Keppel is expecting to raise some S$2 billion in limited partner commitments over the next few months for its private funds that are investing in data centres, private credit, and education assets.
Keppel’s CEO Loh Chin Hua said the company was seeing “good traction in fundraising” with commitments “under advanced stages of documentation”.
In the first three months of 2026, Keppel added new funds under management of about S$400 million, the company said in a business update for the quarter. It generated S$108 million in asset management fees, which was 13% higher than in the same period last year.
This follows the S$6.8 billion added to funds under management in 2025. It is targeting to amass some S$200 billion in funds under management by 2030, and potentially generating S$1 billion in asset management fees.
The fresh S$400 million of capital is concentrated in the private credit as well as real estate funds.
Its private credit vehicle, a close-ended fund, continues to attract interest from investors looking for exposure to real assets backed by fundamentals, rather than the services-heavy credit strategies that are now under scrutiny in the global markets, said Christina Tan, Keppel’s CEO of fund management and chief investment officer.
In February, Keppel announced a $125-million commitment, which includes a co-investment sleeve of up to $50 million, from Asian Infrastructure Investment Bank to Keppel Private Credit Fund III. The commitment brought the vehicle’s total funds under management to more than $561 million, Keppel said at the time.
The firm was also raising its third data centre fund and announced its first close at $580 million a year ago. Other vehicles include the Education Asset Fund II, which holds international schools and university facilities; and a Sustainable Urban Renewal strategy.
Keppel’s LPs are mainly institutions from across the globe—nearly half of its investors are pension organisations, and about a third are sovereign wealth funds.
About 29% of capital comes from Asia Pacific; 30.3% from Europe; 25.2% from North America; and 15.5% from the Middle East.
The Temasek-backed firm, a diversified conglomerate which was once known as the world’s largest oil rig builder, underwent a restructuring in 2023. As part of its shift towards an asset-light model, it is continuing to divest its legacy businesses, including its offshore rigs, and select real estate assets.
The company is also actively pursuing deployments through a deal flow pipeline of about S$36 billion, more than half of which is in the Infrastructure and Connectivity segments.
The company’s operations are now divided into Infrastructure, Real estate, and Connectivity. For the quarter ended March 30, 2026, the infrastructure division, which includes the integrated power, and decarbonisation and environmental businesses, recorded an improved year-on-year performance driven by stronger contributions from sponsor stakes and co-investments.
The division is also seeing momentum for its decarbonisation and environmental services, with total contracts worth S$7.6 billion providing revenue visibility over the next ten to 15 years.
During the quarter, it secured long-term contract wins of over S$700 million, including a second 20-year contract to provide centralised cooling systems to a new public housing estate in Singapore. Meanwhile, Keppel’s 600 MW hydrogen-compatible cogeneration plant is set to start generating in the coming months.
Under the Connectivity business division, Keppel has started construction of the floating data centre off the eastern coast of Singapore, and will start building the latest of three buildings in its AI-ready hyperscale data centre campus in the city-state.
Keppel CEO Loh said the firm is targeting S$2-3 billion of asset monetisation this year.
During the quarter it announced the sale of a retail asset in the east of Singapore for S$372 million to a real estate fund, Altallo Asset Management, understood to be linked to Indonesia’s Tanoto business family.
Last year, it divested an 80% stake in Singapore-founded environmental management services company 800 Super Holdings to global infrastructure investor Actis.
