Singapore-based investment manager GLP has launched its first digital infrastructure fund, the GLP China IDC Income Fund I, with assets under management totaling 2.6 billion yuan (US$357.76 million).

The fund is backed by a mix of domestic and international institutional investors and will acquire a data center in the Greater Beijing region, which is operational and leased to a major ecommerce company.

This move comes amid rising global demand for data centers, driven by advancements in artificial intelligence and cloud services.

According to US government agencies, the demand for data centers is projected to triple within the next three years, potentially consuming 12% of the US power supply.

GLP, founded in 2009, manages over US$80 billion in assets through its subsidiary, GLP Capital Partners.