Principal Asset Management has successfully closed its Principal Data Center Growth & Income Fund, raising $3.64 billion—exceeding its initial target. This marks the third fund in Principal’s data center-focused series and will support over $8 billion in hyperscale data center projects across the U.S. in partnership with Stream Data Centers.
John Berg, senior managing director and global head of private real estate at Principal Asset Management, highlighted the fund’s significance, stating, “Closing this fund marks a pivotal moment for Principal Asset Management as we continue to respond to the surging demand for digital infrastructure.”
The close strengthens Principal’s footprint in the digital infrastructure sector, with the firm’s real estate division managing over $100 billion globally. Principal has been investing in data centers since 2007 and currently manages data center assets and a construction pipeline valued at $11 billion.
