Principal Asset Management, the investment management unit of Principal Financial Group, reached the final investor close for its Principal Data Center Growth & Income Fund. The fund is dedicated to developing a portfolio of hyperscale data center projects across the United States.

The fund raised $3.64 billion, well in excess of the target, from a diverse global investor base. This is Principal’s third discretionary data center-focused vehicle. The fund is expected to capitalize more than $8 billion of hyperscale development assets across the U.S. in partnership with Stream Data Centers, a provider of digital infrastructure solutions.

“The success of this fundraise affirms our deep expertise in data center investments, and we are grateful for the trust and confidence of our diverse group of investors,” said John Berg, senior managing director and global head of private real estate at Principal Asset Management.

Principal Real Estate has been investing in data centers since 2007, with data center assets under management and a construction pipeline of $11 billion. Principal Real Estate manages over $100 billion in real estate assets globally.