Apollo (NYSE: APO) has agreed to invest $1.5 billion through Apollo-managed funds and affiliates into the Keppel Offshore Fund, LP, a portfolio of offshore energy assets managed by Singapore-based Keppel Ltd. (SGX: BN4), according to a press release.

The fund will hold offshore energy assets managed by Keppel, a Singapore-headquartered global asset manager with approximately S$95 billion in assets under management across infrastructure, real estate, and connectivity. The transaction has received an investment-grade rating.

Jamshid Ehsani, Partner at Apollo, said: "Keppel has firmly established itself as one of the region's premier asset managers and infrastructure operators, and we are pleased to support their efforts to address global energy security, leveraging our scaled permanent capital base and structuring expertise."

Loh Chin Hua, Chief Executive Officer of Keppel, said: "We are pleased to welcome Apollo as an investment partner while we continue to manage this strong portfolio of assets."

The transaction is subject to customary closing conditions, including regulatory approvals. Entities of SMBC Group are acting as debt advisor and placement agent to Apollo Funds. Latham & Watkins is serving as legal counsel for Apollo Funds, Milbank LLP as investor's counsel, and Clifford Chance as legal counsel to Keppel.

Apollo reported approximately $1.03 trillion in assets under management as of March 31, 2026.