Rangu Salgame, co-founder, chairman and CEO of Princeton Digital Group
Singapore-based Princeton Digital Group on Friday signed agreements to receive a preferred equity investment of $1.3 billion from US fund manager Stonepeak, bringing the data centre developer’s total capital raised in 2025 to $2.5 billion.
The infusion by infrastructure-focused Stonepeak comes on top of $1.2 billion in fresh debt financing announced in May by PDG, a 1-gigawatt-plus Asia Pacific platform led by co-founder, chairman and CEO Rangu Salgame.
Stonepeak’s long-term capital will support PDG’s next phase of growth, both greenfield development and M&A, across established and emerging markets, the companies said in a release. US private equity major Warburg Pincus will continue to be PDG’s largest shareholder.
“Stonepeak shares our deep conviction in the unprecedented growth of AI and cloud across Asia Pacific,” Salgame said. “With this partnership, PDG is uniquely positioned to scale with speed, continue being the trusted provider to the world’s most demanding hyperscalers, and further consolidate its position as a market leader in the region.”
Partner List Grows
Founded in 2012, PDG has over 20 data centre assets across Singapore, Japan, India, Indonesia, China and Malaysia. Earlier this year the company opened its first data centre campus in Japan, a $1 billion project in Greater Tokyo with 96 megawatts of IT capacity.
Warburg Pincus co-head of Asia real estate Ellen Ng
PDG’s May announcement said the company had secured $800 million in project financing for the development and expansion of data centre campuses in Mumbai, Langfang and Tokyo, as well as $400 million in loans from a consortium including Barclays, BNP Paribas and Deutsche Bank.
Talks surrounding the Stonepeak investment were first revealed last week by Bloomberg, following the news agency’s February report that Stonepeak was one of several firms studying a bid for PDG in a transaction potentially valuing the company at about $4 billion. Now Stonepeak is joining fellow Manhattan-based player Warburg Pincus in a stable of PDG investors that includes the Ontario Teachers’ Pension Plan and Abu Dhabi’s Mubadala.
“This latest investment by Stonepeak is a strong validation of PDG’s market leadership and long-term strategy,” said Ellen Ng, co-head of Asia real estate at Warburg Pincus. “As PDG’s largest shareholder, we are excited to welcome a like-minded partner to help propel the company into its next phase of growth, supporting the surging demand for AI and cloud infrastructure across the region.” Ng added that, as a founding investor in the company, Warburg Pincus sees this latest investment as a product of the founders’ vision and execution capabilities.
PDG’s previous funding rounds included a $505 million equity raise led by Abu Dhabi’s Mubadala Investment Company in 2022 and $230 million in debt refinancing obtained from China Merchants Bank in 2021.
Track Record a Winner
Stonepeak said it was drawn to Princeton Digital Group’s track record of execution, top-tier management team and significant power bank in critical APAC markets.
“This investment is a quality fit for our Asia infrastructure strategy, and we look forward to partnering with PDG’s management team, Warburg Pincus and existing shareholders to propel the company’s next phase of growth,” said Andrew Thomas, senior managing director at Stonepeak.
Andrew Thomas, senior managing director at Stonepeak
Stonepeak oversees $73 billion in assets globally and has an existing Singapore-based data centre portfolio company, Digital Edge, which kicked off a busy year of data centre fundraising in January when it disclosed more than $1.6 billion in new equity and debt financing from institutional investors and sovereign wealth funds.
Final closings this year include Ares Management’s $2.4 billion fund targeting Japan data centres and PGIM Real Estate’s $2 billion vehicle focused on digital infrastructure globally. In addition, Temasek-backed Keppel reached a $580 million first closing of its third APAC data centre fund and China-focused GLP clinched $360 million in commitments for its first digital infrastructure strategy.
Australia’s Goodman Group earlier this month unveiled a $2.7 billion private investment vehicle targeting the Hong Kong data centre market, with backing from Dutch pension fund managers PGGM and APG, the Canada Pension Plan Investment Board, CBRE Investment Management and an unspecified Middle Eastern investor.
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