a 38 percent stake in Astrea II.

Secondaries Investor understands Ardian’s stake to be worth up to $200 million, which it financed with a mix of cash from Ardian’s secondaries Fund VI, debt and sales of Astrea II stakes to its investors.

Temasek could not reached for comment at press time and Ardian declined to comment.

The launch of Astrea II is part of the sovereign wealth fund’s longer term initiative to broaden its co-investment base, with the aim to eventually market products to retail investors, according to the statement.