Singapore’s Keppel has secured S$1.9 billion ($1.5 billion) in fresh fund commitments across three strategies in education, data centres, and urban renewal, according to a statement on Monday.
Its third data centre fund has achieved a first close of about $580 million out of the $2-billion total target, which could reach as much as $3 billion with co-investments from limited partners and leverage.
Keppel Education Asset Fund II is targeting data centre investments with pre-commitment or high leasing certainty from hyperscale customers in the Asia-Pacific region.
Another fund which made its first close is Keppel Education Asset Fund II, pulling in $307 million (S$413 million) from returning sovereign wealth fund investors in its previous fund as well as commitments from new LPs from the insurance, pension and endowment sectors. The fund is aiming at value-add investments in education-linked assets and facilities, supporting early learning, K-12, higher education, tertiary education, and student accommodation with a focus on the region.
Keppel’s debut sustainable strategy fund has raised S$760 million to target value-add real estate with a focus on decarbonisation.
“The 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,” Keppel said in a statement.
With the new commitments that stack up to S$4.9 billion, Keppel is edging towards its target of having S$100 billion in funds under management by 2026 and long-term ambitions to reach S$200 billion by 2030.
