Park Place Technologies has received a $2 billion financing package from Blackstone. The Cleveland, OH-based company, which helps organizations maintain and improve their data centers and networks, has also received funding from Blue Owl Capital, according to Bloomberg. 

It will utilize the funds to refinance its debt and pay its private equity owners, GTCR and Charlesbank Capital Partners. 

The funding consists of a new $1.7 billion loan, together with a revolving credit facility and a delayed-draw term loan, Bloomberg reported, citing sources familiar with the deal. 

Park Place is reported to have two outstanding loans – a $845 million loan that was first extended by banks and has since been distributed to institutional investors, along with a separate $230 million credit that was borrowed independently. 

Park Place Technologies assists over 21,000 clients in enhancing their data center budgets, productivity, performance, and sustainability. In March, it acquired SDV Solutions, a provider that delivers data center services to various departments of the U.S. government. 

Blackstone views data centers as an increasingly important and fundamental part of its investment portfolio. The firm’s ambitious project to build a $25 billion enterprise of data centers worldwide reflects the firm’s strategic focus on capitalizing on the growing expansion of AI and the increasing demand for data infrastructure.  

In December, it established a $7 billion joint venture with Digital Realty, aiming to construct up to 500MW of IT capacity in both the U.S. and Europe. Additionally, it intends to allocate up to $8 billion towards the construction of data centers under its QTS Data Centers division.