Princeton Digital Group (PDG)—a Singapore-based data center operator backed by U.S. private equity firm Warburg Pincus—said Thursday it has agreed to sell $1.3 billion of its shares to New York-based infrastructure-focused investment firm Stonepeak.

The fresh capital injection—which brings to $2.5 billion total funds raised this year, including the $1.2 billion in debt raised in May—will support its expansion across Asia, Princeton Digital said in a statement.

“This milestone investment from Stonepeak is a strong endorsement of PDG’s strategy, execution, and sustained value creation,” Rangu Salgame, chairman, CEO and cofounder of PDG said in the statement.

Salgame and Varoon Raghavan, the company’s chief operating officer, cofounded Princeton Digital in 2017 in partnership with Warburg Pincus. Since then, the company has grown to become one of Asia’s biggest data center operators with a total capacity of more than one gigawatts across 20 facilities in China, India, Indonesia, Japan, Malaysia and Singapore. PDG also counts the Ontario Teachers Pension Plan and Abu Dhabi’s Mubadala among its existing investors.

Stonepeak is investing in Princeton Digital to tap into some of the world’s fastest growing digital hubs. Data center capacity across the Asia Pacific will double to 24 gigawatts by 2030, surpassing the projected 18.3 gigawatt capacity in the U.S., according to a recent report by real estate consultant Cushman & Wakefield.

“As PDG’s largest shareholder, we are excited to welcome a like-minded partner to help propel the company into its next phase of growth, supporting the surging demand for AI and cloud infrastructure across the region,” Ellen Ng, co-head of Asia real estate at Warburg Pincus said.

Led by U.S. billionaire Michael Dorell—who has an estimated net worth of $8.5 billion according to Forbes—Stonepeak manages $73 billion in assets. The firm invests in sectors such as transportation and logistics, digital infrastructure, energy, and real estate.

“PDG has established itself as one of the clear leaders among digital infrastructure platforms in the Asia Pacific region,” Andrew Thomas, senior managing director at Stonepeak said. “The company’s track record of execution, top-tier management team, and significant power bank in critical hub markets positions it well to serve the continued demand from hyperscalers and AI-driven platforms in the region.”