PDG raises $500 million for expansion drive
Princeton Digital Group has raised more than US$500 million in an equity fundraise that saw three investors backing the firm.
The Abu-Dhabi based Mubadala Investment Company invested $350 million with existing backer Warburg Pincus and Ontario Teachers’ Pension Plan Board also backing the firm.
The funds will be used for to enhance PDG's footprint in Japan, India, Singapore, China, and Indonesia, while driving its expansion plans into other markets. Last year, PDG's co-founder, chairman and CEO Rangu Salgame, told Capacity that markets in Korea, the Philippines and Australia were being assessed.
Commenting on the fund raise, Salgame (pictured) said: “We are excited to have a leading sovereign fund Mubadala as another blue-chip investor in PDG. Mubadala’s track record of long-term investments combined with extensive know-how in the digital infrastructure space makes it a great partner as we continue to scale our business. We are also heartened by the continued trust and confidence placed by both Warburg Pincus and Ontario Teachers’ in PDG,”
Commenting on Mubadala’s investment, Khaled Abdulla Al Qubaisi, CEO for real estate and infrastructure investments at Mubadala, said: “We are thrilled to be the lead investor in PDG’s fundraise and partner with the company on its growth journey. PDG is a leading data centre infrastructure platform operating in an attractive market with strong tailwinds and catering to rising demand from the hyperscale segment and more broadly Asia’s digital economies. We look forward to working with PDG’s management team to capitalize on the growth opportunities and create not only sustainable, long term value creation, but also support Asia’s digital infrastructure development as a vital enabler to economic progress.”