PDG brings onboards Abu Dhabi state fund thru $500-million fundraise

Princeton Digital Group (PDG) has closed an equity investment from Mubadala Investment Company as a lead investor for $350 million. 

Both existing shareholders in PDG, Warburg Pincus and Ontario Teachers’ Pension Plan Board (Ontario Teachers’), also invested in this round, with the total exceeding half a billion dollars.

Established in 2017, PDG is a pan-Asia data center operator with a portfolio of 20 data centres with over 600 MW of secured capacity and spanning five countries. 

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The Singapore-based company serves hyperscalers, internet and cloud companies, and financial institutions with scalable and reliable internet infrastructure and data centre services to meet their increasing demand across Asia. 

The funds will enable PDG to deepen its presence in Japan, India, Singapore, China, and Indonesia and accelerating its expansion plans into other markets. 

Asia is one of the fastest growing data centre regions in the world, driven by strong market fundamentals such as a large base of internet users, the growth of digitalisation, high levels of data usage and an increasing tech-savvy young population.

“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,” said Khaled Abdulla Al Qubaisi, Mubadala  CEO on real state and infrastructure investments.

“We look forward to working with PDG’s management team to capitalise 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,” he said.

Rangu Salgame, co-founder, chairman and CEO of PDG, said Mubadala’s track record of long-term investments combined with extensive know-how in the digital infrastructure space makes it a great partner as PDG continues to scale its business.

“Since making our initial investment we have been very impressed with the management team’s ability to successfully execute a highly differentiated strategy and focus on value creation,” said Ben Chan, senior managing director for Asia-Pacific at Ontario Teachers’.

Warburg Pincus managing director Ellen Ng said that since backing the founders in PDG’s formative days, they have been impressed by their leadership and execution of a strong thesis.