Keppel announced on July 28 that it has surpassed its interim funds under management (FUM) target of S$100 billion for the end of 2026 ahead of schedule [1, 2, 3]. Year to date, the company added approximately S$13.5 billion in FUM across infrastructure, real estate, and connectivity private funds [1, 2, 3].
The growth was driven by new capital commitments totaling around S$7.8 billion secured from global limited partners. These commitments were made across multiple private funds, including the Aermont Fund VI, Keppel Education Asset Fund II, and a separately managed account with a sovereign wealth fund focused on infrastructure and data center investments [1, 2, 3].
Keppel’s private infrastructure strategies alone have secured S$7.7 billion in equity commitments, which support an acquisition pipeline valued at more than S$22 billion [1, 2, 3]. Loh Chin Hua, Keppel’s CEO, said, "Keppel's private infrastructure strategies have secured S$7.7 billion of equity commitments to date, providing a strong capital pool to pursue a growing acquisition pipeline in excess of S$22 billion" [1].
Loh also highlighted the impact of growing FUM on the business, noting, "As our FUM continues to grow, it creates a flywheel that expands both asset management income and operating income. Beyond recurring fees from operating and maintaining assets such as the Bifrost Cable System and the new Keppel Sakra Cogen Plant, we are also able to generate stronger earnings and cash flows through our sponsor stakes and co-investments" [1].
Despite the significant fundraising success, Keppel said the recent capital inflows are not expected to materially affect its earnings per share or net tangible assets per share for the current financial year [1, 2, 3].
