SINGAPORE–(BUSINESS WIRE)–October 20, 2020–
Singapore-based Princeton Digital Group (PDG) has entered into definitive agreement for a new US$360M equity investment led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’). Warburg Pincus, which has been the largest institutional investor of PDG, is also participating in this new round of fundraising.
PDG is an investor, operator, and developer of data centres with presence in the key digital economies of Asia. Since its founding three years ago, PDG has built a portfolio of 18 data centres across four countries – China, Singapore, Indonesia, and India. The company serves top hyperscalers, internet and cloud companies as they expand across the region. PDG has grown through a combination of acquisitions, carve-outs, and development, and will continue to execute on this strategy in its existing and new markets.
“We are delighted to have Ontario Teachers’ as an investor in PDG. Their track record of long-term investments combined with deep data centre experience makes them a great partner as we continue to scale our business. We are also heartened by the continued trust and confidence placed by Warburg Pincus in PDG,” said Rangu Salgame, co-founder, Chairman and CEO of PDG.
“We are excited to invest in PDG alongside Warburg Pincus. We see data centres as a compelling investment opportunity given their essential role in the rapid digitalization and growth of data occurring in Asia and around the world. We have been impressed by PDG’s high-quality management team, unique strategy, and track record of success and look forward to leveraging our experience to help the company continue to scale across Asia,” said Ben Chan, Regional Managing Director for Asia-Pacific at Ontario Teachers’.
“Since backing the founders in PDG’s formative days, we have been impressed with their ability to build a leading pan-Asian presence within a short period of time. We see a tremendous opportunity for PDG to continue to grow across the largest and fastest growing markets in Asia. We are excited to welcome Ontario Teachers’ as a like-minded and value-adding partner to this venture as PDG embarks on its next phase of growth,” said Ellen Ng, Managing Director, Head of China Real Estate, Warburg Pincus.
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