Principal® closes $3.64 billion capital raise for Data Center Growth & Income Fund

DES MOINES, Iowa--(BUSINESS WIRE)--Principal Asset Management℠, the investment management unit of Principal Financial Group^®, reached the final investor close on February 28 for its Principal Data Center Growth & Income Fund (the Fund), which is dedicated to the development of a portfolio of hyperscale data center projects across the United States. The Fund raised $3.64 billion, well in excess of the target from a diverse global investor base. This is the third discretionary data center-focused vehicle by Principal.

The Fund is expected to capitalize more than $8 billion of hyperscale development assets across the U.S. in partnership with Stream Data Centers, a leading provider of digital infrastructure solutions.

"Closing this fund marks a pivotal moment for Principal Asset Management as we continue to respond to the surging demand for digital infrastructure,” said John Berg, senior managing director and global head of private real estate at Principal Asset Management. “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. This strategy aligns with our focus on investing in scalable sectors of the market that we expect to benefit from secular tailwinds and continues our expansion into opportunistic real estate strategies."

Principal Real Estate, the dedicated real estate investment team of Principal Asset Management, is a top 10 global real estate manager¹ and has been investing in data centers since 2007, with data center assets under management and a construction pipeline of $11 billion. Principal Real Estate manages over $100 billion in real estate assets globally.

About Principal Asset Management℠

With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets. Principal Asset Management is the global investment solutions business for Principal Financial Group^® (Nasdaq: PFG), managing $559.1 billion in assets² and recognized as a “Best Places to Work in Money Management”³ for 12 consecutive years.

Learn more at www.PrincipalAM.com.

[1] Managers ranked by total worldwide real estate assets (net of leverage, including contributions committed or received, but not yet invested; REOCs are included with equity; REIT securities are excluded), as of 30 June 2024. “The Largest Real Estate Investment Managers,” Pensions & Investments, 7 October 2024

[2] As of December 31, 2024

[3] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2024.

©2025 Principal Financial Services, Inc., Principal®, Principal Financial Group®, Principal Asset Management, and Principal and the logomark design are registered trademarks and service marks of Principal Financial Services, Inc., a Principal Financial Group company, in various countries around the world and may be used only with the permission of Principal Financial Services, Inc. Principal Asset Management℠ is a trade name of Principal Global Investors, LLC. Principal Real Estate is the trade name of Principal Real Estate Investors, LLC, an affiliate of Principal Global Investors.