Astrea 7 Pte. Ltd. (Astrea 7) is a collateralized fund obligation (CFO) transaction managed by Azalea Investment Management Pte. Ltd. (Azalea), a wholly owned investment management subsidiary of Azalea Asset Management Pte. Ltd. It is backed by cash flows from a portfolio of private equity buyout and growth equity funds. By net asset value (NAV) as of Nov. 30, 2021, the transaction is collateralized by cash flows generated by a portfolio of private equity funds comprising 77.1% buyout private equity funds and 22.9% growth equity funds. In addition, by NAV, the transaction's funds are split geographically across the U.S. (54.9%), Europe (27.5%), and Asia (17.6%). The class A-1 bonds are denominated in Singapore dollars (S$) but were sized to be