Keppel Capital raising $1b for fourth pan-Asian property fund: Report

Commercial buildings in the central business district are illuminated at dusk in Singapore. Photographer: Brent Lewin/Bloomberg

Keppel Capital, the asset management arm of Singapore conglomerate Keppel Corporation, is reportedly gearing up to raise at least $1 billion for a fourth pan-Asian value-add property fund, just a year after it secured $1.1 billion, including co-investments, for the third fund under the Alpha Asia Macro Trend (AAMTF) series.

According to an IPE report, the asset manager is preparing to launch AAMTF IV, which will continue the strategy of the previous funds and invest in key Asian cities. The planned fundraising also comes less than a month after Keppel Capital raised $360 million for an initial close of a new infrastructure private equity fund.

The first fund in the AAMTF series was launched in 2007 with the target of investing in multi-asset classes across key gateway cities in the region. These include retail and accommodation assets as well as offices, business parks, and logistic facilities, among others.

The first fund closed in 2008 at $1.2 billion and the second fund raised $1.65 billion at the final closing in 2013.

AAMTF III targets to invest in multi-asset classes across key cities in the Asia-Pacific region, including Singapore, Shanghai, Beijing, Tokyo, Sydney, Melbourne, Brisbane and Seoul, the company during the fund’s close last year. The fourth fund will continue to focus on these key cities.

Keppel Capital had assets under management of approximately S$33 billion as at the end of 2019. Its portfolio includes real estate, infrastructure, and data centre assets in global markets.

The firm caters to institutional and retail investors and offers a range of products including listed REITs, business trusts, private funds, separate accounts, and pooled investment vehicles.

Last month, the firm announced that it had raised $360 million for an initial close of a new infrastructure private equity fund. According to a statement, the asset manager is targeting to raise $1 billion for the closed-end Keppel Asia Infrastructure Fund.

Capital commitments for its first close were secured from investors including a sovereign wealth fund and an endowment fund, the firm said.

Singapore Reporter/s

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

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

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  • 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. 
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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.