Stonepeak in Talks to Back Asia Data Firm Princeton With $1B+

Key Takeaways

Sector: Digital Infrastructure.
Geography: Singapore.

Analysis

Stonepeak Partners is in advanced negotiations to invest more than $1 billion USD in Princeton Digital Group, a Singapore-based data centre operator backed by Warburg Pincus, as it accelerates its expansion across Asia-Pacific digital infrastructure. The investment, still under discussion, is expected to take the form of a structured equity deal, according to people familiar with the matter.

While terms of the agreement are yet to be finalised, this transaction could mark one of the largest private investments in the Asian data infrastructure sector this year. Princeton Digital is also fielding interest from other institutional investors, including Global Infrastructure Partners (GIP), backed by BlackRock, and Morrison, both of which were previously reported to have considered offers.

Founded in 2017 by Warburg Pincus and Rangu Salgame, Princeton Digital operates a pan-Asian platform with over 20 data centres across Singapore, China, India, Indonesia, Malaysia, and Japan. The firm specializes in building AI-ready digital infrastructure, catering to rising demand from hyperscale cloud and enterprise customers in high-growth emerging markets.

In early 2025, Princeton Digital announced a $1.2 billion financing round to accelerate expansion across its core markets. That followed a $500 million round in 2022, led by Mubadala Investment Company, with support from Warburg Pincus and the Ontario Teachers’ Pension Plan Board. The company continues to work with financial advisers on strategic options, including minority or majority stake sales.

This potential deal underscores Stonepeak’s commitment to Asian infrastructure, especially in digital and energy-linked sectors. In June, the firm entered exclusive talks to acquire Malaysia’s Yinson Holdings in a deal reportedly valued at MYR 9 billion ($2.1 billion USD). Earlier in May, Stonepeak agreed to purchase container leasing company Seaco for $1.75 billion, subject to adjustments.

The momentum in the Asia digital infrastructure market reflects growing investor appetite for scalable data platforms. In a parallel move last year, KKR and Singapore Telecommunications formed a consortium to invest SGD 1.75 billion ($1.3 billion USD) in ST Telemedia Global Data Centres, using a mix of redeemable preference shares and warrants.

If successful, Stonepeak’s investment could help Princeton Digital scale its platform to meet the surging demand for cloud computing, AI applications, and enterprise digital transformation across Asia’s key urban centres.