IPI Partners closes second data centre fund at USD3.8bn
IPI Partners, LLC (IPI), a global investment platform focused exclusively on data centres and other technology and connectivity-related real assets, has held the final closing of IPI Partners II, LP at USD3.8 billion.
IPI’s second fund attracted demand well in excess of its target, reflecting strong support from a global institutional investor base. With the closing of IPI II, IPI has raised more than USD5.25 billion in total equity capital commitments since its inception. IPI is co-sponsored by ICONIQ Capital, LLC and an affiliate of Iron Point Partners, LLC.
IPI II acquires, develops, leases, and operates data centres and related assets that serve the digital capacity needs of large, high-quality technology companies globally. Over the last four and a half years, IPI has built one of the world’s largest privately held data centre portfolios with 480 megawatts leased and capacity for more than 880 megawatts. IPI II began investing in 2020, and most recently closed on the acquisition of SUPERNAP Italia, a Milan-based data centre platform.
“Fundraising for IPI II has been a resounding success, and we are extremely grateful that our recent achievements and established market presence have earned the trust and confidence of a wide range of high quality, sophisticated investors,” says Matt A’Hearn, Partner at IPI. “The fund’s close comes at a truly ideal time, aligning with the large and growing opportunity we see at the core of our investment strategy.”
“We are very pleased to see the investment philosophy for IPI be validated over just a few short years,” says Jeff Felder, Managing Director and Head of Real Estate at ICONIQ Capital. “ICONIQ’s real estate platform is centred on investing where technology disruptions make way for scalable opportunities. IPI has quickly differentiated itself as the partner of choice for large-scale technology companies that are facilitating an ongoing global digital transformation. We remain excited to provide strategic capital to the technology sector in support of cloud adoption and our data centre customers’ continued growth across global markets.”
Tom Lynch, Managing Partner of Iron Point Partners, adds: “The overwhelmingly positive reception to IPI II affirms the value of deep sector expertise, an experienced and cohesive team, and long-standing industry relationships. We are proud to serve as IPI’s co-sponsor, alongside ICONIQ, and we look forward to supporting Matt and the entire team at IPI as they execute on this compelling opportunity.”