Partners Group Expands Investment in Nordic Data‑Center Platform atNorth
On 2 September 2026, Partners Group announced that its infrastructure secondaries strategy will acquire an additional minority stake in the pan‑Nordic data‑center platform atNorth. The transaction follows a February sale of the company to the Canada Pension Plan Investment Board (CPP Investments) and Equinix, a deal that valued the platform at roughly four billion dollars and has now closed.
Background of the Transaction
Partners Group first acquired atNorth in 2022 and has since guided the company’s transformation into a next‑generation platform. The data‑center operator now runs eight facilities and is developing additional sites across the Nordic region. The company has secured more than 1.5 gigawatts of power and is expanding capacity to meet growing demand, particularly from AI‑driven workloads. Over the past four years, atNorth’s contracted earnings before interest, tax, depreciation and amortisation (EBITDA) have increased dramatically, and the company’s growth strategy—focused on building and owning data‑center assets in the Nordics—has recently led to a doubling of contracted EBITDA since the end of 2025.
Strategic Rationale
Dr. Dmitriy Antropov, Head of Infrastructure Partnership Investments at Partners Group, said the firm is pleased to reinvest in atNorth, citing confidence in the company’s growth plan and the shared vision with management. He highlighted the structural tailwinds, including a diversified demand mix and rising AI deployment needs, and expressed appreciation for the partnership with CPP Investments and Equinix.
Portfolio Context
Partners Group’s infrastructure secondaries arm has a record of investing in data‑center businesses, having taken a minority stake in the Canadian platform eStruxture in 2024. The strategy recently completed a close of over five and a half billion dollars, one of the largest dedicated infrastructure secondaries fundraisings in the industry. The firm, headquartered in Baar, Switzerland, manages more than one hundred and eighty‑six billion dollars in assets globally across private equity, credit, infrastructure, real estate, royalties and special opportunities.
Industry Implications
The Nordic region has emerged as a strategic hub for high‑performance computing and AI workloads, driven by robust renewable energy supplies, stringent data‑privacy regulations, and proximity to major European cloud providers. atNorth’s expansion aligns with global trends in decarbonized data‑center operations and edge‑computing architectures, offering a resilient platform for enterprises seeking low‑latency, secure data processing.
Partners Group’s continued investment underscores a broader shift in infrastructure capital allocation, where investors prioritize platforms capable of scaling with emerging workloads while maintaining sustainability mandates. The partnership with CPP Investments and Equinix further signals confidence in the Nordic data‑center sector’s long‑term value proposition, potentially attracting additional institutional inflows and reinforcing the region’s competitive positioning within the global digital economy.
