Keppel Capital ties up with Korea pension fund for Asian infrastructure investments

Seoul, South Korea. Photo by Sunyu Kim on Unsplash

Keppel Capital and the National Pension Service of Korea (NPS) have tied up to seek investments in Asia’s private infrastructure sector, Keppel Corp. said in a filing to the Singapore Exchange (SGX) on Monday.

The strategic deal is expected to tap the asset management expertise of both NPS and Keppel Capital as well as Keppel Group’s development and operation of complex real estate assets in sectors including energy, environmental infrastructure, and urban development, the statement said.

The newly announced agreement is expected to build on a previous deal between NPS, which is the world’s third-largest pension fund, and Keppel Capital, the filing said.

A Keppel Capital spokesperson told DealStreetAsia the previous deal was NPS’ investment into a private Keppel infrastructure fund. The spokesperson declined to comment further, saying the information was commercially sensitive.

“Notwithstanding the current challenging macroeconomic environment, we are confident that by working together with a world-class and like-minded institutional investor, we will be able to synergise and tap on each other’s expertise and capabilities, given that we both embrace a value-oriented shareholder focus and disciplined approach to investment,” Christina Tan, CEO of Keppel Capital, said in the statement.

The tie-up may also spur collaboration in Keppel Capital’s other assets classes, such as real estate, data centres and senior living, the statement said.

So far this year, Keppel Capital has launched an Asia-focussed infrastructure fund, a private credit fund and an Indonesian logistics-property venture. It has also tied up with Australian Unity to set up funds focussed on Australia’s metropolitan office sector.

Keppel Capital also entered China’s data centre market earlier this year, when a data centre-focussed fund managed by its unit invested around 1.5 billion yuan ($221.9 million) into a project in Guangdong Province.

As Keppel Corp.’s asset management arm, Keppel Capital had around S$33 billion ($24.4 billion) under management as of end-2019, including in real estate, infrastructure and data centres. It also offers products including listed Real Estate Investment Trusts (REITs), business trusts, private funds and pooled investment vehicles.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.