Princeton Digital Group (PDG), an Asia-focused data center platform, backed by Warburg Pincus and Ontario Teachers’ Pension Plan (OTPP), today announced that it has closed a $350m equity investment from lead investor Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund. Additionally, Princeton Digital secured an incremental $155m of equity from existing investors, Warburg Pincus and OTPP, bringing its total equity raised through this funding round to $505m.
Princeton Digital Group (PDG) – Overview
Princeton Digital Group (PDG) has a portfolio of 20 data centers with over 600 megawatts of potential power capacity across five countries, namely, China, Singapore, India, Indonesia, and Japan. Of these data centers, approximately half of the facilities are operational and half are under development.
Data Center Portfolio
|Jakarta, Cibitung 1||JC1||Indonesia||Operational|
|Jakarta, Cibitung 2||JC2||Indonesia||Development|
Use of Proceeds
Princeton Digital will use the $505m equity injection from Mubadala, Warburg Pincus, and OTPP to grow its presence in Japan, India, Singapore, China, and Indonesia. At the same time, the company notes that the equity funding will support its “expansion plans into other markets”.
Princeton Digital serves global hyperscale customers, in particular, cloud service providers and enterprises. Below are select examples of Princeton Digital’s current customer base:
- E-commerce: Amazon, Alibaba, Pinduoduo, Lazada
- Cloud Service Providers: Microsoft Azure, Google Cloud, Alibaba Cloud, IBM Cloud
- Content: Facebook (Meta)
Mubadala Investment Company – Overview
Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, has $234bn of assets under management (AUM). Specifically, the firm deploys this capital into a broad range of sectors including aerospace, agribusiness, healthcare, information & communications technology, metals & mining, real estate & infrastructure, petroleum & petrochemicals, pharmaceutical & medical technology, renewables, semiconductors, and utilities.
Beyond Princeton Digital Group (PDG) and within digital infrastructure, Mubadala Investment Company has invested in the sub-sectors of data centers and fiber. For example, the firm’s existing and past investments include:
- CityFibre: UK fiber-to-the-premises (FTTP) overbuilder which targets passing 8 million UK homes by 2025
- Cologix: retail colocation provider which operates or has under development 40 data centers located in 11 markets of the United States and Canada. Through Cologix’s equity recapitalization, Mubadala exited its shareholding in the company
- Hyperoptic: invested in the UK fiber broadband provider in 2018. Subsequently, Mubadala sold its interest in Hyperoptic to KKR in 2019
- IXcellerate: Russia’s third largest data center operator, which plans to grow its operational data center portfolio to 15k racks
- Khazna Data Centers: wholesale data center operator in the United Arab Emirates (UAE)