Principal Asset Management, the investment management unit of Principal Financial Group, announced the final investor close for its Principal Data Center Growth & Income Fund on February 28. The fund successfully raised $3.64 billion, significantly exceeding its target from a diverse global investor base. This marks the third discretionary data center-focused vehicle for Principal.
The fund is dedicated to the development of a portfolio of hyperscale data center projects across the United States. It is expected to capitalize more than $8 billion of hyperscale development assets in partnership with Stream Data Centers, a leading provider of digital infrastructure solutions. This investment aligns with Principal's focus on scalable sectors benefiting from secular tailwinds.
John Berg, senior managing director and global head of private real estate at Principal Asset Management, highlighted the pivotal moment this closing represents in responding to surging demand for digital infrastructure. Principal Real Estate has been investing in data centers since 2007, with $11 billion in data center assets under management and a construction pipeline.
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