US data center firm Digital Realty has closed its first hyperscale data center fund, raising billions of dollars.

The company this week announced the final close of its inaugural US hyperscale data center fund, securing $3.25 billion of equity commitments from institutional investors, including public pensions, sovereign wealth funds, endowments and foundations, corporate pensions, insurance and asset managers, and family offices.

Launched last year, the fund is primarily focused on owning and developing hyperscale data centers across Tier I metros in the US, including Northern Virginia, Santa Clara, Dallas, Atlanta, Charlotte, and New York.

Digital will retain a 20 percent ownership interest in the fund’s portfolio. The colo firm will serve as the fund’s manager, overseeing operations, leasing, asset management, development, and financing.

“We are pleased to announce the final close of our inaugural US hyperscale data center fund, alongside the addition of two highly experienced senior executives to our Strategic Private Capital team,” said Greg Wright, Digital Realty chief investment officer.

“We remain focused on sourcing and delivering hyperscale data center capacity to support our customers’ accelerating requirements, and private capital is playing an increasingly important role in how we prudently and efficiently scale PlatformDIGITAL. Strengthening our private capital capabilities enhances our customer focus, expands our ability to fund growth, and positions Digital Realty for durable long-term value creation.”

Eastdil Secured and PJT Park Hill Group served as placement agents for the fund, and Kirkland & Ellis served as legal counsel for the raise.

Digital has a number of joint ventures with investment partners, including Blackstone, TPG, and Realty Income Corp.

Singapore-listed Digital Core REIT was set up by Digital Realty to hold a number of its stabilized data centers. The company was seeded with a portfolio of 10 data centers from Digital Realty across the US and Canada in Northern Virginia, Northern California, Los Angeles, and Toronto, totaling more than 1.2 million sq ft (111,484 sqm) and 49MW.