Keppel Capital Holdings Pte. Ltd (Keppel Capital) has announced that it has launched the Keppel Asia Infrastructure Fund a new closed-end infrastructure private equity fund with a target size of US$1 billion, and has achieved its first closing.

The Fund intends to acquire as its first investment, an interest in the Gimi floating liquefied natural gas (FLNG) facility, which is currently undergoing conversion at Keppel Offshore & Marine. The Fund and its co-investment vehicles have received initial capital commitments of US$ 360 million from investors including a sovereign wealth fund and an endowment fund.

The Fund will be managed by Keppel Capital Alternative Asset, a private fund manager under Keppel Capital that focuses on establishing, offering and managing private funds investing in new alternative asset classes including infrastructure, senior living and education. Leveraging Keppel Capital’s fund management experience and investor network, and amalgamating these with the Group’s project development and asset management capabilities, the Fund aims to grow its portfolio, which will include both operational assets and select greenfield projects in the Asia Pacific region.