Ontario Teachers’ leads US$360M investment round into Princeton Digital Group, Asia’s leading data center company

Singapore, Hong Kong – Singapore-based Princeton Digital Group (PDG) has entered into definitive agreement for a new US$360M equity investment led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’). Warburg Pincus, which has been the largest institutional investor of PDG, is also participating in this new round of fundraising.

PDG is an investor, operator, and developer of data centers with presence in the key digital economies of Asia. Since its founding three years ago, PDG has built a portfolio of 18 data centers across four countries – China, Singapore, Indonesia, and India. The company serves top hyperscalers, internet and cloud companies as they expand across the region. PDG has grown through a combination of acquisitions, carve-outs, and development, and will continue to execute on this strategy in its existing and new markets.

“We are delighted to have Ontario Teachers’ as an investor in PDG. Their track record of long-term investments combined with deep data center experience makes them a great partner as we continue to scale our business. We are also heartened by the continued trust and confidence placed by Warburg Pincus in PDG,” said Rangu Salgame, co-founder, Chairman and CEO of PDG.

“We are excited to invest in PDG alongside Warburg Pincus. We see data centers as a compelling investment opportunity given their essential role in the rapid digitalization and growth of data occurring in Asia and around the world. We have been impressed by PDG’s high-quality management team, unique strategy and track record of success, and look forward to leveraging our experience to help the company continue to scale across Asia” said Ben Chan, Regional Managing Director for Asia-Pacific at Ontario Teachers’.

“Since backing the founders in PDG’s formative days, we have been impressed with their ability to build a leading pan-Asian presence within a short period of time. We see a tremendous opportunity for PDG to continue to grow across the largest and fastest growing markets in Asia. We are excited to welcome Ontario Teachers’ as a like-minded and value-adding partner to this venture as PDG embarks on its next phase of growth,” said Ellen Ng, Managing Director, Head of China Real Estate, Warburg Pincus.

About Princeton Digital Group
Princeton Digital Group (PDG), headquartered in Singapore, is a leading investor, developer, and operator of internet infrastructure. PDG partners with global hyperscalers and enterprises to serve their data center needs across Asia. PDG currently has presence and operations in China, Singapore, India, and Indonesia. The company is led by a world-class team with extensive operating experience in the global telecom, internet, cloud, and real estate sectors, bringing together a unique combination of strategic, operations and technology capabilities. For more information please visit www.princetondg.com

About Ontario Teachers’
The Ontario Teachers' Pension Plan Board (Ontario Teachers') is the administrator of Canada's largest single-profession pension plan, with C$204.7 billion in net assets (all figures at June 30, 2020 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.5% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific regional offices are in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as of January 1, 2020, invests and administers the pensions of the province of Ontario's 329,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.

About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than US$56 billion in private equity assets under management. The firm’s active portfolio of more than 190 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than US$86 billion in over 910 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com

Press Contacts

Princeton Digital Group
Grace Chen
PR@princetondg.com
+65 6679 6273

Ontario Teachers’
Dan Madge
dan_madge@otpp.com
+1 416-419-1437

Daniel Del Re
daniel.delre@kekstcnc.com
+852 9212 3105

Warburg Pincus
Lisa Liang
SVP - Head of Communications and Marketing, China and Southeast Asia
+86 (10) 85292508
Lisa.Liang@warburgpincus.com