#USA #New York #Nuveen #Snowhawk LP #Prime Data Centers

Strategic Investment by Snowhawk and Nuveen in Prime Data Centers

On July 31, 2025, Snowhawk LP, a private equity firm focusing on investments that power the digital economy, and Nuveen, a major global investment manager with over $1.3 trillion in assets, confirmed their strategic equity investment in Prime Data Centers. This significant investment is aimed at accelerating the growth of Prime, an established developer and operator of data centers that cater to the needs of hyperscale, artificial intelligence (AI), high-performance computing (HPC), and enterprise customers.

This venture welcomes existing institutional investors such as Macquarie Capital, Ares Management, and Siemens Financial Services to support Prime’s next growth phase. While the specific financial terms of the partnership remain undisclosed, the collaboration is positioned to ramp up the company's robust growth dynamics.

Prime Data Centers has outlined an ambitious roadmap that encompasses four gigawatts (GW) of power distributed across essential markets in the U.S. and Europe. Key locations include major cities like Chicago, Phoenix, Austin, Los Angeles, Silicon Valley, Frankfurt, Berlin, Helsinki, and Madrid. This strategic position enables Prime to meet the rapidly increasing demands for high-tier computing infrastructure, particularly in markets constrained by energy supply and high demand, projecting a deliverable load of over one gigawatt of critical IT by 2028.

The investment aligns with Prime's broader multibillion-dollar strategy, which anticipates raising over $2 billion in 2025 alone to bolster its data center expansion. This follows a previously announced partnership with Macquarie Capital, part of a $5 billion investment plan initiated back in June 2021 that has since seen significant growth projections due to accelerated demand.

Nicholas Laag, Founder and CEO of Prime Data Centers, expressed his enthusiasm for the partnership, highlighting Snowhawk and Nuveen’s large capital base and commitment to the data center landscape. He stated, “This partnership marks a pivotal step in Prime's accelerated growth as we expand within our existing territories and enter new markets.” Laag reiterated the company’s mission to adapt and evolve alongside partners to provide reliable and scalable infrastructure solutions that meet the surging demands for computing power and storage.

Brian McMullen, Managing Partner and Co-Founder at Snowhawk, emphasized the generational opportunity presented by cloud and AI technologies, indicating an eagerness to support Laag and his seasoned management team in addressing the needs posed by cloud operators and enterprise tech firms.

Biff Ourso, Global Head of Infrastructure for Nuveen, added, “Digital infrastructure is a critical investment category for our portfolio. We are delighted to join forces with Snowhawk to back the impressive team at Prime as the company takes on this crucial phase of growth.” He noted that Nuveen's long-term commitment and patient capital approach align perfectly with the evolving needs of Prime's clients.

Law firms involved in the transaction included Kirkland & Ellis LLP for Snowhawk and Nuveen, while Guggenheim Securities, LLC, and Moelis & Company LLC served as joint financial advisors to Prime. Goodwin Procter LLP and Simpson Thacher & Bartlett LLP provided legal counsel for Prime’s transactions.

About the Companies

Snowhawk is a private investment firm founded in 2022, focusing on strategic, majority investments that propel the digital economy, particularly in cloud and technology services. Its team leverages extensive investment experience combined with operational expertise to foster value creation across the digital landscape.

Nuveen is a global asset manager known for its comprehensive range of investment solutions aimed at meeting the financial goals of institutional and individual investors. With operations in 32 countries and assets under management surpassing $1.3 trillion, Nuveen specializes in both traditional and alternative investments, ensuring a deep understanding of market demands.

Prime Data Centers is recognized as a leader in hyperscale and wholesale data center provision. Its mission is to provide scalable, efficiently designed data center solutions for cloud providers, AI industries, and enterprises, helping them meet their technology aspirations and sustainability goals. As businesses seek to grow, Prime aspires to be their go-to partner for digital infrastructure.

As the demand for digital infrastructure continues to escalate, strategic investments like that of Snowhawk and Nuveen into Prime Data Centers highlight the significant evolution of the technology landscape—a clear step towards an increasingly interconnected world.