Keppel has raised $6.3 billion in total funds under management (FUM) y-t-d- for its private fund strategies in data centres, education assets and sustainable urban renewal.
This includes the latest capital commitments of approximately US$700 million ($907 million) secured from global institutional investors for its Keppel Education Asset Fund II (KEAF II) and Keppel Data Centre Fund III (KDCF III). These commitments represent approximately $2.3 billion in new FUM.
Keppel’s secured an additional US$500 million in committed capital from one of Europe’s largest pension funds, boosting its dry powder for investments in the education sector. This follows KEAF II’s successful first close in April 2025 with commitments from both returning and new LPs across sovereign wealth, insurance, pension and endowment institutions.
With this latest capital commitment, KEAF II’s total capital raised has crossed US$800 million, translating into more than $2.6 billion in FUM.
Keppel says that KEAF II is the second value-add fund in the Keppel Education Asset Fund series. The flagship series focuses on strategic investments in education-related assets and facilities.
As its first investment, KEAF II has entered into a partnership agreement with Precinct Properties Group to acquire an 80% stake in a purpose-built student accommodation (PBSA) facility in Auckland, New Zealand. It is slated for completion in 2028.
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This strategic investment allows KEAF II to capitalise on the growing demand for quality student accommodation in Auckland. Other assets in KEAF II’s US$3 billion investment pipeline include properties located mainly in Australia, Japan, Singapore and South Korea.
Meanwhile, KDCF III secured an additional US$200 million in capital, bringing its total capital raised to nearly US$800 million to date, representing more than $2.6 billion in FUM3.
KDCF III will invest in a portfolio of sustainable, best-in-class data centres across Asia Pacific. It will focus on securing pre-commitments or high leasing certainty from hyperscale customers.
Shares in Keppel closed 11 cents higher or 1.288% up at $8.65 on Aug 7.
