2024 was a transformational year for Keppel. Despite high interest rates and the macroeconomic headwinds, we have gained strong momentum in our growth as a global asset manager and operator.
Against a challenging fundraising landscape, our private funds1 and listed infrastructure and real estate trusts raised $3.4 billion in equity and completed $6.2 billion of acquisitions and divestments. During the year, our Funds under Management2 (FUM) grew 60%, from $55 billion to $88 billion, while our asset management fees3 rose 54% from $283 million to $436 million.
In April 2024, we completed the strategic acquisition of an initial 50% stake in Aermont Capital (Aermont), giving Keppel an immediate and strong foothold in Europe. This has not only expanded our presence beyond Asia Pacific, but also widened our network of blue-chip Limited Partners (LPs).
Keppel, with the DNA of an asset manager and strong operating capabilities, offers a unique value proposition to our LPs. Leveraging our deep expertise, we can create alphas for our funds by seizing opportunities from the energy transition, digitalisation and the AI wave, and the growing demand for alternative real assets.
Our ability to connect investors with proprietary real assets that address global challenges, while delivering strong returns, sets Keppel apart from other asset managers. Examples of our proprietary assets include the Keppel Sakra Cogen Plant, Singapore’s first hydrogen-compatible power plant, and the Bifrost Cable System, the largest capacity high-speed transmission cable across the Pacific Ocean. We are also creating innovative solutions like floating data centres and net-zero data centre campuses, such as the proposed DataPark+, by leveraging our operating divisions’ expertise.
In 2024, Keppel and the Trustee-Manager of Keppel Infrastructure Trust entered into an agreement for the respective sale and purchase of a 50% equity interest in Marina East Water Pte. Ltd., which owns the Keppel Marina East Desalination Plant.
In 2024, our flagship funds, KSURF and Keppel Private Credit Fund III, achieved their first closings and attracted top-tier investors. We are also receiving strong interest for the new vintages of our Keppel Data Centre Fund and Keppel Education Asset Fund series. We are also working closely with Aermont on opportunities in Europe. During the year, Keppel contributed to Aermont’s successful acquisition of Spain’s leading data centre group, Nabiax, under Fund V. Aermont is now making plans to launch Fund VI, building on the success of Fund V and good investor interest.
