Snowhawk, Nuveen Invest in Prime Data Centers to Accelerate Global Expansion
Private equity firm Snowhawk LP and global asset manager Nuveen have announced a strategic equity investment in Prime Data Centers (Prime), supporting the digital infrastructure platform’s ambitious expansion across power-constrained Tier 1 markets in the U.S. and Europe.
The investment adds to a growing syndicate of institutional backers, joining Macquarie Capital, Ares Management, and Siemens Financial Services, and comes as Prime works to execute a 4-gigawatt (GW) roadmap across key global markets, including Silicon Valley, Los Angeles, Frankfurt, Madrid, and Helsinki. Between 2025 and 2028, Prime expects to deliver more than 1GW of critical IT load.
The transaction is part of Prime’s broader, multi-billion-dollar capital formation strategy, which includes plans to raise over $2 billion in 2025 to support accelerated site development. It follows the company’s 2021 strategic partnership with Macquarie Capital, which outlined a $5 billion investment plan focused on large-scale wholesale data center projects.
“This partnership marks a pivotal step in Prime’s accelerated growth as we expand within our existing territories and enter new markets,” said Nicholas Laag, Founder and CEO of Prime Data Centers.
While financial terms of the investment were not disclosed, the deal underscores strong institutional confidence in the secular demand drivers supporting digital infrastructure—particularly in hyperscale and AI-powered workloads.
Kirkland & Ellis LLP served as legal counsel to Snowhawk and Nuveen. Guggenheim Securities and Moelis & Company acted as joint financial advisors to Prime, with Goodwin Procter LLP and Simpson Thacher & Bartlett LLP providing legal counsel.
Pictured: Rendering of Prime’s latest AI-ready data center under construction in Chicago.