Private equity firm GI Partners recently closed its debut digital infrastructure fund on about $1.8 billion, which includes a commitment from the GP, a source told sister publication Buyouts.
GI Data Infrastructure Fund targets investments in data centres, telecommunication towers and fibre wiring.
Park Hill Group worked as placement agent on the fundraising. A spokesman for GI Partners declined to comment.
Helping run the fund are Mark Prybutok, managing director of GI Data Infrastructure, who the San Francisco-based firm hired in 2019 from Alinda Capital, where he led that firm’s telecom infrastructure strategy. Steve Smith, former chief executive at data centre specialist Equinix, hired last year, is also leading the fund.
The fund had deployed 20 percent of its capital as of April, Buyouts reported at the time. That percentage has gone up after the fund, in June, took a majority stake in Blue Stream Fiber alongside the company’s chief executive, Joe Canavan.
GI Data Infrastructure invested in DR Fortress LLC in partnership with the company management in January, GI said in a statement. The company is a data centre operator in Hawaii.
GI Partners meanwhile is targeting $3.25 billion for its sixth flagship fund. In addition to private equity and digital infrastructure, GI Partners also invests in real estate.