BDA advises Kaer on partnership with PATRIZIA and Mitsui to accelerate expansion of Cooling as a Service with up to US$350m investment commitment

BDA Partners is pleased to announce that its client, Kaer, has successfully secured capital investment from PATRIZIA and Mitsui, via their APAC Sustainable Infrastructure Fund (A-SIF). This investment will support the expansion of Kaer’s Cooling as a Service (CaaS) business across high growth Asian markets, representing up to US$350m in capital deployment to accelerate the region’s transition to low carbon cooling.

BDA was the exclusive financial advisor to Kaer on the transaction. Terms of the transaction were not disclosed.

ASIF’s investment will support Kaer’s development of its existing presence in Singapore, Malaysia, India and Indonesia, as well as seed growth in new regional markets including Thailand and Vietnam. With 30% growth in 2024 and a further 50% growth projected from existing contracts coming in 2025, this partnership will allow Kaer to scale its operations safely while further developing technology and data analytics to enhance customer experience. By 2028, Kaer aims to deliver low-carbon cooling to 100 million square feet of commercial real estate, helping to eliminate 120 million kg of carbon emissions from cities in Asia.

Meanwhile Kaer remains under the same management, ensuring continuity in operations and customer relationships, with A-SIF initially holding a minority stake, committing additional growth capital to support further expansion and business development.

Justin Taylor, CEO of Kaer, said: “This partnership with PATRIZIA and Mitsui through A-SIF is a significant milestone for Kaer and the global Cooling as a Service movement. With this investment, we will accelerate the expansion of our CaaS model into new markets, scale our technology-driven solutions, and help our customers reduce their carbon footprint while lowering costs. As demand for sustainable cooling grows across Asia, we remain committed to pioneering the transition towards a more energy-efficient and decarbonised built environment.”

Saji Anantakrishnan, Head of Infrastructure for Australia and Asia at PATRIZIA, added: “This fourth investment for A-SIF marks a strategic expansion into Cooling as a Service infrastructure. Kaer has built a market-leading business in an emerging sector that delivers both sustainability benefits and cost savings to customers. This platform exemplifies the merits and value-creation potential of midmarket infrastructure investing at its best. It is also a great example of what RE-Infra means in practice – infrastructure investing that enhances the value of the built environment, with technology playing a critical role in linking the two.”

Mark Webster, Partner, Head of Services and Sustainability, BDA Partners, said, “This is a landmark transaction for energy efficiency and decarbonisation in Asia. Backed by PATRIZIA and Mitsui, Kaer will continue to lead the delivery of sustainable Cooling as a Service across the region. We’re delighted to have advised Kaer.”