Singapore-headquartered global asset manager and operator Keppel has secured a commitment to its Keppel Private Credit Fund III ( KPCF III ) of US$75 million from the Asian Infrastructure Investment Bank ( AIIB ), along with a co-investment sleeve of up to US$50 million.

This brings the AIIB’s total commitment to up to US$125 million, boosting KPCF III’s total funds under management to over US$561 million, and marks the AIIB’s first investment under the strategic partnership agreement signed in June 2025 with Keppel, through its fund management and investment platforms.

The partnership, the organizations note, aims to facilitate and mobilize up to US$1.5 billion worth of sustainable infrastructure investments and financing opportunities across Asia-Pacific, focusing on projects developed by Keppel and invested in by its private funds.

KPCF III is the third vintage in Keppel’s private credit fund series, following Pierfront Capital Mezzanine Fund and Keppel-Pierfront Private Credit Fund, which the AIIB had also backed in 2021.

With the AIIB’s latest commitment, KPCF III has already raised 170% of the third-party capital achieved by its predecessor fund, underscoring, Keppel points out, the strong investor confidence in its differentiated private credit strategy.

Keppel’s private credit strategy provides bespoke loans to companies with defensive infrastructure-like operating businesses, across a wide range of real asset sectors, including renewable energy, transportation, telecommunications, logistics, social infrastructure and other core infrastructure in Asia-Pacific.

To date, approximately US$260 million under KPCF III has been deployed across core infrastructure, renewables, data centres and social infrastructure projects in the region. Since 2016, Keppel’s private credit fund series has deployed over US$1 billion across 34 investments. More than half of these investments have been fully exited, delivering an attractive average return profile in the low- to mid-teens.

The above-mentioned development is not expected to have any material impact on the earnings per share and net tangible assets per share of Keppel for the current financial year.

“Rapid urbanization and digital transformation are reshaping the Asia-Pacific region, driving infrastructure needs in excess of US$1.7 trillion annually through 2030,” shares Christina Tan, the asset manager’s CEO of fund management and chief investment officer. “Meeting this demand at scale requires visionary partnerships that can mobilize both capital and expertise efficiently to deliver resilient, future-ready solutions in the face of climate and resource challenges.