IPI Partners, a joint venture of ICONIQ Capital and Iron Point Partners, held a final close of its second infrastructure fund, IPI Partners II, at $3.8 billion, a spokeswoman confirmed.
The fund acquires, develops, leases and operates data centers. IPI II began investing in 2020, and most recently closed on the acquisition of SUPERNAP Italia, a Milan-based data center.
The previous fund in the series raised nearly $1.5 billion in June 2018.
Investors in the fund include the $40 billion Connecticut Retirement Plans & Trust Funds, Hartford; the $24 billion Louisiana Teachers' Retirement System, Baton Rouge; the $9.5 billion Rhode Island Employees' Retirement System, Providence; and the $27.4 billion New Mexico State Investment Council, Santa Fe; and the $1.4 billion University of Alabama System, Tuscaloosa, Ala.