Keppel Capital, the asset management arm of Singapore conglomerate Keppel Corporation, has 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.
The Keppel infrastructure fund is picking up a stake in Gimi floating liquified natural gas (FLNG) facility, which is currently undergoing conversion at Keppel Offshore & Marine, as its first investment. It will target to invest in operational assets as well as selected greenfield projects in the Asia Pacific region.
Keppel Capital Alternative Asset, a private fund manager under Keppel Capital that focuses on new alternative asset classes including infrastructure, senior living and education, will manage the new Asia infrastructure fund.
“Keppel Capital is well positioned to leverage the Group’s expertise and network in energy and infrastructure to create innovative investment solutions and connect our investors with high-grade sustainable infrastructure assets,” said Keppel Capital CEO Christina Tan in a statement.
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.