Data Centers

1547 Data Center Real Estate Fund II, L.P. is a digital infrastructure real estate fund managed by fifteenfortyseven Critical Systems Realty (1547), a developer, operator, and owner of data centers across North America and Europe. 1547 was founded as a specialized data center real estate platform and is known for operating carrier hotel properties and hyperscale facilities. Fund II represents the firm's first major independently raised institutional fund, moving beyond the partnership model that characterized earlier capital raises. The fund targets the structural demand wave driven by cloud computing, AI workload growth, and digital transformation across enterprise and hyperscale tenants. The fund's investment strategy centers on acquiring, developing, and operating data center assets across the United States, United Kingdom, and Canada. Target assets include carrier hotels, colocation facilities, hyperscale campuses, and purpose-built data center developments. 1547 has historically partnered with Harrison Street Real Assets on strategic acquisitions, including carrier hotel properties in Portland, Oregon and Milwaukee, Wisconsin. Fund II maintains a similar value-add and opportunistic mandate, focusing on properties where 1547's operating expertise — covering more than 1.1 million square feet of managed data center space — can create direct value uplift. 1547 filed with the SEC to raise up to $250 million for Fund II, representing the total target for the independent vehicle. The firm is concurrently developing a 290 megawatt data center campus in Chester County, Pennsylvania, expected to come online by 2025–2026, which signals an active deployment period alongside the capital raise. The fund is positioned at the intersection of real estate and digital infrastructure, serving an investor audience seeking yield from the long-term structural tailwinds of data center demand growth.

BGO U.S. Industrial Strategies I is a USD 800 million closed-end real estate fund managed by BGO (BentallGreenOak), targeting value-add industrial and logistics assets in the United States with a strategic focus on properties with data center conversion potential. The fund completed its final close on October 21, 2025, with total commitments of approximately USD 800 million inclusive of an approximately USD 260 million data center co-investment, resulting in a projected gross asset value of approximately USD 2.43 billion across the portfolio. This is BGO's inaugural dedicated US industrial vehicle and the firm's largest-ever single-strategy closed-end fundraise. The fund partners with NorthPoint Development, one of the most prolific industrial developers in the United States, to develop and value-add a prime portfolio of eight industrial projects across key logistics and distribution markets. Three of the portfolio properties are planned for data center development, reflecting the convergence of logistics real estate and digital infrastructure demand at high-power sites. The strategy targets assets characterized by supply constraints, growing tenant demand, and the physical specifications required for both traditional industrial use and data center repurposing, including power access and structural capacity. The fund attracted commitments from a global institutional investor base including pension funds, sovereign wealth funds, and insurance companies, and closed well above its initial target. BGO manages more than USD 90 billion in real estate assets globally across equity, debt, and operating strategies. The U.S. Industrial Strategies I fund represents the firm's focused strategic bet on the industrial sector's dual transformation: as both a logistics platform benefiting from e-commerce tailwinds and a data center feedstock as AI-driven power demand intensifies.

Bain Capital Real Estate Fund III is a USD 3.4 billion value-add and opportunistic real estate vehicle managed by Bain Capital Real Estate, the dedicated real estate arm of Bain Capital, one of the world's leading alternative investment firms with over USD 185 billion in assets under management. The fund completed its final close on January 13, 2026, raising USD 3.4 billion in total commitments, representing a significant step up over the USD 3 billion raised by predecessor Bain Capital Real Estate Fund II. Fund III is the centerpiece of a broader USD 5 billion capital formation effort that also includes a USD 1.6 billion co-investment raised alongside 11North Partners, collectively representing Bain Capital Real Estate's most substantial fundraising effort to date. Bain Capital Real Estate deploys capital into high-conviction real estate opportunities characterized by structural supply constraints, demand tailwinds, or operational complexity that benefits from active asset management. Fund III targets value-add and opportunistic investments across US commercial real estate with a focus on industrial, residential, and hospitality assets where the firm's operational capabilities and institutional relationships can generate risk-adjusted outperformance. The firm's deep integration with Bain Capital's broader credit, private equity, and operational resources provides portfolio companies with differentiated value-creation tools beyond standard financial engineering. The fund attracted commitments from a globally diversified investor base of leading pension funds, sovereign wealth funds, insurance companies, and endowments, across North America, Europe, and Asia Pacific. Bain Capital Real Estate was established in 2014 and has built a consistent track record across its flagship fund series, positioning Fund III as the firm's most ambitious vehicle for US commercial real estate value creation.

