Principal Asset Management, the investment management unit of Principal Financial Group, has successfully concluded the investor close for its Principal Data Center Growth & Income Fund. This fund is specifically designed to create a diverse portfolio of hyperscale data center projects throughout the United States.
The Principal Data Center Growth & Income Fund has raised an impressive $3.64 billion, surpassing its target, from a wide range of global investors. This marks Principal’s third discretionary fund focused on data centers. The fund is expected to provide funding for over $8 billion worth of hyperscale development assets across the United States, in collaboration with Stream Data Centers, a leading provider of digital infrastructure solutions.
“The success of this fundraising effort validates our extensive knowledge and experience in data center investments, and we are grateful for the trust and confidence placed in us by our diverse group of investors,” stated John Berg, Senior Managing Director and Global Head of Private Real Estate at Principal Asset Management.
Principal Real Estate has been actively investing in data centers since 2007 and currently manages data center assets worth $11 billion, with additional projects in the construction pipeline. Overall, Principal Real Estate oversees a global real estate asset portfolio exceeding $100 billion.
2 Comments
This is such exciting news! Investing in data center infrastructure is crucial for companies to keep up with the evolving technological landscape and continue providing robust and efficient services. I’m curious to know how Principal Financial Group plans to allocate this investment and leverage it for future growth opportunities.
This investment by Principal Financial Group is a great move towards the future. With the expansion of their data center infrastructure and income fund, they are positioning themselves to better serve their clients and stay ahead in a rapidly evolving industry. It will be interesting to see how this investment unfolds and the impact it has on their business strategy.