Keppel Secures $1.5B for Data Centre, Education Funds

Singapore's Keppel Ltd has secured nearly S$2 billion ($1.5 billion) in capital commitments from global institutional investors for its flagship funds, including Keppel Data Centre Fund III (KDCF III), Keppel Education Asset Fund II (KEAF II), and its Sustainable Urban Renewal (SUR) strategy. These commitments boost Keppel's funds under management to about S$4.9 billion, moving the firm closer to its interim goal of S$100 billion by 2026 and an ultimate target of S$200 billion by 2030. KDCF III, which raised $580 million at first close, will invest in sustainable data centers across the Asia-Pacific region, particularly targeting hyperscale customers to mitigate leasing risks. KEAF II secured $307 million and focuses on education-related assets in Asia-Pacific, with backing from a returning sovereign wealth fund and new institutional investors. The SUR strategy, which raised S$760 million, invests in value-added real estate to decarbonize the built environment while delivering competitive returns. Keppel's leadership highlighted that these investments reflect strong demand for alternative real assets driven by trends such as climate change, urbanization, and digitalization.