Singapore-based Keppel Capital Holdings, the asset management arm of Keppel Corporation, and the National Pension Service of Korea (NPS), the world’s third largest pension fund, have agreed to jointly explore investment opportunities for private infrastructure in Asia. They will also seek collaboration opportunities across other asset classes where Keppel Capital is active, such as real estate and data centres, as well as new sectors like senior living.

Says Keppel Capital chief executive officer Christina Tan: “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 synergize and tap on each other’s expertise and capabilities, given that we both embrace a value-oriented shareholder focus and disciplined approach to investment.”

Besides its Asia-focused infrastructure fund, Keppel Capital has also launched a private credit fund and an Indonesian logistics property venture, as well as partnered with Australian Unity to establish funds focusing on the Australian metropolitan office sector. A fund managed by its unit has also invested 1.5 billion yuan (US$221.86 million) in a data centre project in Huizhou, Guangdong province.

The latest development is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation for the current financial year, the company notes.