Keppel still reports its asset management fees and has yet to break out its revenue as the likes of Blackstone and CLI do. In 1Q2026, Keppel’s asset management fees rose 13% y-o-y to $108 million.
As of May, between CapitaLand Investment (CLI) and Keppel, CLI is further along the way to being a Blackstone, although its funds under management (FUM) of $125 billion to $75.3 billion of REIT FUM and $80 billion of private funds FUM is a fraction of Blackstone’s (see Table 1). The way CLI reports its fee-related earnings (FRE), which it has tweaked to fee-related revenue (FRR), real estate investment business (REIB), FRR as a percentage of funds under management (FUM) and fund management (FM). FRR vs FUM is similar to Blackstone and Brookfield Asset Management (BAM).
CLI’s fee revenue in FY2025 was $1.23 billion, up 6% y-o-y; its 1QFY2026 fee revenue rose 10% y-o-y to $310 million. CLI’s major challenge at the patmi level is the downward revaluation of its mainland China assets. In 1Q2026, FRR/FUM was 82 basis points (bps) and FM FRR/FUM was 51 bps.
