UK investment trust D9 Infrastructure has raised £175 million ($246.7 million) to boost its acquisition ambitions.

In May the company said it was offering a placing of new ordinary shares and aiming to raise £100 million ($141 million). This week the company said the fundraise was over-subscribed, and the company had raised a total of £175 million. The company plans to use the money to acquire more digital assets.

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“We are delighted with how this fundraise has performed. To see such significant support from both existing shareholders and new investors highlights the strength of the investment opportunity in digital infrastructure and reaffirms the Company's investment strategy,” said Jack Waters, Chair of Digital 9 Infrastructure. “Coming a relatively short time after our initial IPO, it is reassuring to see such a positive reaction from the market."

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D9 raised £300 million ($422.9 million) on its IPO at the end of March this year, and shortly afterwards the company acquired subsea cable owner Aqua Comms for £160 million ($215 million).

Aqua Comms owns and operates two transatlantic cables, AEC-1 and AEC-2, plus CeltixConnect-1.

D9’s investment manager is Triple Point Investment Management LLP, which has said it sees potential to close £600 million ($845.8 million) of opportunities within the next 12 months.

The company is looking to acquire a number of data centers in the US, UK, and northern Europe, as well as UK terrestrial fiber platforms, a UK wireless infrastructure business reported to be small-cell provider Ontix, and make further investments in subsea fiber.

Triple Point has also reportedly identified some £2 billion ($2.82 billion) in proprietary development and operational investment opportunities.