Snowhawk and Nuveen Make Strategic Investment in Prime Data Centers

Strategic Capital will Accelerate Data Center Expansion Across North America and Europe

NEW YORK, July 31, 2025 /PRNewswire/ -- Snowhawk LP, a private equity firm investing in businesses that power the digital economy, together with Nuveen, a global investment manager with more than $1.3 trillion in assets under management, today announced a strategic equity investment in Prime Data Centers ("Prime"), an international data center developer and operator providing scalable and adaptable mission-critical infrastructure to the world's leading hyperscale, AI / HPC, and enterprise customers. These investors join existing institutional investors Macquarie Capital, Ares Management and Siemens Financial Services in supporting Prime in its next phase of growth. Financial terms of the transaction were not disclosed.

Prime has a four gigawatts (GW) roadmap of power across top-tier markets in the U.S. and Europe, including Chicago, Phoenix, Austin, Los Angeles, Silicon Valley, Frankfurt, Berlin, Helsinki and Madrid. The company is uniquely positioned to capture demand in power-constrained and high-demand Tier 1 markets with 1GW+ critical IT load deliverable between 2025 and 2028.

The transaction is part of management's broader multibillion-dollar growth strategy that includes raising more than $2 billion this year to help fuel Prime's accelerated data center expansion. The transaction builds on the company's previously announced strategic partnership with Macquarie Capital which identified a $5 billion capital investment plan in June 2021. The plan has now increased substantially given faster growth realization, underscoring continued momentum for the company.

"Given their large capital base, long-term commitment as well as operating experience across the data center landscape, I am delighted to welcome the Snowhawk and Nuveen team as partners," said Nicholas Laag, Founder and CEO of Prime Data Centers. "This partnership marks a pivotal step in Prime's accelerated growth as we expand within our existing territories and enter new markets. By continuously evolving alongside our valued partners and customers, we remain dedicated to delivering adaptable, reliable and scalable digital infrastructure solutions that meet the increasing demand for computing power and storage today and in the future. Together with our existing esteemed institutional partners, we are strategically positioned to deliver the next four gigawatts of power, reaffirming our commitment to powering the future needs of our customers."

"Snowhawk's investment in Prime demonstrates our continued belief in the generational opportunity associated with cloud and AI to change the way we live and work," said Brian McMullen, Managing Partner & Co-Founder at Snowhawk. "We look forward to supporting Nicholas and his seasoned team as they continue to serve the requirements of the most discerning cloud operators and enterprise technology companies."

"Digital infrastructure is a critical investment category for our portfolio," said Biff Ourso, Global Head of Infrastructure for Nuveen. "We are delighted to join forces with Snowhawk to invest behind the impressive team at Prime as the company enters a pivotal phase of growth for its platform. Our long-term commitment and patient capital are fully aligned with the needs of Prime's customers and reflect our strong confidence in Prime's vision and dedication to meeting their evolving requirements. Together, we are excited to support Prime's continued innovation and expansion, ensuring the company remains at the forefront of delivering value to its customers in a rapidly changing market."

Kirkland & Ellis LLP acted as legal counsel to Snowhawk and Nuveen. Guggenheim Securities, LLC and Moelis & Company LLC acted as joint financial advisors to Prime Data Centers and Goodwin Procter LLP and Simpson Thacher & Bartlett LLP acted as legal counsel.

About Snowhawk
Snowhawk is a private investment firm that targets strategic majority investments in businesses that power the economy's digital transition across cloud, connectivity and technology services. Founded in 2022, the Snowhawk team brings long investing histories and deep operating expertise in partnering with management teams to create strong performance and enduring value for companies, customers and investors. For more information, visit snowhawkpartners.com.

About Nuveen
Nuveen, a global asset manager, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 31 Mar, 2025 and operations in 32 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

About Prime Data Centers
Prime is an international provider of hyperscale and wholesale data centers. Data-driven organizations such as cloud providers, AI, and the enterprise choose Prime for scalable and efficiently designed data centers that help them advance, defend, and achieve their technology and sustainability objectives. At the company's core, Prime's mission is to be the go-to digital infrastructure solutions partner to serve customers where they need to grow. Follow us online: primedatacenters.com.

SOURCE Prime Data Centers