Milbank Advises Investors on $1.5B Financing of Apollo-Keppel Offshore Energy Fund

Milbank LLP advised the investors in connection with Apollo’s US$1.5 billion investment into Keppel Ltd.’s (Keppel) Keppel Offshore Fund, LP, that will hold a portfolio of offshore energy assets.

The transaction is rated investment grade and represents one of the first of its kind in Southeast Asia, reflecting growing global demand for innovative private capital solutions in the offshore energy sector. 

Since 2020, Apollo has originated over $100 billion of bespoke capital solutions for leading companies. This transaction underscores Apollo's deliberate strategy to partner with regional banks, combining structuring expertise and a permanent capital base with deep corporate relationships and market reach, to originate and deliver innovative solutions for companies across Asia-Pacific. Keppel is a Singapore-headquartered global asset manager and operator with strong expertise in infrastructure, real estate and connectivity, overseeing S$95 billion in funds under management. 

Click here to read the official press release.

"This transaction highlights how sophisticated private capital can be deployed to support strategically important offshore energy infrastructure across multiple regions," said Asia Managing Partner David Zemans. "We are pleased to work with Apollo and the investor group on an innovative, investment grade structure that helps unlock long-term value in a technically intensive asset class."

The Milbank team was led by Energy and Infrastructure partners David Zemans and James Orme and Corporate Finance and Securities partners James Grandolfo and Terrence O'Donnell, with associates York Wu, Paul Duncan, Flora Wang, Edward Skowronek and Kris Singh. The broader deal team also included Global Project, Energy and Infrastructure Finance partners Dan Bartfeld and Katie Hicks, who provided senior support; Executive Compensation and Employee Benefits partner Joel Krasnow and special counsel Sharon Mori, who advised on ERISA matters; Alternative Investments special counsel Joel Cavanaugh who provided Investment Company Act advice; and Tax partner Andrew Walker and associate Blake Rocks, who advised on tax matters.