BlackChamber Real Estate Opportunity Fund II is an opportunistic real estate vehicle managed by Washington D.C.-based BlackChamber Group, with a strategic focus on hyperscale data center development. The fund seeks to capitalize on surging demand for digital infrastructure by targeting key U.S. markets such as Northern Virginia, known for its dense concentration of data center activity. The fund closed with $830 million in committed capital from a globally diversified LP base including sovereign wealth funds, pensions, insurance companies, endowments, and family offices. It also secured approximately $1.3 billion in sidecar capital, bringing total commitments to $2.1 billion—more than double its $1 billion target. BlackChamber employs a vertically integrated model to develop single-tenant, triple-net leased data center shells for major hyperscale tenants. The firm’s leadership draws on experience from Meta, JLL, COPT, Credit Suisse, and Whiting-Turner, providing deep operational and investment acumen in the digital infrastructure space.

BlackRock Europe Property Fund VI is a real estate opportunistic fund located in London, United Kingdom. The fund invests in Europe with a focus on UK, France, Germany, the Nordics and Spain. The fund plans to take advantage of an attractive entry point in European real estate markets that have recently repriced more swiftly than other regions. It will invest in high-quality assets aligned with structural mega forces driving the economy and future occupier demand, including demographic shifts, digital disruption, and the transition to a low-carbon economy and a net-zero built environment. The fund is an SFDR Article 8 fund with a focus on ESG credentials, including high-energy efficiency and creating net-zero emissions. The strategic focus includes student housing and homes, logistics, and data centers in under-supplied markets. The fund will focus on recapitalizing, repositioning, and rebuilding assets.

The Brookfield Artificial Intelligence Infrastructure Fund (BAIIF) is an advanced infrastructure investment fund that focuses on the burgeoning field of artificial intelligence. As AI technologies become more integral to various industries, BAIIF seeks to capitalize on the need for robust infrastructure to support these advancements. This fund is designed to provide investors with access to high-quality assets that are pivotal in facilitating AI operations, including data centers, communication networks, and power utilities.Managed by Brookfield, the fund leverages the team's extensive experience in infrastructure investments to identify and enhance assets that align with the growing demand for AI capabilities. The fund is aimed at investors looking to benefit from the technological evolution while supporting sustainable and innovative infrastructure growth.

CBRE Asia Value Partners 7 SCSp SICAV‑RAIF (AVP 7) is a Luxembourg‑domiciled, real estate value‑add fund managed by CBRE Investment Management. Launched in May 2025, the vehicle secured an initial $100 million commitment in its latest close. AVP 7 focuses primarily on modern logistics assets, including warehouses and distribution centers, as well as select data‑center opportunities—continuing the trend established by AVP VI, where at least 80 % of capital was dedicated to high‑demand logistics real estate. Through a value‑add strategy, the fund acquires assets suited for development or repositioning, targeting yield enhancement by converting secondary properties into core‑quality holdings. The fund targets stabilized distributions through a mix of development upside and operational improvements, supported by CBRE’s in‑house operator team. The anticipated deployment period spans multiple years, with future capital reliant on a strong deal pipeline backed by CBRE’s regional footprint and proprietary deal sourcing.

CBRE IM Real Estate Partners 2 (REP2) is a dedicated real estate investment fund managed by CBRE Investment Management. The fund aims to capitalize on attractive opportunities in the real estate sector, driven by market dynamics and macroeconomic trends.With a focus on delivering sustainable returns, REP2 employs a robust investment strategy that targets high-quality assets across key geographies. Leveraging the expertise of CBRE's global network, the fund is primed to identify and secure promising real estate investment opportunities, providing investors with access to a diversified portfolio of properties.

