The Asian Infrastructure Investment Bank (AIIB) has committed US$125m (€105m) to Keppel’s third private fund, which provides loans to companies with defensive operating businesses across the Asia Pacific real assets sector.
AIIB has committed US$75m (€63m) to Keppel Private Credit Fund III (KPCF III), along with a co-investment of US$50m, boosting the vehicle’s total funds under management to more than US$561m.
KPCF III is the third vintage in Keppel’s private credit fund series, following Pierfront Capital Mezzanine Fund and Keppel-Pierfront Private Credit Fund, which AIIB had also backed in 2021.
With AIIB’s latest commitment, KPCF III has already raised 170% of the third-party capital achieved by its predecessor fund.
To date, approximately US$260m under KPCF III has been deployed across core infrastructure, renewables, data centres and social infrastructure projects in the region.
Christina Tan, CEO of fund management and CIO, Keppel, said: “AIIB has been a longstanding partner with Keppel across multiple fund strategies and asset classes. Building on our collaboration with AIIB, we aim to help narrow the infrastructure gap in Asia Pacific while continuing to deliver attractive risk-adjusted returns to our investors.”
Kim-See Lim, CIO, public sector region 1 & financial institutions and funds global clients, AIIB, said: “Building on our strong and established strategic partnership, AIIB’s investment in KPCF III underscores our continued commitment to working with Keppel in advancing Asia-Pacific region’s transition towards a more sustainable and low-carbon future.”
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