Singapore state investment firm Temasek Holdings and Kuwait Investment Authority (KIA) have joined the AI Infrastructure Partnership (AIP) consortium to invest in artificial intelligence infrastructure globally.
AIP is backed by US asset management giant BlackRock Inc, technology giant Microsoft, and Abu Dhabi technology investment firm MGX. The consortium was formed last September with a goal to initially invest more than US$30 billion in AI-related projects.
Temasek and KIA’s entry into the group was announced by Raj Rao, president and chief operating officer of Global Infrastructure Partners, a unit of BlackRock, at the asset management giant’s annual investors day on June 12. He said KIA joined about two weeks ago and Temasek joined on June 12.
According to Rao, the consortium is one of the world’s largest efforts to invest in data centres and energy facilities needed to power AI applications such as ChatGPT.
“AIP’s aim is to capture generational investment opportunities in AI and digital infrastructure-linked with AI. Our goal is simple, that is to create a funding mechanism to tackle the significant needs for AI,” he said.
Temasek had a net portfolio value of $389 billion as of end-March. KIA had $920 billion of assets under management as of end-2024.
BlackRock is the world’s largest asset management firm, managing $11.58 trillion of assets as of end-March.
