Digital Realty has closed its inaugural U.S. hyperscale data center fund at $3.25 billion, focused on the ownership and development across key Tier I U.S. metros, including Northern Virginia, Santa Clara, Dallas, Atlanta, Charlotte and New York. 

Digital Realty will retain a 20% ownership stake in the portfolio and serve as manager, overseeing operations, leasing, development and financing. The strategy is closely tied to the firm’s broader PlatformDIGITAL initiative, which aims to scale capacity for hyperscale customers through a combination of owned assets and third-party capital. 

“We remain focused on sourcing and delivering hyperscale data center capacity to support our customers’ accelerating requirements, and private capital is playing an increasingly important role in how we prudently and efficiently scale PlatformDIGITAL,” said Greg Wright. 

In conjunction with the fundraise, Digital Realty expanded its Strategic Private Capital platform with two senior hires. Michael Yang joins as managing director of fund management from CBRE Investment Banking, while Bradley Petersen joins as managing director of private capital fundraising from Jamestown LP. 

Eastdil Secured and PJT Park Hill served as placement agents, with Kirkland & Ellis acting as legal counsel.