Ares Management Corporation has arranged new funding for data center firm Vantage.

The global alternative investment manager announced this week that some of its funds have arranged a $2.4 billion debt facility for Vantage.

Ares holds approximately $1.6 billion of the commitment and funded approximately $330 million at closing.

The new debt facility will be used to refinance existing debt and support the development, construction, and operation of data centers across Vantage’s North America portfolio.

“Ares is proud to build on our existing relationship with Vantage and support its innovative projects across key markets in North America,” said Brent Canada, partner in Ares Infrastructure Debt.

“With the accelerating demand for cloud and AI technologies and the corresponding need for flexible, scalable capital, we believe Ares is well-positioned as an experienced lender to provide financing solutions for quality digital infrastructure. We look forward to working with Vantage in this next phase of its strategic growth to the benefit of its hyperscale customers and local communities.”

Vantage has some 17 campuses across North America totaling a combined 4GW+ of IT load capacity.

Ares said Vantage’s stabilized portfolio of assets is 100 percent leased under long-term agreements with hyperscale customers, with approximately 99 percent of its customers in North America holding an investment-grade rating.

“We appreciate Ares’ support as we continue to reinforce Vantage’s leadership in the development of global, large-scale digital infrastructure,” said Rich Cosgray, SVP global capital markets, Vantage Data Centers.

“Ares brings scaled capital, deep sector expertise, and confidence in our strategic vision, and we are excited to expand our global collaboration as we accelerate the delivery of critical infrastructure for our customers.”

DigitalBridge and Silver Lake-backed Vantage operates or is developing data centers across the US, including in Ohio, Georgia, Texas, California, Virginia, Arizona, Indiana, Nevada, Wisconsin, and Washington.