Cerberus Institutional Real Estate Partners VII is a global opportunistic real‑estate and real‑estate‑related credit fund managed by Cerberus Capital Management, drawing upon the firm’s extensive experience across real‑estate equity, credit, non‑performing loans and special situations. The fund seeks to capitalise on market dislocations, financing stress and structural real‑estate shifts by investing where Cerberus’s asset‑management, credit‑structuring and operational capabilities can add value.The strategy targets a broad spectrum of opportunities including data‑centres, multifamily residential properties, mortgage‑backed securities and other real‑estate credit or special‑situation exposures. By combining direct‑asset acquisitions, asset aggregation platforms and credit‑driven real‑estate investments, the fund aims to generate differentiated risk‑adjusted returns in volatile markets.Geographically global in scope, the fund emphasises markets where Cerberus has established sourcing channels and operational presence. The investment team seeks to deploy capital into structures with attractive going‑in value, cash‑flow upside and operational or credit repositioning potential. The fund targets a net internal rate of return in the 13%‑16% range, reflecting the firm’s conviction in the current opportunity set and its ability to leverage its integrated platforms across real estate, credit, and special situations to drive value for investors.

Cloud Capital Fund II is a closed-end private real estate investment fund managed by Cloud Capital, a specialized data center investment management firm headquartered in Washington, D.C. with additional offices in San Francisco and London. The fund, which held its first close in February 2025, focuses on acquiring, developing, and managing a portfolio of institutional-quality data center assets in tier-one, high barriers-to-entry markets globally, with particular emphasis on assets with anchor hyperscale tenant relationships. Cloud Capital's differentiated approach centers on its strategic collaboration with CloudHQ, a leading global data center developer and operator with over 260 professionals worldwide. This partnership provides the fund with proprietary first-access to high-quality data center assets developed by CloudHQ, offering investors a de-risked pathway to data center real estate exposure through a pipeline of institutional-grade properties. The fund pursues core, value-add, and development investment opportunities across the data center sector, targeting facilities that support hyperscale and enterprise tenants. Cloud Capital Fund II builds on the success of Cloud Capital Fund I, for which New Hampshire Retirement System was among the institutional investors. The fund completed a successful first close approximately two months after its launch, reflecting strong institutional appetite for data center real estate amid secular demand growth driven by artificial intelligence workloads, cloud computing expansion, and increasing digital infrastructure requirements. The fund is structured as a closed-end vehicle providing access to the data center sector through a disciplined, specialist investment manager with deep operational DNA in the sector.

The Digital Infrastructure Vehicle II ("DIV II") has successfully closed at approximately €1.6 billion, almost eight times larger than its predecessor fund. The Fund has attracted capital from global investors predominantly from Europe, US, Middle East and South Korea. It focuses on data centers, fiber networks and mobile access sites, and is targeting equity investments in the range of €150 to €250 million and will invest in 8-10 companies. The fund is located in Hamburg, Germany. In addition, DIV II is categorized as an Article 8+ fund and aims to have a minimum of 20% of its assets meet sustainable investment criteria. The fund also pledges to decrease its total greenhouse gas emissions and achieve carbon net-zero across its portfolio companies by the year 2040. The fund has achieved a GRESB 5-star rating, ranking 2nd out of 46 participating European PE infrastructure funds. Plans are underway for the next fund generation in the digital infrastructure sector, with a potential launch in 2025.

DigitalBridge Partners III is a 2022 vintage infrastructure value-added fund. The fund manager has offices in USA, Europe and Asia. The fund targets investments in cell towers, data centers, fiber, small cells, and edge infrastructure and invests in the range between USD 20 million to USD 300 million. The fund has a fundraising target of $8 billion. DigitalBridge delivers a series of customer solutions focused on next-generation mobile and internet connectivity solutions through a converged network experience.

DivCore Fund VII is a closed-end, value-add real estate fund managed by DivcoWest, aiming to raise $1.5 billion. The fund focuses on acquiring and repositioning underperforming real estate assets across the United States, targeting sectors such as office, residential, industrial, data centers, and self-storage. By leveraging DivcoWest's operational expertise, the fund seeks to enhance asset value through strategic improvements and active management. The fund's strategy includes identifying opportunities arising from distressed sellers, liquidating lenders, and rescue capital situations. This approach allows DivCore Fund VII to capitalize on market dislocations and acquire assets at attractive valuations. The fund aims to generate strong risk-adjusted returns for its investors by focusing on assets with significant value-add potential. DivCore Fund VII has attracted commitments from institutional investors, including a $75 million allocation from the Massachusetts Pension Reserves Investment Management Board (MassPRIM), with an additional $75 million earmarked for co-investments alongside the fund. This marks MassPRIM's fifth commitment to DivcoWest-managed funds over the past 14 years, reflecting confidence in the firm's investment strategy and track record.

