Keppel Ltd. has surpassed its interim target of S$100 billion ($77 billion) in funds under management ahead of schedule after raising fresh capital across its private market strategies, underscoring investor appetite for infrastructure, private credit and digital assets.
The Singapore-based asset manager added about S$13.5 billion ($10.4 billion) in funds under management (FUM) this year across its infrastructure, real estate and connectivity private funds, taking its total FUM above the S$100 billion milestone that it had targeted to reach by the end of 2026.
The growth was supported by S$7.8 billion of new capital commitments from global limited partners across several investment vehicles, including Aermont Fund VI, Keppel Education Asset Fund II, Keppel Private Credit Fund III and Keppel Offshore Fund. The fundraising also included commitments for a data centre opportunity and a separately managed account with a sovereign wealth fund focused on infrastructure and data centre investments.
The milestone marks another step in Keppel’s transformation from a conglomerate into an asset-light manager, with the company increasingly relying on recurring fee income generated from managing third-party capital.
“Surpassing our interim FUM target ahead of schedule marks an important milestone in Keppel’s track record and growth as a global asset manager and operator,” Chief Executive Officer Loh Chin Hua said in a statement. He said the company’s growing asset base creates a “flywheel” that expands both asset management income and operating income.
Keppel said its integrated digital infrastructure platform has become an increasingly important differentiator as institutional investors seek exposure to artificial intelligence and cloud computing-related assets.
Its data centre capabilities have supported Aermont Capital’s expansion into the sector, while the Keppel Data Centre Fund series provides dedicated exposure to Asia-Pacific digital infrastructure. Beyond data centres, the company’s infrastructure funds also invest in enabling assets including power infrastructure, subsea cables and marine installation services that support AI and digitalisation.
Reflecting continued investor demand, Keppel said its private infrastructure strategies have secured S$7.7 billion of equity commitments to date, providing capital to pursue an acquisition pipeline exceeding S$22 billion.
Keppel has set an ambitious target of growing funds under management to S$200 billion by 2030 as it expands its private markets platform and increases fee-related earnings. The company has identified infrastructure, real estate and connectivity as key pillars of its asset management strategy, targeting sectors benefiting from structural trends such as decarbonization, urbanisation and artificial intelligence.
