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(Bloomberg) — Canada Pension Plan Investment Board will invest $1.75 billion to support EQT AB’s artificial intelligence infrastructure buildout, it announced Friday.
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That buildout is led by EQT subsidiary EdgeConneX, which plans to develop more than 10 gigawatts of additional data centers in the coming years, CPP Investments said in a statement.
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“We are increasing our exposure to a sector supported by durable, long-term demand drivers,” Max Biagosch, CPP’s global head of real assets, said in the statement.
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The deal adds to the pension plan’s growing AI and data center portfolio, including a commitment of as much as 70 billion rupees ($735 million) to CtrlS Datacenters Ltd. in June and a $1.6 billion planned stake in atNorth Holding AB earlier this year. Private equity firms and infrastructure investors have been rushing to put money into data centers amid the AI boom.
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CPP’s partnership with CtrlS includes a joint venture to develop data center campuses across India, where CtrlS is based. CPP will own 48% of the venture and CtrlS will own 52%.
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In February, CPP and Equinix Inc. announced a $4 billion acquisition of Nordic data center provider atNorth, subject to approvals. CPP and Equinix are also part of a $15 billion joint venture announced in 2024 to build US data centers.
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CPP made its first direct investment in data centers in 2017, and its portfolio now includes projects in Japan, South Korea, France, the Netherlands and Canada.
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(Adds context in the last paragraph. Previous versions of the story corrected the company name in the first paragraph and the conversion.)
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