Snowhawk LP, together with Nuveen announced a strategic equity investment in Prime Data Centers. These investors join existing institutional investors Macquarie Capital, Ares Management and Siemens Financial Services in supporting Prime in its next phase of growth. Financial terms of the transaction were not disclosed.
Prime has a four gigawatts (GW) roadmap of power across top-tier markets in the U.S. and Europe, including Chicago, Phoenix, Austin, Los Angeles, Silicon Valley, Frankfurt, Berlin, Helsinki and Madrid. The company is uniquely positioned to capture demand in power-constrained and high-demand Tier 1 markets with 1GW+ critical IT load deliverable between 2025 and 2028.
The transaction is part of management’s broader multibillion-dollar growth strategy that includes raising more than $2 billion this year to help fuel Prime’s accelerated data center expansion. The transaction builds on the company’s previously announced strategic partnership with Macquarie Capital which identified a $5 billion capital investment plan in June 2021. The plan has now increased substantially given faster growth realization, underscoring continued momentum for the company.
“Given their large capital base, long-term commitment as well as operating experience across the data center landscape, I am delighted to welcome the Snowhawk and Nuveen team as partners,” said Nicholas Laag, Founder and CEO of Prime Data Centers. “This partnership marks a pivotal step in Prime’s accelerated growth as we expand within our existing territories and enter new markets. By continuously evolving alongside our valued partners and customers, we remain dedicated to delivering adaptable, reliable and scalable digital infrastructure solutions that meet the increasing demand for computing power and storage today and in the future. Together with our existing esteemed institutional partners, we are strategically positioned to deliver the next four gigawatts of power, reaffirming our commitment to powering the future needs of our customers.”
“Snowhawk’s investment in Prime demonstrates our continued belief in the generational opportunity associated with cloud and AI to change the way we live and work,” said Brian McMullen, Managing Partner & Co-Founder at Snowhawk. “We look forward to supporting Nicholas and his seasoned team as they continue to serve the requirements of the most discerning cloud operators and enterprise technology companies.”
“Digital infrastructure is a critical investment category for our portfolio,” said Biff Ourso, Global Head of Infrastructure for Nuveen. “We are delighted to join forces with Snowhawk to invest behind the impressive team at Prime as the company enters a pivotal phase of growth for its platform. Our long-term commitment and patient capital are fully aligned with the needs of Prime’s customers and reflect our strong confidence in Prime’s vision and dedication to meeting their evolving requirements. Together, we are excited to support Prime’s continued innovation and expansion, ensuring the company remains at the forefront of delivering value to its customers in a rapidly changing market.”
