PGIM Real Estate has completed the $2bn fundraise for its first Global Data Centre Fund (GDCF).
PGIM secured capital commitments for the GDCF from a range of institutional investors and it also entered into a distribution partnership with a leading global private bank to raise assets globally for the fund.
The fund has a build-fill-sell investment strategy focused on the low latency hyperscale segment of the global data centre sector and is targeting opportunistic investment returns.
The fund creates value through asset-level development joint ventures with leading data centre operators and since its first close in July 2023, the GDCF has been developing a geographically diversified portfolio of assets targeting investments across the major global data centre markets of North America, Asia Pacific and Europe.
The fund is managed by a global portfolio management team led by PGIM’s global head of data centre investments Morgan Laughlin.
Laughlin said: “Successfully reaching our $2bn target raise is an important milestone that reflects strong investor confidence in the sector and our strategy. Data centres 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.”
PGIM Real Estate co-chief executive officer and global chief investment officer, Raimondo Amabile, added: “Congratulations to the team on reaching the final close on our Global Data Centre Fund. We see a significant opportunity to develop expertise in the data centre space and create a wider digital infrastructure platform. Data centres, and other associated digital infrastructure, offer a generational investment opportunity as the digital demands of our societies and economies continue to expand at an astounding pace.”
