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Alternative Assets  + Real Assets  |  February 28, 2025
Principal AM Closes $3.64B Data Center Fund
Joe Palmisano
By: Joe Palmisano

Principal AM Closes $3.64B Data Center Fund

Principal Asset Management, the investment arm of Principal Financial Group, has closed its Principal Data Center Growth & Income Fund, pulling in an impressive $3.64 billion—well above its initial goal. This fund, the third in Principal’s series of data center-focused discretionary vehicles, is set to fuel over $8 billion in hyperscale development projects across the U.S., teaming with Stream Data Centers.

“Closing this fund marks a pivotal moment for Principal Asset Management as we continue to respond to the surging demand for digital infrastructure,” said John Berg, senior managing director and global head of private real estate at Principal Asset Management.

The close bolsters Principal’s position in digital infrastructure investments, with Principal Real Estate managing over $100 billion in global real estate assets. As one of the top 10 global real estate managers, Principal Real Estate has been investing in data centers since 2007 and currently oversees data center assets and a construction pipeline valued at $11 billion.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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