Stonepeak’s digital infrastructure spin‑out, Snowhawk, closed its inaugural fund at $1.3 bn, beating the original goal. The capital raise, finished this month, gives the vehicle scope to chase lower‑mid‑market assets that aim for higher yields than core infrastructure. Investors view the pool as a conduit to ride growth in data centers, fiber and edge computing.

Managing partner Brian McMullen said Snowhawk is “shooting for more attractive returns” by targeting that segment, a shift from Stonepeak’s larger‑scale projects. The strategy reflects mounting demand for digital capacity as cloud providers expand and enterprises digitize, prompting capital to flow into smaller, high‑growth infrastructure parcels. The fund’s size puts it among the biggest debut digital funds in Europe this year.

The fund’s pipeline already features several European fiber bundles and a U.S. edge data centre slated for acquisition, aligning with its lower‑mid‑market focus.

With $1.3 bn now secured, Snowhawk can begin assembling a pipeline of assets that deliver near‑term cash flow and upside from 5G rollouts. The successful close may encourage other mid‑market managers to launch similar vehicles, intensifying competition for limited digital real‑estate. For investors, the fund offers immediate exposure to a sector where supply constraints are tightening.