Keppel Is Transforming Into a Global Alternative Asset Manager

Singapore-based Keppel is an alternative asset manager and operator with SGD 95 billion of funds under management as of end-December 2025. Currently, the group generates most of its income from its infrastructure segment, where it invests and operates in a portfolio of infrastructure assets such as renewable energy assets, natural gas power plants, and water and wastewater treatment plants. The group also has a real estate segment where it operates mainly in Singapore, China, Vietnam, Indonesia, the US and Europe. Under this segment, the group builds and sells residential units, and invests in income-producing investment properties for rental income. As for its connectivity division, the group operates data centers and owns M1, a telecommunications company in Singapore. Lastly, the group manages listed and unlisted investment funds spanning all three segments for management fees.