STACK Infrastructure, a hyperscale data center developer and operator backed by IPI Partners, a digital infrastructure private equity firm, today announced its expansion into the Asia-Pacific region, which will be led by Preet Gona as regional CEO. Specifically, STACK Infrastructure will be opening its Asia-Pacific headquarters in Singapore and will initially target the data center markets of Tokyo and Osaka, Japan. Subsequently, STACK plans to enter Singapore, Hong Kong, South Korea, and Australia.
IPI Partners is a 50%/50% joint venture between ICONIQ Capital and Iron Point Partners with $5.25bn+ in total equity commitments.
STACK Infrastructure – Asia-Pacific Expansion
Presently, STACK Infrastructure develops and operates wholesale build-to-suit, colocation, and powered shell data centers, in the United States and Canada, for hyperscale and enterprise companies.
With today’s announcement, STACK Infrastructure intends to expand into Asia-Pacific through a combination of acquisitions and organic development. Particularly, the company foresees scaling in-partnership with landowners and real estate companies.
Management
STACK Infrastructure’s Asia-Pacific executive team will be based in Singapore with local development professionals already hired in key target markets.
Preet Gona
STACK Infrastructure’s international expansion will be led by Pithambar (Preet) Gona, who has joined the company as CEO, Asia Pacific. Previously, Gona served as the President, Chief Financial Officer, and Chief Investment Officer of Bridge Data Centres, a Bain Capital portfolio company, which ultimately merged with ChinData Holdings. At Bridge Data Centres, Gona owned hyperscale facilities in Malaysia and India.
Separately, in August 2021, it was announced that another former executive of Bridge Data Centres would be leading an effort to build a data center platform in Asia-Pacific; instead for PAG Real Estate. Specifically, Kris Kumar, formerly the founder and CEO of Bridge Data Centres, is Chairman of the new PAG venture.
Tom Duncan
Tom Duncan also recently joined STACK Infrastructure to lead the company’s business development efforts in the Asia-Pacific region. Previously, Duncan was an Executive Director at CBRE focusing on data center site selection and customer relationships in Asia-Pacific.
IPI Partners – Data Centers
IPI Partners has built a significant hyperscale and enterprise data center portfolio through its acquisitions of STACK Infrastructure, DigiPlex, and SUPERNAP Italia. These companies have facilities in the United States, Canada, Norway, Sweden, Denmark, and Italy. Overall, this portfolio has the potential to support over 1.3 gigawatts of IT capacity.
STACK Infrastructure
STACK Infrastructure is a portfolio company of IPI Partners’ first fund which has $1.5bn in equity commitments. Presently, IPI is investing out of its second fund, known as IPI Partners II, which has $3.8bn in equity commitments.
Given the considerable equity need for STACK’s Asia-Pacific expansion, it is likely that the company will also receive a commitment from IPI Partners’ second fund.
