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Data Center View - March 24, 2025 - Principal Asset Management closes $3.64 billion fund

Data Center View - March 24, 2025 - Principal Asset Management closes $3.64 billion fund

Aphorio Carter acquires two data centers for $35 million. Schneider debuts data center. Oppidan proposes Minnesota data center. New Era Helium plans 250 MW data center. Bain targets data centers. Two new data center deals.

Matt H
March 24, 2025

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NEWS ROUNDUP

FUNDRAISING: Principal closes $3.64 billion dedicated data center fund. Principal Asset Management has successfully closed its latest dedicated data center investment fund, the Principal Data Center Growth & Income Fund, raising $3.64 billion from a diverse pool of institutional investors. This marks the third discretionary data center-focused vehicle for the firm. The fund will support the development of more than $8 billion worth of hyperscale data center assets across the United States in partnership with Stream Data Centers. “Closing this fund marks a pivotal moment for Principal Asset Management as we continue to respond to the surging demand for digital infrastructure,” said John Berg, senior managing director and global head of private real estate at Principal Asset Management.

ACQUISITION: Aphorio Carter acquires two Kentucky data centers for $35 million. Aphorio Carter has announced the acquisition of two enterprise-grade data centers in Louisville and Simpsonville, Kentucky for a combined purchase price of approximately $35 million. Both facilities, built in 2011, span 102,500 square feet each and are Tier III LEED Gold-certified, offering 1 MW of critical IT load, 10,000 square feet of raised floor space, and room for expansion with an additional 10,000 square feet of shell space. “These data center investments expand Aphorio Carter’s portfolio into the Louisville market with strong fundamentals, further enhancing portfolio diversification,” said John Regan, Chief Investment Officer of Aphorio Carter.

DEVELOPMENT: Schneider debuts data center. Schneider Electric has opened two new testing facilities at its global R&D center in Andover, Massachusetts, signaling a major investment in the future of AI-powered data centers and grid resilience. The company held a ribbon-cutting ceremony to inaugurate the new data center lab and microgrid laboratory, designed to support high-voltage systems and renewable energy integration at scale. The 6,000-square-foot data center lab includes three testing bays built to evaluate high-voltage power systems tailored for AI and hyperscale data center environments. The facility allows Schneider to simulate the extreme electrical demands associated with today’s most power-dense computing environments.

DEVELOPMENT: Oppidan proposes data center campus in Minnesota. Oppidan has unveiled plans to develop a new technology park in Apple Valley, located in Dakota County, Minnesota, that would include up to five data center buildings. The proposed project, currently under review by local authorities, envisions a phased development of seven buildings totaling approximately 1 million square feet. While details remain limited, five of the structures are expected to be data centers, adding substantial capacity to meet the growing demand for cloud and AI computing.

DEVELOPMENT: New Era Helium plans 250 MW data center. New Era Helium and Sharon AI have signed a letter of intent to acquire 200 acres in Ector County, Texas, with plans to develop a 250MW net-zero energy AI and HPC data center campus through their joint venture, Texas Critical Data Centers (TCDC). “With the initial site now identified, TCDC is poised to execute on its planned power strategy for the behind-the-meter data center campus,” said E. Will Gray II, CEO of New Era Helium. Sharon AI CEO Wolf Schubert added: “We’re excited to be developing large-scale data center infrastructure in the U.S. with New Era Helium, whose energy infrastructure experience is invaluable.”

READ: Bain targets data centers.