Keppel infrastructure fund reaches first close

30 January 2020 - 12:00 am UTC

Keppel Capital-managed Keppel Asia Infrastructure Fund has reached a first close at USD 360m, according to an announcement.

A sovereign wealth fund and an endowment fund are among the investors in the new fund, according to Keppel. The Singaporean manager hopes to grow the fund to USD 1bn.

The fund’s first investment will be a stake in the Gimi floating liquefied natural gas (FLNG) facility, which is being converted from a Moss LNG carrier, by sister company Keppel Offshore & Marine. 

When completed, the Gimi FLNG will be stationed at a nearshore hub on the Mauritiana and Senegal marine border. Gimi is scheduled to produce about 2.5 million tonnes of  LNG per annum from 2022.

Keppel did not disclose how much of Gimi FLNG it plans to buy, but the conversion contract is USD 947m in size.

The fund will invest in operational assets and select greenfield projects in the Asia Pacific region. It will be managed by Keppel Capital Alternative Asset, a private fund manager formed last year by Keppel Capital to focus on new alternative asset classes including infrastructure, senior living and education. 

SGX-listed Keppel Corporation is active in the offshore & marine business, property, infrastructure and asset management. Its Keppel Capital arm manages a SGD 33bn (USD 24bn) portfolio of real estate, infrastructure and data centre assets.

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