CVC DIF and Northleaf Divest US Data Center Portfolio, Vault Digital Infrastructure, to Igneo Infrastructure Partners

• Vault Digital Infrastructure (“Vault”) is a joint venture owned by CVC DIF (49%), Northleaf (49%), and Landmark Dividend (2%)
• Over the last seven years, CVC DIF’s local North American team and Northleaf have built an attractive, diversified portfolio of strategic data center assets in core US markets, with 75MW of critical capacity
• The transaction demonstrates CVC DIF and Northleaf’s ability to deliver value creation initiatives as well as develop timely exit options to ensure consistent return of capital to their investors

NEW YORK & TORONTO–(BUSINESS WIRE)–CVC DIF, the infrastructure strategy of leading global private markets manager CVC, and Northleaf Capital Partners (“Northleaf”), a global private markets investment firm, are pleased to announce that Vault Digital Infrastructure (“Vault”), a joint venture owned by CVC DIF, Northleaf and Landmark Dividend (“Landmark”), has sold its data center portfolio to Igneo Infrastructure Partners, the direct infrastructure business of First Sentier Investors.

The portfolio consists of seven operational co-location and enterprise data centers in key strategic US markets with strong demand dynamics. The mission-critical nature of the assets, strong tenant credit profiles and sectoral tailwinds have provided highly attractive, predictable cash flows.

CVC DIF, through its CIF I fund, Northleaf, through its mid-market infrastructure funds, and Landmark, established Vault in 2018 with an aim to invest in operational data centers. In the subsequent years, Vault assembled an attractive, resilient portfolio, which is today mission critical to its established tenant base. Vault has also executed several value-enhancing initiatives, including lease extensions, facility expansions, new tenancies and financing optimisations, underpinned by the gradual de-risking of the assets.

Andrew Freeman, Partner and Head of Divestments at CVC DIF, said: “We have successfully scaled the portfolio which now represents an attractive platform for future growth with these strategically located assets and a diversified, blue-chip customer base. This transaction is a strong example of CVC DIF’s ability to drive value creation during its investment ownership. It also highlights our ability to opportunistically exit an investment and continues our strong track record for our investors.”

Chris Rigobon, Managing Director and Head of Digital Infrastructure at Northleaf, said: “We have driven significant value creation by growing Vault from a single facility into a scaled platform through a thoughtful consolidation strategy focused on individual data centers. Creating a platform diversified by customer, contracts and region is a prime example of Northleaf’s North American-focused, middle-market infrastructure strategy.”

Karlton Holston, Executive Vice President – Data Centers at Landmark, said: “We are pleased with the successful outcome of this transaction, resulting from collaboration over many years with our partners at Vault. This transaction exemplifies Landmark’s strong track record which has enabled us to build a leading position in the digital infrastructure sector, with over 70 Data Center assets under management for our investors and clients.”

CVC DIF, Northleaf and Landmark were advised on the transaction by Akin Gump Strauss Hauer & Feld LLP (legal).

About CVC DIF

CVC DIF is a leading global mid-market infrastructure equity fund manager.

Founded in 2005 and headquartered in Amsterdam, the Netherlands, CVC DIF has c.€19 billion of infrastructure assets under management in energy transition, transport, utilities and digitalisation.

With over 250 people in 12 offices, CVC DIF offers a unique market approach, combining a global presence with the benefits of strong local networks and sector-focused investment capabilities.

CVC DIF forms the infrastructure strategy of leading global private markets manager CVC. This partnership allows CVC DIF to benefit from CVC’s global platform, with 30 offices across five continents.

About Northleaf Capital Partners

Northleaf Capital Partners is a global private markets investment firm with more than US$30 billion in private equity, private credit and infrastructure commitments raised to date from more than 375 institutional and family office investors and a growing number of wealth, asset management and insurance partners. Northleaf sources, evaluates and manages private markets investments, with a focus on mid-market companies and assets. Northleaf’s 300-person team is located in Toronto, Chicago, London, Los Angeles, Melbourne, Menlo Park, Montreal, New York, Seoul and Tokyo. For more information, please visit www.northleafcapital.com.

About Landmark Dividend

Landmark Dividend is a leading acquirer and developer of digital infrastructure real property and critical infrastructure assets focusing on data centers, fiber hubs, wireless communication and outdoor media sites, and renewable power projects.

Landmark was formed in 2010 to capitalize on the growing digital infrastructure real estate market and brings deep expertise in the acquisition, development, financing, and asset management of real estate and infrastructure.

In June 2021, Landmark became a portfolio company of DigitalBridge (NYSE: DBRG), the largest digital infrastructure private equity firm and in April 2024, a wholly owned subsidiary of Abu Dhabi Investment Authority (“ADIA”), a globally diversified investment institution that invests funds on behalf of the Government of Abu Dhabi, acquired a 40% interest in the Company. Landmark benefits from the significant experience and capital support of both DigitalBridge and ADIA, while all origination, underwriting, and asset management activities continue to be performed by Landmark.

The Company has over 160 employees and is headquartered in Los Angeles, with Executive headquarters in West Palm Beach and other offices in New York, Atlanta, and Sydney.

This document is for informational purposes only and does not constitute a general solicitation, offer or invitation in any Northleaf-managed funds in the United States or in any other jurisdiction and has not been prepared in connection with any such offer.

Contacts

CVC DIF
Nick Board
Tel: +44 (0) 20 7420 4200
[email protected]

H/Advisors Maitland (for CVC DIF)
Finlay Donaldson
Tel: +44 (0) 7341 788 066
[email protected]

Northleaf Capital Partners
Gina Lee
Tel: +1 416 389 7667
[email protected]

Prosek Partners (for Northleaf)
[email protected]

Landmark Dividend
Karlton Holston
Tel: +1 310 464 3170
[email protected]