The latest news in investment offerings, financial products and other services relative to wealth advisors and their clients.

PGIM
PGIM Real Estate, part of PGIM, the investment management arm of US-listed Prudential Financial, has wrapped up its fundraise for its first Global Data Center Fund (GDCF) with $2 billion of capital.

Capital was committed from a range of global investors, PGIM said in a statement. 

Since its first close in July 2023, the GDCF has been developing a geographically diversified portfolio of assets targeting investments across the major global data center markets of North America, Asia-Pacific and Europe. The fund is managed by a team led by global head of Data Center Investments Morgan Laughlin.

The firm said it has also entered a distribution partnership with a “leading global private bank” to raise assets globally for the fund. However, the private bank’s identity wasn’t disclosed.

“Data centers are at the heart of the digital framework that is playing an increasingly critical role across our economy and society. In line with the recognition of the importance of digital infrastructure in our modern lives, global investors are rapidly increasing their exposure to the sector,” Morgan Laughlin said.

To date, more than $450 million of equity capital has been committed to data center investments across PGIM Real Estate.

Family Wealth Report has asked PGIM where the fund is registered and located, and may update this article in due course.