Asia Pacific-focused data center operator Princeton Digital Group has raised $1.3 billion from Stonepeak.

This investment follows PDG’s $1.2 billion debt financing deal back in May.

Reports emerged earlier this month that Stonepeak was considering investing in PDG, at the time with estimates at around $1bn.

“This milestone investment from Stonepeak is a strong endorsement of PDG’s strategy, execution, and sustained value creation,” said Rangu Salgame, chairman, CEO, and co-founder of PDG.

“Stonepeak shares our deep conviction in the unprecedented growth of AI and cloud across Asia Pacific. With this partnership, PDG is uniquely positioned to scale with speed, continue being the trusted provider to the world’s most demanding hyperscalers, and further consolidate its position as a market leader in the region.”

$800 million of the debt deal earlier this year was earmarked for the development and expansion of PDG’s data center campuses in Mumbai, India; Langfang, China; and Tokyo, Japan. The company also operates in Singapore, Indonesia, and Malaysia.

PDG did not disclose what it expects to spend the new funds on, nor were the terms of the deal shared. However, original backer Warburg Pincus said that it remained PDG's largest shareholder.

Other investors include the Ontario Teachers’ Pension Plan and Mubadala.

“The company’s track record of execution, top-tier management team, and significant power bank in critical hub markets in APAC positions it well to serve the continued demand from hyperscalers and AI-driven platforms in the region,” said Andrew Thomas, senior managing director at Stonepeak.

“This investment is a quality fit for our Asia infrastructure strategy, and we look forward to partnering with PDG’s management team, Warburg Pincus, and existing shareholders to propel the company’s next phase of growth.”