360 Capital goes after Digital Assets
360 Capital Group established a 50/50 joint venture with David Yuile, telecommunications industry executive and investor, to build a global digital infrastructure fund and associated businesses.
360 Capital fell in love with the sector following its learnings from their play on Australia Pacific Data Centres which they ultimately sold to the tenant NextDC.
The 360 Capital Global Digital Infrastructure Partners (GDIP) will focus on the investment of digital infrastructure assets such as data centres and telecommunications infrastructure including towers, submarine cables and dark fibre networks.
GDIP is currently in due diligence to purchase an operating data centre in Australia, an interest in a new data centre overseas, substantially pre-committed by several sub-sea cable companies and is investigating a new dark fibre network overseas. GDIP is also investigating the investment in several telecommunication towers and cell sites.
GDIP will be an unlisted partnership available to both local and overseas capital partners and wholesale investors with a targeted IRR of 10% p.a. GDIP will be open-ended with an initial soft close target of US$250 million and subsequent closes subject to capital requirements to fund future pipeline opportunities.
360 Capital will initially co-invest up to US$10 million into GDIP, and underwrite a further US$10 million of the equity raising.