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Global asset manager and operator Keppel Ltd. (“Keppel”) announced today that the Asian Infrastructure Investment Bank (“AIIB”) has committed US$75 million to Keppel Private Credit Fund III (“KPCF III”), along with a co-investment sleeve of up to US$50 million. This brings AIIB’s total commitment to up to US$125 million (S$159 million), boosting KPCF III’s total Funds under Management (“FUM”) to over US$561 million (S$725 million).
This marks AIIB’s first investment under the strategic partnership agreement signed in June 2025 with Keppel, through its fund management and investment platforms. The partnership aims to facilitate and mobilise up to US$1.5 billion worth of sustainable infrastructure investments and financing opportunities across Asia Pacific, focusing on projects developed by Keppel and invested in by its private funds.
Ms Christina Tan, CEO of Fund Management and Chief Investment Officer, Keppel, said, “Rapid urbanisation and digital transformation are reshaping the Asia Pacific region, driving infrastructure needs in excess of US$1.7 trillion annually through 2030[1]. Meeting this demand at scale requires visionary partnerships that can mobilise both capital and expertise efficiently to deliver resilient, future-ready solutions in the face of climate and resource challenges.
“AIIB has been a longstanding partner with Keppel across multiple fund strategies and asset classes. AIIB’s commitment to KPCF III is a strong endorsement of our institutional-grade platform and differentiated private credit strategy. Building on our collaboration with AIIB, we aim to help narrow the infrastructure gap in Asia Pacific while continuing to deliver attractive risk-adjusted returns to our investors.”
“Building on our strong and established strategic partnership, AIIB’s investment in KPCF III underscores our continued commitment to working with Keppel in advancing Asia-Pacific region’s transition towards a more sustainable and low-carbon future,” said Kim-See Lim, Chief Investment Officer, Public Sector (Region 1) & Financial Institutions and Funds (Global) Clients, AIIB. “This collaboration reflects AIIB’s broader mission of mobilising capital and fostering partnerships that deliver long-term impact for our Members and communities.”
KPCF III is the third vintage in Keppel’s private credit fund series, following Pierfront Capital Mezzanine Fund and Keppel-Pierfront Private Credit Fund, which AIIB had also backed in 2021. With AIIB’s latest commitment, KPCF III has already raised 170% of the third-party capital achieved by its predecessor fund, underscoring the strong investor confidence in Keppel’s differentiated private credit strategy.
Keppel’s private credit strategy provides bespoke loans to companies with defensive infrastructure-like operating businesses, across a wide range of real asset sectors, including renewable energy, transportation, telecommunications, logistics, social infrastructure and other core infrastructure in Asia Pacific. To date, approximately US$260 million under KPCF III has been deployed across core infrastructure, renewables, data centres and social infrastructure projects in the region. Since 2016, Keppel’s private credit fund series has deployed over US$1 billion across 34 investments. More than half of these investments have been fully exited, delivering an attractive average return profile in the low- to mid-teens.
The above-mentioned development is not expected to have any material impact on the earnings per share and net tangible assets per share of Keppel Ltd. for the current financial year.
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About Keppel Ltd.
Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.
[1] Asian Development Bank report, “Meeting Asia’s Infrastructure Needs”.
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