SINGAPORE — The data center company Princeton Digital Group (PDG) secured an additional $500 million in financing.
The round was led by $350 million from Mubadala Investment Company and included financing from existing shareholders, Warburg Pincus and Ontario Teachers’ Pension Plan Board, according to PDG last month.
PDG will use the funds to consolidate its position as a pan-Asia data center operator, by deepening its presence in Japan, India, Singapore, China, and Indonesia as well as accelerating its expansion plans into other markets.
PDG considers Asia to be one of the fastest-growing data center regions in the world, citing its large base of internet users, the growth of digitalization, and high levels of data usage.
The company, established in 2017, has a portfolio of 20 data centers with over 600 MW of capacity across five countries.
PDG serves hyperscalers, internet and cloud companies, and financial institutions. It offers scalable internet infrastructure data center services to meet “increasing demand” across Asia.
“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,” said Rangu Salgame, co-founder, chairman, and CEO of PDG.
“We are also heartened by the continued trust and confidence placed by both Warburg Pincus and Ontario Teachers’ in PDG.”
Khaled Abdulla Al Qubaisi, CEO of real estate and infrastructure investments at Mubadala, said PDG is “operating in an attractive market with strong tailwinds and catering to rising demand from the hyperscale segment and more broadly, Asia’s digital economies.”
“We look forward to working with PDG’s management team to capitalize 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,” he said.
Ben Chan, senior managing director for Asia-Pacific at Ontario Teachers’ Pension Plan Board, said since making its initial investment in PDG, the entity has been “very impressed with the management team’s ability to successfully execute a highly differentiated strategy and focus on value creation.”