Princeton Digital Group (PDG) has agreed to a new US$360 million equity investment led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’).
“We are delighted to have Ontario Teachers’ as an investor in PDG. Their track record of long-term investments combined with deep data center experience makes them a great partner as we continue to scale our business,” said Rangu Salgame, the Co-founder, Chairman and CEO of PDG.
Ontario Teachers’ has also invested in data center players, including US-based Compass Datacenters and Canada’s Q9 Networks.
“We see data centers as a compelling investment opportunity given their essential role in the rapid digitalisation and growth of data occurring in Asia and around the world,” said Ben Chan, the Regional Managing Director for Asia Pacific at Ontario Teachers’.
“We have been impressed by PDG’s high-quality management team, unique strategy, and track record of success and look forward to leveraging our experience to help the company continue to scale across Asia,” he added.
Joining Ontario Teachers’ in the new round of fundraising was Warburg Pincus, which has been the largest institutional investor of PDG, with a US$300 million investment in 2017.
“Since backing the founders in PDG’s formative days, we have been impressed with their ability to build a leading pan-Asian presence within a short period of time,” said Ellen Ng, Managing Director, Head of China Real Estate, Warburg Pincus.
Since its founding three years ago, PDG has built a portfolio of 18 data centers across four countries: China, Singapore, Indonesia, and India. The company serves hyperscalers, Internet and cloud companies as they expand across the region.
We see a tremendous opportunity for PDG to continue to grow across the largest and fastest growing markets in Asia. We are excited to welcome Ontario Teachers’ as a like-minded and value-adding partner to this venture as PDG embarks on its next phase of growth,” added Ms. Ng.
PDG has grown through a combination of acquisitions, carve-outs, and development, and will continue to execute on this strategy in its existing and new markets.