Blackstone’s opportunistic investment platform has raised $1.4bn (€1.3bn) for wireless tower operator Phoenix Tower International (PTI).

Blackstone Tactical Opportunities (Tac Opps) funds have raised the capital for PTI to help the company pursue its global digital infrastructure expansion plan.

Tac Opps said it expects to deploy ”substantial incremental capital” for PTI to acquire and build wireless communications across the Americas and Europe.

Founded in 2013, PTI owns and manages over 8,000 towers, 986 km of fibre and over 80,000 other wireless infrastructure and related sites in 14 countries including the US, across Latin America, and France.

Tac Opps first invested in PTI in 2014.

Jasvinder Khaira, a senior managing director with Blackstone Tactical Opportunities, said: “We are very proud of the success of our PTI platform and pleased to be able to continue investing behind our thesis on the fundamental attractiveness of the wireless infrastructure business model, which is backed by exponential growth in data connectivity demand.

“We continue to see compelling opportunities across the digital infrastructure space, and this fundraise provides a dedicated pool of capital for us to continue investing behind this theme.”

Dagan Kasavana, CEO of Phoenix Tower International, said: “We are excited to continue our fantastic partnership with Tac Opps and the completion of this fundraise represents a further confirmation of our business plan.

“As our customers shift towards their 5G build-out needs, they require well-capitalised infrastructure providers that they trust with a mandate to work with them globally and across all of their infrastructure needs.”