Canada Pension Plan Investment Board (CPP Investments) is partnering with data center firm EdgeConneX and investment firm EQT to develop data centers.
CPP this week announced it will invest US$1.75 billion to support EQT’s AI Infrastructure build-out, led by EdgeConneX. The transaction has closed.
Further details of the investment, including what projects the money might go towards, were not shared.
“Demand for digital infrastructure continues to accelerate globally, fueled by continued cloud and AI adoption,” said Max Biagosch, senior managing director, global head of real assets at CPP Investments. “Through this investment alongside EQT, we are increasing our exposure to a sector supported by durable, long-term demand drivers. EdgeConneX’s scaled global platform, strong customer relationships and proven development capabilities position it well to help meet that demand while delivering longterm value for CPP contributors and beneficiaries.”
CPP Investments made its first direct data center investment in 2017. The company has an existing portfolio of data center joint ventures and investments across Australia, Hong Kong, Japan, Malaysia, Singapore, India, Europe, the US, South Korea, and Canada. Its fund totals CA$793.3 billion (US$565.4bn).
Founded in 2009, EdgeConneX has a global footprint of 80 data centers in operation or development across more than 50 markets across North America, Europe, APAC, and South America.
Initially focused on smaller-scale data centers in the US, the firm has gradually expanded its scope and geography, moving into build-to-suit and hyperscale facilities. EdgeConneX reportedly plans to develop more than 10GW of additional data centers over the coming years.
EQT’s Infrastructure IV fund acquired the colocation provider from an investor group led by Providence Equity Partners in August 2020 for an undisclosed fee, though previous rumors of a sale suggested a potential $2.5bn price tag. EQT’s Infrastructure V invested in EdgeConneX the following year. Investment firm Sixth Street acquired a minority stake in the firm in 2024.
EQT is a Swedish global investment organization founded in 1994. The firm’s other digital infrastructure investments include Zayo, Lumor Fiber, GlobalConnect, Delta Fiber, Arium Networks, Deutsche Glasfaser, and Starcloud,