Real estate investment manager EQT Group’s Infrastructure V fund has signed an agreement to co-invest alongside EQT Infrastructure IV in EdgeConneX.

Once the transaction is complete, each fund will have an equal ownership stake in the company.

Financial details of the deal have not been disclosed.

EdgeConneX is an hyperscale data centre platform and was acquired by EQT’s other fund, EQT Infrastructure IV, in 2020.

Since the acquisition, the operator has expanded its footprint in different markets through either building new facilities from ground up or pursuing accretive M&A.

In a statement, EQT said: “EQT Infrastructure V’s participation [in EdgeConneX] will help to capture these opportunities and secure support and execution of EdgeConneX’s full potential plan that was developed over the last year. The closing of the transaction is expected in Q3 2021.

“With the acquisition of a stake in EdgeConneX, EQT Infrastructure V is expected to be 55-60 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication), and EQT Infrastructure IV is expected to be 80-85 percent invested.”

EQT held its first closing for the EQT Infrastructure V fund, reaching approximately €12.5 billion (US$14.6 billion) last March. The investment vehicle set a hard cap on the fund of €15 billion ($17.5 billion) and closed it at €15.1 billion ($17.63 billion) at the end of the second quarter.

EQT currently has approximately €71 billion ($82.9 billion) in assets under management across 27 active funds within two business segments – private capital and real assets.

During the first half of 2021, total investments by the EQT funds amounted to €7.7 billion or $9 billion.

Elsewhere, EdgeConneX has named its first managing director for the Asia Pacific region. Taking to the role is Singapore-based Kelvin Fong.

Fong has over 20 years of industry experience and recently served as managing director for Capitaland (2017/21) which is undergoing a $15.9 billion restructuring.

Prior to that, he was the managing director of data centre operator Global Switch (2013/17), having joined the company from Citi Group where Fong was the head of CFM for the APAC region (2011/13).

Fong’s appointment comes six months after EdgeConneX first broke into the Asia Pacific region by forming a 50:50 joint venture (JV) with Adani Enterprises, the flagship company of the Adani Group, to develop and operate data centres throughout India.

More recently, EdgeConneX has also entered the Middle East for the first time, with the acquisition of Global Data Center (GDC), an Israel-based data centre operator headquartered in Herzliya.