About SDC

• Founded: 2013

• Headquarters: London, United Kingdom

• AUM: approximately $5bn (as of 2024)

• Strategy: Digital infrastructure, data centers and fiber networks, Europe and North America

• Track record: Fund IV closed at $2bn in 2021, Fund III at $1.3bn in 2019

• Leadership: Co-founded by Paul Corcoran, Mathias Imbach, and Stephan Schiessl

SDC has raised $1.5bn for its fifth digital infrastructure fund at first close, reaching the halfway mark toward an expected $3bn target. The firm continues its focus on hyperscale data centers, edge computing facilities, and fiber-optic networks across Europe and North America. Fund V marks a 50% step-up from the predecessor fund's $2bn final close in 2021, reflecting sustained LP appetite for digital infrastructure as an asset class.

The halfway-close milestone at $1.5bn surfaces a useful comparison point: Asterion Industrial Partners closed its third digital infrastructure fund at €2.1bn ($2.3bn) in late 2023, also ahead of target, while DigitalBridge raised $2.6bn for its global infrastructure fund earlier this year. SDC's trajectory sits comfortably within the range, but the $3bn target implies a meaningful shift in scale — Fund V would be the firm's largest vintage and triple the size of Fund III from just five years ago. The question is whether the firm's team and deal pipeline have scaled proportionally, or whether the larger fund introduces deployment pressure that could push the firm into larger, more competitive auctions where returns compress.

Digital infrastructure funds raised in 2021–2022 are now 2–3 years into deployment, and early performance signals matter for current fundraising cycles. SDC's ability to close the second half of Fund V at or near target will depend less on LP conviction in the sector — that remains strong — and more on Fund IV's interim marks and pace. If the predecessor fund is still sub-50% deployed or carrying assets at aggressive entry multiples, later-stage LPs may push for a smaller final close or steeper fee concessions.

Source: Infrastructure Investor