{"id":1004753434,"date":"2025-04-04T01:17:00","date_gmt":"2025-04-04T09:17:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004753434"},"modified":"2025-04-04T05:53:37","modified_gmt":"2025-04-04T13:53:37","slug":"pgim-closes-2b-global-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pgim-closes-2b-global-fund\/","title":{"rendered":"PGIM Closes $2B Global Fund"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004710470\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/equinix-sv12x-international-business-exchangetm-ibx-in-san-jose-california\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Equinix, Inc.&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Equinix SV12x International Business Exchange\\u2122 (IBX\\u00ae) in San Jose, California&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;skyhawkphoto.com&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Equinix-SV12x-International-Business-ExchangeTM--IBX---in-San-Jose--California&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Equinix-SV12x-International-Business-ExchangeTM&#8211;IBX&#8212;in-San-Jose&#8211;California\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Equinix SV12x International Business Exchange\u2122 in San Jose, Calif. Image courtesy of Equinix Inc&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg\" alt=\"Photo of Equinix's IBX data center in San Jose, Calif.\" class=\"wp-image-1004710470\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">PGIM is also developing the Equinix SV12x data center in San Jose, Calif., in partnership with Equinix. <em>Image courtesy of Equinix Inc.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>PGIM Real Estate has reached the $2 billion target of capital for its Global Data Center Fund. The fund focuses on data center development and investment across North America, Asia Pacific and Europe.<\/p>\n\n\n\n<p>GDCF has a develop-fill-sell strategy targeting low latency hyperscale data centers. The fund had its first close in July 2023 and since then, it developed a diverse portfolio of properties in major global data center markets.<\/p>\n\n\n\n<p>A team led by Morgan Laughlin, global head of data center investments at PGIM Real Estate, manages the fund.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-im-panel-talks-next-generation-of-cre-investing\/\">CBRE IM Panel Talks Next Generation of CRE Investing<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>GDCF&#8217;s strategy involves the creation of joint ventures with leading operators in the sector while retaining an operator-independent approach. Each investment decision will include ESG considerations.<\/p>\n\n\n\n<p>Last year, PGIM joined forces with Equinix Inc. for the development and operation of <a href=\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/\">the first xScale data center in the U.S<\/a>. The two-story facility rising in San Jose, Calif., is expected to provide more than 28 megawatts of power capacity once completed. <\/p>\n\n\n\n<p>PGIM has earmarked more than $450 million for <a href=\"https:\/\/www.commercialsearch.com\/news\/more-data-centers-please\/\">data center investment<\/a> so far. The fund&#8217;s remaining capital is expected to be deployed within the next 18 months.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-global-data-center-interest-to-grow\">Global data center interest to grow<\/h2>\n\n\n\n<p>Global data center capacity is expected to expand 15 percent per year through 2027, according to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/data-center-demand-continues-surge-despite-challenges\/\">JLL outlook<\/a>. The capacity in the Americas, led by the U.S., is expected to grow to approximately 30 gigawatts. <\/p>\n\n\n\n<p>One of the recently formed data center development and investment platforms in the U.S. is <a href=\"https:\/\/www.commercialsearch.com\/news\/related-cos-launches-data-center-development-arm\/\">Related Cos.&#8217; Related Digital<\/a>, launched in March. The platform will have a near-term $45 billion development pipeline specialized in digital infrastructure for artificial intelligence and cloud hyperscale tech companies. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fund targets data center investment and development across North America, the Asia-Pacific region and Europe.<\/p>\n","protected":false},"author":2991,"featured_media":1004710470,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21755,21782,16,21783,23891,21742],"tags":[34714],"class_list":["post-1004753434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-centers","category-development","category-international","category-investment","category-national","category-latest","tag-pgim-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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