Key Takeaways
- Sector: Digital Infrastructure.
- Geography: United States.
Analysis
New York (USA), July 31, 2025 — Prime Data Centers has landed new heavyweight backers in its bid to expand across North America and Europe. Private equity firm Snowhawk LP and global investment manager Nuveen have taken equity stakes in the developer and operator, joining existing institutional investors Macquarie Capital, Ares Management and Siemens Financial Services.
The fresh capital will help fund Prime’s plan to deliver four gigawatts (GW) of capacity in major markets including Chicago, Phoenix, Austin, Los Angeles, Silicon Valley, Frankfurt, Berlin, Helsinki and Madrid. More than 1GW of critical IT load is slated to come online between 2025 and 2028, with a focus on power-constrained Tier 1 hubs where demand is running ahead of supply.
Prime is in the midst of an ambitious growth push, aiming to raise over $2 billion this year alone. That’s on top of a strategic partnership struck with Macquarie Capital in 2021, which initially outlined a $5 billion capital plan — since expanded to reflect faster-than-expected demand.
“I’m delighted to welcome Snowhawk and Nuveen as partners,” said Nicholas Laag, Prime’s founder and CEO. “Their capital, long-term outlook and experience in the data center space come at a pivotal moment as we expand in existing territories and move into new ones.”
For Brian McMullen, Snowhawk’s co-founder and managing partner, the deal underscores a “generational opportunity” tied to the rise of cloud computing and artificial intelligence. Biff Ourso, Nuveen’s global head of infrastructure, called digital infrastructure “a critical category” and said the firm’s patient capital fits well with Prime’s customer base.
Prime’s facilities serve hyperscale operators, AI/HPC platforms and enterprise clients, offering scalable, energy-efficient builds. Its latest project — an AI-ready data center in the Chicago market — is already under construction.
Advisers on the transaction included Guggenheim Securities and Moelis & Company for Prime, with legal counsel from Goodwin Procter LLP and Simpson Thacher & Bartlett LLP. Kirkland & Ellis LLP advised Snowhawk and Nuveen.
Snowhawk, founded in 2022, targets majority stakes in companies driving the digital economy, with a focus on cloud, connectivity and technology services. Nuveen manages $1.3 trillion in assets across 32 countries and invests in both traditional and alternative strategies. Prime Data Centers develops and operates hyperscale and wholesale sites tailored for the growing needs of cloud and AI providers worldwide.