Keppel has secured nearly S$2bn (€1.3bn) in initial closings for two of its funds, Keppel Data Centre Fund III (KDCF III) and Keppel Education Asset Fund II (KEAF II), and has also secured new commitments for its Sustainable Urban Renewal (SUR) strategy.
Keppel’s third data centre fund, KDCF III, has achieved its first close, raising approximately US$580m (€505m) from various global institutional investors.
Keppel has achieved the first close of KEAF II with approximately US$307m commitments, including from a returning sovereign wealth fund which had invested in KEAF I, and new limited partners (LP) from the insurance, pension and endowment sectors.
Its SUR strategy raised S$760m, bringing the strategy’s cumulative funds under management (FUM) approximately S$4.3bn to date. The latest investment came from one of Europe’s largest pension funds.
Christina Tan, CEO of fund management and chief investment officer, Keppel, said: “This significant milestone brings us closer to our interim FUM target of S$100bn by 2026, with ambitions to reach S$200bn by 2030.
“We would like to thank our limited partners for their trust and confidence in Keppel as a global asset manager and operator. Notwithstanding the current volatile international environment, Keppel is well-positioned to offer both critical solutions that the world needs, and defensive investment products that can help to steady investors’ portfolios.”
Keppel said KDCF III would focus on securing pre-commitment or high leasing certainty from hyperscale customers, which would mitigate portfolio leasing risk for investors.
KEAF II will deploy the newly raised capital to strategic value-add investments in education-related assets and facilities, supporting early learning, K-12, higher education, tertiary education and student accommodation, with a focus on the Asia Pacific region.
The group’s SUR strategy is currently pursuing a pipeline of investment opportunities across real estate segments including commercial, living, life sciences, hospitality and logistics in Singapore, South Korea, Japan, Australia and first-tier cities in China.
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