Keppel Capital has raised US$1.1bn (€971m) in the final close of its data centre fund, including a commitment from the Asian Infrastructure Investment Bank (AIIB).

Keppel said AIIB had committed to invest US$100m into Keppel Data Centre Fund II (KDC Fund II) through a parallel fund structure, and a further US$50m through co-investment.

Keppel Capital raised more than US$500m in the first close in December 2020.

KDC Fund II will focus on making strategic investments in Asia-Pacific and Europe.

The Singapore-based fund manager said KDC Fund II, which launched in December 2020, had attracted a diverse group of investors, including sovereign wealth funds, financial institutions, insurance funds, and pension funds from Europe and Asia.

Donik Lee, AIIB director general, banking department (region 1), said the partnership with KDC Fund II would foster the development and enhancement of hard digital infrastructure to bridge the digital divide, mainly by investing in colocation data centres that mostly served Emerging Asia.

Alpha Investment Partners, Keppel group’s manager of private funds, would manage KDC Fund II.

Alvin Mah, CEO of Alpha, said: “Working together with Keppel Data Centres, we are able to tap into Keppel Group’s know-how in data centre operations, sustainable technology and energy-efficiency to develop better and greener data centres.”

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