Abu Dhabi’s Mubadala Investment Company has invested US$350m (€309m) in Princeton Digital Group (PDG), a Singapore-based data centre operator.

Mubadala is the lead investor, alongside existing shareholders, Warburg Pincus and Ontario Teachers’ Pension Plan Board, in the latest PDG capital raising which received more than US$500m.

Warburg Pincus and Ontario Teachers’ were early backers of PDG when it was established in 2017.

PDG has since become a leading Pan-Asia data centre operator with a portfolio of 20 data centres.

The company said the capital from the latest round would fund the consolidation of its position as the leading Pan-Asia data centre operator by deepening its presence in Japan, India, Singapore, China, and Indonesia.

PDG also plans to accelerate its expansion into other markets in Asia.

Khaled Abdulla Al Qubaisi, CEO, real estate and infrastructure investments at Mubadala, said Mubadala looked forward to working with PDG’s management team to capitalise on growth opportunities and to support Asia’s digital infrastructure development as a vital enabler to economic progress.

Rangu Salgame, PDG’s co-founder and chairman, said: “Mubadala’s track record of long-term investments combined with extensive know-how in the digital infrastructure space makes it a great partner as we continue to scale our business.”

Ben Chan, senior managing director for Asia-Pacific at Ontario Teachers’, said the pension scheme had been pleased to make a second investment in PDG to help accelerate its growth.

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