2 Data center investor IPI Partners has hauled in a hefty $3.8bn for its second fund targeting the sector. The raise brings IPI’s total capital raised to $5.25bn. IPI is co-sponsored by ICONIQ Capital and an affiliate of real estate private equity investor Iron Point Partners. IPI II will focus on acquiring, developing, leasing and operating data centers and related assets that serve the digital capacity needs of large, high-quality technology companies across the globe. The firm began investing Fund II last year, and recently closed a buyout of Milan-based data center platform Supernap Italia. IPI has built one of the world’s largest privately held data center portfolios since it was launched four years ago, with 480MW leased and capacity for more than 880MW.