Keppel Capital names new CEO for private real estate

Former CEO Alvin Mah has left after 18 years at Alpha Investment Partners but will remain on the investment committee of a few Alpha funds.

Galen Lee has taken on the role as chief executive officer for Alpha Investment Partners, Keppel Capital’s private fund business for real estate and data centers.

Lee had been the head of investments at Alpha since he joined in 2018. During his tenure, he played a key role in launching the firm’s funds and business initiatives, including the Keppel Vietnam Fund and an Indonesian logistics joint venture with Manulife Investment Management. Before joining Alpha, he was the head of capital markets at Singapore’s City Developments Limited, where he led the firm’s private capital formation and mergers and acquisitions activities. Prior to that, he held senior roles in global investment banks such as UBS and Bank of America Merrill Lynch.

Upon Lee’s promotion, the investment team will be led by Bridget Lee, chief operating officer of Keppel Capital and chief executive officer of Keppel
Capital Alternative Asset, a Keppel spokesperson told PERE. Meanwhile, Lee’s predecessor, Alvin Mah, will remain a member of the investment committee for a few of Alpha’s funds. The long-serving executive had been with the business for 18 years. Prior to becoming the chief executive officer of Alpha, Mah was the chief investment officer for more than six years.

“I leave excited. Excited for what the future holds for the next generation of Alpha’s & Keppel Capital’s leaders. And excited for myself as I explore a very different landscape,” said Mah, according to a farewell note seen by PERE. He did not disclose his next role.

Apart from its $1 billion flagship value-add fund Alpha Asia Macro Trends Fund III, Alpha has also launched a number of sector- and country-specific vehicles in Asia Pacific. One of those was the Keppel Data Centre Fund II (KDC Fund II), which corralled $1.1 billion from investors at the end of 2021. Last year, the fund entered into a strategic partnership with Heying, a subsidiary of Chinese conglomerate Tianjin Zhengxin Group, to develop a greenfield data center in Greater Beijing.

With assets under management of S$50 billion ($38 billion; €34 billion), Keppel Capital is the asset management arm of Singaporean conglomerate Keppel Corporation, overseeing both listed and private investments. On the listed side, it manages Keppel REIT, Keppel Infrastructure Trust, Keppel DC REIT and Keppel Pacific Oak US REIT. The private funds side includes Alpha Investment Partners and alternative assets manager Keppel Capital Alternative Asset.