Digital infrastructure including data centers have played a key role in netting Keppel Ltd. new capital commitments of about S$7.8 billion (US$ 6 billion) from global Limited Partners, helping it to surpass its end-2026 interim funds under management (FUM) target of S$100 billion (US$ 77.4 billion) ahead of schedule, according to the Singapore-headquartered global asset manager’s press release today.
The S$ 7.8 billion has been secured across Aermont Fund VI, Keppel Education Asset Fund II, Keppel Private Credit Fund III, Keppel Offshore Fund, a data centre opportunity as well as a separately managed account with a sovereign wealth fund focused on infrastructure and data centre opportunities, the statement said.
In total, about S$13.5 billion (US$ 10.4 billion) – which includes the S$ 7.8 billion from LPs – in new FUM across its Infrastructure, Real Estate and Connectivity private funds have been secured in the year to date which helped the asset manager surpass its interim target.
Keppel added that the strong fundraising momentum reflects the appeal of its investment solutions and investors’ confidence in its integrated asset manager and operator model.
Its integrated digital infrastructure ecosystem and data centre expertise have supported Aermont Capital’s expansion into the data centre asset class, while its Keppel Data Centre Fund series continues to provide investors with exposure to data centers in the Asia Pacific region.
Beyond data centers, the Keppel Infrastructure Fund series also supports investment in enabling digital infrastructure assets such as power, subsea cables, and marine installation and maintenance capabilities, which are needed for AI, cloud computing and digitalisation.
“Reflecting growing investor interest in Keppel’s ecosystem approach, Keppel’s private infrastructure strategies have secured S$7.7 billion of equity commitments to date, providing a strong capital pool to pursue a growing acquisition pipeline in excess of S$22.0 billion,” the statement added.
Loh Chin Hua, CEO of Keppel, said, “Surpassing our interim FUM target ahead of schedule marks an important milestone in Keppel’s track record and growth as a global asset manager and operator. It reflects the steady execution of our strategy and the trust that global LPs have placed in our ability to originate opportunities, create value and deliver attractive returns.
“As our FUM continues to grow, it creates a flywheel that expands both asset management income and operating income. Beyond recurring fees from operating and maintaining assets such as the Bifrost Cable System and the new Keppel Sakra Cogen Plant, we are also able to generate stronger earnings and cash flows through our sponsor stakes and co-investments. Ultimately, sustained growth in our FUM will continue to be underpinned by the investment performance of our funds, which remains our key focus.”