In a significant move poised to reshape the digital landscape, Snowhawk LP, a private equity firm focused on the digital economy, along with global investment manager Nuveen, have announced a strategic equity investment in Prime Data Centers. This substantial capital injection is designed to dramatically accelerate Prime’s data center expansion across North America and Europe, signaling a robust commitment to essential digital infrastructure.
Prime Data Centers stands as a prominent international developer and operator, providing scalable and adaptable mission-critical infrastructure to the world’s leading hyperscale, AI/HPC, and enterprise customers. The company’s established presence and foresight in high-demand markets position it uniquely to capitalize on the escalating need for computing power and data storage.
This new partnership sees Snowhawk and Nuveen joining existing institutional investors such as Macquarie Capital, Ares Management, and Siemens Financial Services, all united in supporting Prime’s ambitious next phase of growth. While the specific financial terms of the transaction were not disclosed, the collaborative effort underscores a shared vision for powering the future needs of the digital economy.
Central to Prime’s expansive strategy is an impressive four-gigawatt roadmap across top-tier markets, including key locations like Chicago, Dallas, Atlanta, Los Angeles, Silicon Valley, Portland, Seattle, and Phoenix. This strategic plan anticipates delivering over one gigawatt of critical IT load between 2025 and 2028, specifically targeting power-constrained regions.
Nicholas Laag, Founder and CEO of Prime Data Centers, expressed his enthusiasm for the new partners, highlighting their significant capital base, long-term commitment, and operational experience. He emphasized that this partnership marks a pivotal step in Prime’s accelerated growth, enabling both expansion within existing territories and entry into new markets to continuously deliver adaptable, reliable, and scalable digital infrastructure solutions.
Sumit Aneja, Managing Partner & Co-Founder at Snowhawk, reiterated the firm’s strong conviction in the transformative potential of cloud computing and artificial intelligence. He articulated Snowhawk’s commitment to supporting Prime’s seasoned team in continuing to meet the stringent requirements of the most discerning cloud operators and enterprise technology companies globally.
Jay Yoder, Global Head of Infrastructure for Nuveen, underscored digital infrastructure as a critical investment category within their portfolio. He noted Nuveen’s delight in collaborating with Snowhawk to invest in Prime, affirming that their long-term commitment and patient capital are fully aligned with the evolving needs of Prime’s customers and reflect strong confidence in the company’s vision and dedication.
Together, these leading investment firms are strategically positioned to deliver the next four gigawatts of power, reaffirming a collective dedication to fueling the expanding requirements of modern technology. This collaboration is set to drive significant advancements in data center capabilities, ensuring robust support for the burgeoning demands of global digital transformation and AI technology.
The transaction builds upon Prime’s previously announced strategic partnership with Macquarie Capital from June 2021, a plan that has now been substantially increased due to faster growth realization. This demonstrates Prime’s continued momentum and ability to attract significant investment to fuel its multibillion-dollar growth strategy, including raising over $5 billion this year.
Leave a Reply