Keppel Capital secures additional $299m for its infrastructure fund

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Posted April 20, 2020

SINGAPORE (THE BUSINESS TIMES) - Keppel Capital, the asset management arm of Keppel Corp, on Friday (April 17) announced new capital commitments of US$210 million (S$299.3 million) for its Keppel Asia Infrastructure Fund.

In a statement, Keppel Capital said the second closing of its fund has secured commitments of US$60 million. On top of this, the Asian Infrastructure Investment Bank has approved a US$100 million commitment as well as a co-investment sleeve of up to US$50 million.

The fund had in January achieved its first closing with initial capital commitments of US$360 million.

Together with its co-investment vehicles, the fund has already acquired a 30 per cent interest in the Gimi floating liquefied natural gas facility. This facility is currently undergoing conversion at Keppel Offshore & Marine.

Christina Tan, chief executive of Keppel Capital, said the Covid-19 crisis is creating dislocations in the marketplace and opportunities for the fund to invest in businesses with high growth potential.

"The momentum of the Keppel Asia Infrastructure Fund and its ability to attract quality investors, amongst the likes of Asian Infrastructure Investment Bank, are testament to the strength of the fund’s value propositions. The fund is uniquely positioned to invest in critical infrastructure assets which provide essential services in good and bad times," Ms Tan added.

The fund is managed by Keppel Capital Alternative Asset, a private fund manager under Keppel Capital that focuses on investing in new alternative asset classes including infrastructure, senior living and education.

Shares of Keppel Corp were up $0.01 or 0.2 per cent to $5.72 as at 1.48pm on Friday, after the announcement was made.

Source: straitstimes