Mubadala Investment Co., the $243.4 billion Abu Dhabi-based sovereign wealth fund, made a $350 million equity investment in Princeton Digital Group, a Singapore-based pan-Asia data center operator, according to a news release.
PDG's existing shareholders — New York-based private equity firm Warburg Pincus and the C$227.7 billion ($178.7 billion) Ontario Teachers' Pension Plan Board, Toronto — made follow-on investments as well, lifting the combined investments for the round of fundraising to more than $500 million.
A PDG spokeswoman declined to provide details regarding the stakes Mubadala, Warburg Pincus and OTPP hold in the company, beyond saying that Warburg Pincus — PDG's initial backer when the data center operator was established in 2017 — remains its largest shareholder.
A Warburg Pincus spokeswoman likewise declined to say what the company's stake in PDG is. Spokesmen for OTPP and Mubadala couldn't immediately be reached for comment.
The PDG spokeswoman said the company currently has 600 megawatts of capacity in operation or under development, with 20 data centers in 14 cities across five countries in the Asia-Pacific region.
With its latest equity infusion, PDG plans to add at least another 200 megawatts of capacity over the coming two years, the spokeswoman said.
Over the next five years, "we plan to add another 10-20 data centers" and double PDG's current capacity of 600 megawatts, she said.
