The Asian Infrastructure Investment Bank (AIIB) will invest USD75.5 million in the Keppel Private Credit Fund III (KPCF III), together with a co-investment sleeve of up to USD50 million, reinforcing its strategic partnership with Keppel.
KPCF III is the successor fund to the Keppel-Pierfront Private Credit Fund (KPPCF), in which AIIB invested as a limited partner in 2021. The close-ended fund aims to provide direct debt financing to mid-cap companies in the infrastructure sector, primarily across the Asia-Pacific region. Leveraging KPPCF’s strong financial performance and development impact, KPCF III aims to help address the region’s infrastructure financing gap and strengthen the underpenetrated private credit market, both of which are critical to maintaining the region’s growth momentum and advancing climate solutions.
“Building on our strong and established strategic partnership, AIIB’s investment in KPCF III underscores our continued commitment to working with Keppel in advancing Asia-Pacific region’s transition towards a more sustainable and low-carbon future,” said Kim-See Lim, AIIB’s Chief Investment Officer, Public Sector (Region 1) & Financial Institutions and Funds (Global) Clients. “This collaboration reflects AIIB’s broader mission of mobilizing capital and fostering partnerships that deliver long-term impact for our Members and communities.”
“AIIB has been a longstanding partner with Keppel across multiple fund strategies and asset classes. AIIB’s commitment to KPCF III is a strong endorsement of our institutional-grade platform and differentiated private credit strategy,” said Christina Tan, CEO of Fund Management and Chief Investment Officer, Keppel. “Building on our collaboration with AIIB, we aim to help narrow the infrastructure gap in Asia Pacific while continuing to deliver attractive risk-adjusted returns to our investors.”
AIIB signed a strategic partnership agreement with Keppel in June 2025 during the Bank’s 10th Annual Meeting in Beijing to facilitate and mobilize up to USD1.5 billion in sustainable infrastructure investments across the Asia-Pacific region. The partnership aims to identify and invest in infrastructure projects that focus on advancing green infrastructure, enhancing regional connectivity and supporting technology-enabled solutions.
More information about the project can be found here.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 111 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
About Keppel
Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonization, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.
