Keppel Capital is preparing to launch a new pan-Asian value-add property fund, to raise at least US$1bn (€907m).

The fund will be the fourth in Singapore-based manager’s Alpha Asia Macro Trend series, first launched in 2007.

Keppel Capital raised US$1.1bn for its Alpha Asia Macro Trend Fund (AAMTF III) a year ago.

Christina Tan, Keppel Capital’s chief executive officer, said Keppel has fully committed the capital raised.

“We are in the throes of planning a follow-up to be launched this year,” Tan told IPE Real Assets. “Once we reach our target of a billion dollars, we will close the fund quickly and start investing.”

The strategy will be similar to that for Keppel’s third AAMTF fund, which was launched in 2016. The new fund will invest in key Asian cities and divest as the assets achieve maximum value.

Tan said AAMTF III began investing as it raised capital. 

Tan told IPE Real Assets there was strong global interest in the Asia-Pacific region. “Half the world’s population lives in Asia,” she said.

“On the back of population growth, we are seeing exciting trends in urbanisation, growing consumerism and big infrastructure spending.”

Late last month, Keppel Capital launched Keppel Asia Infrastructure Fund, its first unlisted pan-Asian infrastructure fund.