### Principal Asset Management Closes $3.64 Billion Data Center Growth & Income Fund
Principal Asset Management, the investment management arm of Principal Financial Group, has successfully completed the final investor close for its Principal Data Center Growth & Income Fund. This fund is dedicated to building a portfolio of hyperscale data center projects across the United States.
The fund raised $3.64 billion, surpassing its initial target, with contributions from a diverse global investor base. As Principal’s third discretionary data center-focused investment vehicle, the fund is expected to support more than $8 billion in hyperscale development assets across the U.S. in partnership with Stream Data Centers, a provider of digital infrastructure solutions.
“The success of this fundraise affirms our deep expertise in data center investments, and we are grateful for the trust and confidence of our diverse group of investors,” said John Berg, senior managing director and global head of private real estate at Principal Asset Management.
Principal Real Estate has been investing in data centers since 2007 and currently manages data center assets and a construction pipeline valued at $11 billion. Overall, Principal Real Estate oversees more than $100 billion in global real estate assets.
