Data centre firm Princeton Digital Group (PDG) has raised $500 million in investments, following a funding round led by Abu Dhabi state fund Mubadala.
Mubadala invested $350 million into PDG, underscoring the company’s efforts to support the digital economy. Existing backers Warburg Pincus and Ontario Teachers’ Pension Plan Board also participated in the fundraising.
Khaled Abdulla Al Qubaisi, Chief Executive Officer, Real Estate and Infrastructure Investments at Mubadala, said, “We are thrilled to be the lead investor in PDG’s fundraise and partner with the company on its growth journey. PDG is a leading data centre infrastructure platform operating in an attractive market with strong tailwinds and catering to rising demand from the hyperscale segment and more broadly Asia’s digital economies.”
In line with the investment, Al Qubaisi highlighted that Mubadala will work with PDG’s management team to capitalise on the growth opportunities and create not only sustainable, long-term value creation, but also support Asia’s digital infrastructure development as a vital enabler to economic progress.
PDG has a portfolio of 20 data centres with over 600MW of secured capacity and spanning five countries. It serves hyperscalers, internet and cloud companies, and financial institutions with internet infrastructure and data centre services.
Driven by the exponential increase in internet usage and IP traffic in data centres across the globe due to the pandemic and people working from home, the global data centre infrastructure market surpassed $50 billion in 2020. Today, the sector is poised to grow at a CAGR of 11.5 percent from 2021 to 2027, according to Global Market Insights.
According to PDG, the new fund will enable them to consolidate its position and deepen its presence in Japan, India, Singapore, China, and Indonesia. It will also allow them to accelerate their expansion plans into other markets.
“We are excited to have a leading sovereign fund Mubadala as another blue-chip investor in PDG. Mubadala’s track record of long-term investments combined with extensive know-how in the digital infrastructure space makes it a great partner as we continue to scale our business. We are also heartened by the continued trust and confidence placed by both Warburg Pincus and Ontario Teachers’ in PDG,” said Rangu Salgame, co-founder, Chairman and CEO of PDG.
