Partners Group has sold its Nordic data center platform atNorth for $4 billion to CPP Investments and Equinix, generating a 2.5x MOIC and over 30% return. The firm initially acquired atNorth in December 2021 through its Direct Infrastructure 2020 vehicle, which closed on $6.4 billion in February 2022. This exit mirrors the success of Macquarie Asset Management's recent high-profile data center realizations.

The platform's growth accelerated beyond Partners Group's base case projections, expanding from just two Icelandic sites totaling 83MW to a portfolio of about 800MW across the Nordics. Partners Group had underwritten a seven-year plan targeting 200-250MW in operations, but the actual development occurred in far less time. The investment benefited from rising AI demand but was intentionally diversified across multiple customer segments rather than focusing solely on AI workloads.

Partners Group's infrastructure division consistently delivers strong returns, with four major exits in 2024 showing over 40% valuation uplifts. The firm maintains its average hold period is under five years. While Partners Group reinvests up to 10% in atNorth through indirect strategies, investors receive a clean exit. The success raises questions about replicability in today's crowded data center market, though Partners Group believes opportunities remain for strategic combinations of financial and industry buyers.