Singapore conglomerate Keppel Corp Ltd announced on Monday that its asset management arm, Keppel Capital Holdings Pte Ltd, entered a strategic cooperation with the National Pension Service of Korea (NPS) to explore investment opportunities for private infrastructure in Asia.
The cooperation will bring together the asset management expertise of both NPS, the world’s third largest pension fund, and Keppel Capital.
It will also leverage the Keppel group’s track record and ability to develop, operate and maintain complex real assets such as energy and environmental infrastructure, including renewables and related technology solutions, urban development and connectivity solutions.
Beyond infrastructure, the tie-up will also create potential collaboration opportunities across the other asset classes where Keppel Capital is active, such as real estate and data centres, and other new sectors, such as senior living, said Keppel Corp.
Keppel Capital CEO Christina Tan said: “Notwithstanding the current challenging macroeconomic environment, we are confident that by working together with a world-class and like-minded institutional investor, we will be able to synergise and tap on each other’s expertise and capabilities, given that we both embrace a value-oriented shareholder focus and disciplined approach to investment.”
The latest tie-up builds on an earlier commitment by NPS to Keppel Capital’s private infrastructure initiative.
It is not expected to have a material impact on Keppel Corp’s net tangible assets or earnings per share for the current financial year.
Since the start of 2020, Keppel Capital, has achieved several key milestones across asset classes, said Keppel Corp.
Besides the launch of an Asian-focussed infrastructure fund, the firm rolled out a private credit fund and an Indonesian logistics property venture, and partnered with Australian Unity to establish funds aimed at the Australian metropolitan office sector, it said.
In July, Keppel Capital entered the Chinese data centre market when a fund managed by its unit invested 1.5 billion ringgit ($364 million) in a data centre project in Huizhou, Guangdong province, it added.
On the Singapore Exchange, Keppel Corp’s share price fell S$0.09 (US$0.066) or 2.10 per cent to close at S$4.19 on Monday for a market capitalisation of S$7.615 billion, with 2.39 million shares traded.
THE STRAITS TIMES (SINGAPORE)/ASIA NEWS NETWORK