Principal Targeting $3 Billion for Data Center Funds in US and Europe

Principal is seeking to raise $3 billion for two funds this year, @business reported. The two funds are intended to capitalize on demand for investment in data centers located in the US and Europe, according to the same sources. The effort reflects a targeted push into infrastructure assets that support expanding digital needs across those regions.

Sources familiar with the plans said the fundraising targets investors looking for exposure to the data center boom. Principal has not publicly detailed the exact allocation between the two funds or their specific investment criteria beyond the geographic focus. The initiative arrives amid sustained appetite for projects tied to technology infrastructure.

Data centers in the US and Europe have drawn increasing attention from institutional investors seeking stable, long-duration returns. @business reported that the $3 billion target covers both funds combined. No timeline for first closes or final fund sizes was disclosed in the reporting.