Singapore-listed Keppel has raised S$6.7 billion ($5.1 billion) in the first nine months of 2025 across its infrastructure, urban renewal, education asset, and third data centre and private credit funds, according to its earnings call with analysts on Thursday.
The Temasek-linked group reaped asset management fees of S$299 million in the period, it said.
The recent acquisitions by its REITs and infrastructure trust are set to add another S$1.4 billion to its FUM, the firm said. Its European real estate fund manager Aermont, which joined the group through a stake acquisition in 2023, has started marketing its sixth flagship fund and is expecting the first close around the first quarter of 2026.
Keppel’s value-add infrastructure fund most recently offloaded its 40.5% effective stake in 800 Super at S$184 million. The fund, together with the group’s infrastructure unit, divested their combined interest of 80% in the portfolio to Actis at a total enterprise value of S$600 million in September.
Since Keppel’s acquisition in 2022, 800 Super has achieved 20% EBITDA growth and realised mid-teens IRR and capital gains, amounting to half of the invested capital, the firm said in its earnings release.
Combined with the proposed sale of M1’s telco business to Simba Telecom that unlocked nearly S$1 billion in cash for Keppel, the group’s asset monetisation amounted to S$2.4 billion in the first nine months of 2025.
“Looking ahead, Keppel is actively pursuing new deployment opportunities through a deal-flow pipeline of about S$35 billion, more than half of which are in the infrastructure and connectivity segments,” Keppel said.
