Asset management firm PIMCO is reportedly raising capital for its first data center fund.
PERE and others report the firm has raised around €300 million ($325m) to date for its European-focused vehicle, and is targeting a total of €750 million ($813m). Reports suggest the fund, which will focus on hyperscale developments in Europe, could raise as much as €1 billion ($1.05bn).
The PIMCO European Data Center Opportunity Fund reportedly has seed funding from PIMCO’s parent company, Allianz Group.
The fund will primarily be investing through PIMCO’s recently formed Apto data center company.
A December document suggests the fund’s investment strategy is focused primarily on developing new data centers, but may also acquire existing facilities or operators with scope to expand.
A post about its data center ambitions on PIMCO’s LinkedIn said the company was focusing on Tier 2 and Tier 3 markets across Europe.
Apto was founded in September 2023. The company is led by CEO Russell Poole, who was previously a long-serving UK managing director at Equinix. Poole joined Equinix in 2007 after the company acquired IXEurope.
The company has reportedly acquired a site in Madrid, Spain, for development.
