PGIM raises $2 billion at global data centre fund’s final close
PGIM Real Estate has notched up $2 billion at the final close of fund raising for its Global Data Center Fund having secured capital commitments from a range of global investors.
The investment manager said that the fund’s investment strategy is “build-fill-sell” and it is focused on the low latency hyperscale segment of the global data centre sector, where it is targeting opportunistic investment returns.
Since the fund’s first close in July 2023, it has been building a geographically diversified portfolio of assets and has been targeting investments across North America, Asia Pacific and Europe.
The fund is managed by a global portfolio management team led by global head of data centre investments Morgan Laughlin.
The Global Data Center Fund creates value through asset-level development joint ventures with leading data centre operators and adheres to an operator-independent approach which provides access to attractive investment opportunities in supply constrained markets.
PGIM raised capital amongst institutional investors but also established a distribution partnership with a leading private bank to raise assets globally.
“Successfully reaching our $2 billion target raise is an important milestone that reflects strong investor confidence in the sector and our strategy,” said Laughlin. “Data centers are at the heart of the digital framework that is playing an increasingly critical role across our economy and society. In line with the recognition of the importance of digital infrastructure in our modern lives, global investors are rapidly increasing their exposure to the sector.”
Data centre investments across PGIM Real Estate to date amount to more than $450 million of equity capital. GDCF has a pipeline of opportunities that should allow it to deploy the remaining capital within the next 18 months.
