Digital Colony Management closed its inaugural fund, Digital Colony Partners, at $4.1 billion, according to a news release Wednesday.
The fund surpassed its original fundraising target of $3 billion. Digital Colony Management, a joint venture between Digital Bridge Holdings and Colony NorthStar, was founded in 2018.
“Digital communications are evolving at an unprecedented rate; as a result, demand is surging for network infrastructure across towers, small cells, fiber and data centers,” said Marc Ganzi, co-founder and CEO of Digital Bridge, in the news release. “No one has ever raised a fund solely dedicated to this sector, but it is clear that new capital will be needed on a global basis to support network buildout and prepare for the implementation of 5G, IoT, AI and other forms of next generation networks. We believe this one-of-a-kind investment platform is well-positioned to seize attractive opportunities in an increasingly connected world.”
Investors include the $145.4 billion Texas Teacher Retirement System, Austin; Oregon Investment Council, Tigard, which oversees the investment management of the $74.5 billion Oregon Public Employees Retirement System, Salem; the $28.3 billion Texas Employees Retirement System, Austin; and the South Carolina Retirement System Investment Commission, Columbia, which manages the $31.1 billion South Carolina Retirement System’s investment portfolio.