Keppel Capital, the asset management arm of Singapore-based marine and property company Keppel Corporation, has reached a first close on $410 million for its two latest funds – the Alpha Data Centre (DC) Fund and the Alpha Asia Macro Trends Fund (AAMTF) III – according to a Singapore Exchange filing.
The firm is targeting $500 million for its DC Fund which it will look to deploy into data centers in Asia-Pacific and Europe. For AAMTF III, Keppel is targeting $1 billion and will invest the capital in retail and accommodation-related assets that ride on existing trends in Asia, such as consumerism, urbanism, and ageing populations. Beyond Singapore, the fund's target markets include China, Vietnam, Japan and South Korea, a spokesperson for the firm told PERE.
Both funds were launched in February this year, a month after Keppel Corporation said it would restructure and consolidate its $26 billion asset management businesses – Keppel Infrastructure Fund Management , Keppel DC Reit Management , Keppel Reit Management , and Alpha Investment Partners – under Keppel Capital.
Limited partners in the DC Fund include sovereign wealth funds and corporations, Keppel Capital's spokesperson said.
She added that AAMTF III was launched this year due to strong support and endorsement from current investors, and noted that it is expecting mix of investor types, including corporates, pension funds, endowments, and financial institutions from Singapore, Europe and the Middle East.
Limited partners who have committed capital to past Keppel's funds include the Oregon Public Employees' Retirement System, Oregon State Treasury, and Keppel Land, according to PERE Research.