AustralianSuper $2.2b US data centre play

Australia’s largest superannuation fund, AustralianSuper, has broken new ground with a $2.2 billion investment giving it exposure to the US data centre market.

The superannuation fund said that it had agreed to invest $2.2 billion in US company DataBank which is a leading data centre platform.

The announcement said the investment in DataBank is AustralianSuper’s first in the US data center market and the second alongside existing DataBank investor, DigitalBridge with the investment being part of a nearly $3 billion equity raise by DataBank which includes more than $700 million in commitments from existing investors.

AustralianSuper said its global real assets portfolio now totals nearly $60 billion, and includes digital infrastructure assets across Australia, EMEA and South America.

It noted that In 2023, AustralianSuper signed a $2.5 billion deal with DigitalBridge Group to acquire a significant minority stake in Vantage Data Centres Europe, Middle East and Africa (Vantage EMEA).

The fund said the raising will be used to finance growth across DataBank’s industry-leading footprint of over 65 data centers in more than 27 markets, including three new campuses it announced in the past year.

Commenting on the investment, AustralianSuper’s Head of Mid Risk Portfolios, Jason Peasley said that it came at an exciting time with strong tailwinds across the sector coupled with DataBank’s ambitious expansion program and diverse business base.

“We’re delighted to support DataBank, and its experienced leadership team, capitalise on the unprecedented demand for cloud and AI infrastructure,” he said. “DataBank will grow and further diversify our global digital infrastructure exposure, a sector we believe will help deliver sustainable, long-term performance for more than 3.4 million members.”