Australian pension fund leads $2 billion DataBank raising amid AI frenzy

(Reuters) – U.S.-based data center developer DataBank has raised nearly A$3 billion ($2.01 billion) in a bid to build three planned facilities across the United States, with pension fund AustralianSuper leading the raise.

AustralianSuper, the country’s largest pension fund, on Wednesday said it had committed A$2.2 billion to DataBank’s raising and would emerge as a minority owner of the U.S.-based firm. The pension fund would also appoint a company’s board director.

The raising is the latest sign of growing investor appetite in artificial intelligence, which in turn has resulted in a boost for data centre proposals.

Deals in the data centre space have increased globally due to the growing popularity of AI with Blackstone (NYSE:BX)’s A$24 billion acquisition of Australian AirTrunk in the spotlight.

DataBank’s controlling investor, DigitalBridge, which appoints a majority of the company’s board, also participated in the raising.

($1 = 1.4916 Australian dollars)