ISQ Global Infrastructure Fund IV is the latest infrastructure value-add fund from I Squared Capital, aiming to raise $15 billion following the $12 billion Fund III closed in 2021. The fund continues I Squared’s strategy of investing in essential infrastructure assets with operational upside, leveraging its global platform and local expertise. The fund focuses on platform investments, with at least 60% of capital expected to be deployed in scalable opportunities where additional investments can be made over time. This approach allows for building and expanding infrastructure businesses across various sectors and geographies. ISQ Global Infrastructure Fund IV maintains a diversified investment strategy across sectors such as renewables, transport, and utilities, targeting opportunities in North America, Latin America, Western Europe, and Asia-Pacific. The fund seeks to capitalize on the growing demand for sustainable and resilient infrastructure globally.

Japan DC Partners I LP is Ares Management Corporation's inaugural fund dedicated to data center investment and development in Japan. With approximately US$2.4 billion (¥350 billion) in total equity commitments, the fund positions Ares as a significant player in Japan's data center market, aiming to meet the rapidly growing demand driven by cloud computing and artificial intelligence applications. The fund will invest in the development of three data center campuses in Greater Tokyo, collectively expected to deliver nearly 240MW of IT load. These facilities will incorporate strong sustainability standards, including renewable-enabled power sourcing and advanced cooling systems aligned with leading water efficiency protocols. Development and operations will be managed by Ada Infrastructure, Ares' global data center platform acquired through the GCP International transaction. Ada brings a dedicated team of over 70 professionals with deep expertise in executing complex data center projects, ensuring the successful realization of the fund's objectives.

Keppel Data Centre Fund III (KDCF III) is a private infrastructure fund launched by Keppel Ltd., designed to invest in the development and operation of hyperscale-ready, sustainable data centres across the Asia-Pacific region. In April 2025, the fund reached its first close with approximately US$580 million raised from institutional investors including pension funds, sovereign wealth funds, and insurance firms. The fund builds on the track record of Keppel’s earlier data centre vehicles, aiming to meet the surging demand for digital infrastructure spurred by the rise of AI and digital transformation. KDCF III emphasizes a de-risked approach through pre-commitments or long-term lease agreements with hyperscale clients, ensuring leasing stability and enhanced investor confidence. KDCF III leverages Keppel’s vertically integrated platform to deliver energy-efficient data centres, incorporating renewable energy sources and advanced cooling systems. This not only supports ESG commitments but also aligns with global trends toward sustainable infrastructure. The fund is strategically positioned to shape digital infrastructure across major growth markets in Asia-Pacific.

L&G Digital Infrastructure Fund (LDIF) is a private markets infrastructure equity fund launched in 2025 by Legal & General. Its core goal is to invest in the backbone assets that support the digital economy: data centres, fibre networks, wireless connectivity, cloud services, and associated infrastructure. It is Luxembourg-domiciled, structured under Article 8, and has achieved a first close of around €600 million (including co-investments). The fund will invest primarily in the UK and Europe, while reserving a selective global exposure, particularly in the US. It seeks high-quality, productive, fast-growing businesses and assets which accelerate digital transformation and enhance connectivity. LDIF is intended to leverage L&G’s sector expertise, existing relationships, and balance sheet, to incubate and scale infrastructure that supports longer-term macroeconomic trends. Targeting a gross IRR of ~15%, LDIF aims for stable but attractive returns by acquiring or building assets with long-duration demand, predictable cash flows, and strong growth potential underpinned by trends like AI adoption, cloud migration, and increasing data usage. The fund emphasises sustainable and resilient infrastructure, integrating ESG considerations, and seeking to deliver both financial return and real-economy benefits in terms of connectivity and economic productivity. The management team is led by experienced digital infrastructure specialists. The dedicated digital infrastructure team at L&G has been active since about 2018 along with deep experience across multiple deals and geographies (UK, Europe, US). The fund also works via strategic partnerships, co-investments, and with L&G’s balance sheet contributing alongside third-party institutional capital.