Keppel has just raised a hefty $1.53 billion from global investors to supercharge its digital infrastructure play, especially in data centers—a sector booming in the wake of AI’s explosive growth.
Announced Monday, the Singaporean asset management and infrastructure giant confirmed it secured S$2 billion (US$1.53 billion) in capital commitments across three of its core strategies. The fresh funding will power Keppel Data Centre Fund III, Keppel Education Asset Fund II, and the company’s sustainable urban renewal platform.
The move comes at a time when investor demand for real assets tied to long-term global shifts—like artificial intelligence, climate tech, and urban growth—is stronger than ever.
Founded in 1968 as a shipyard, Keppel has reinvented itself into a multi-sector heavyweight, spanning real estate, infrastructure, and digital connectivity. The company is currently on track to manage S$88 billion in assets by the end of 2024 and has set an ambitious target of reaching S$200 billion by 2030.
Temasek Holdings, Singapore’s state-backed investment firm, remains a key stakeholder in Keppel, offering strong backing as the company scales globally.
The spotlight, however, is on Keppel’s data center business. With AI reshaping how the world operates, the demand for fast, secure, and scalable data infrastructure is soaring. Keppel plans to nearly double its data center capacity from 650 megawatts to 1.2 gigawatts. It also aims to grow assets under management in this vertical from S$9 billion to S$19 billion in the coming years.
Christina Tan, Keppel’s CEO of fund management and Chief Investment Officer, said the capital injection is a strong signal of investor confidence in real assets that align with megatrends. “The securing of capital reflected the resilient demand for alternative real assets anchored to macrotrends including climate change and energy transition, urbanisation, and artificial intelligence,” she noted.
While Keppel hasn’t disclosed the full list of backers, it confirmed that the round attracted global institutional players, including pension funds, insurance groups, and at least one sovereign wealth fund.
This fundraise also inches Keppel closer to its medium-term goal of managing S$100 billion by 2026—and doubling that again by the end of the decade.
