Hong Kong-listed ESR Group has raised over $1bn in equity commitments for its first data centre fund. In a statement, the real estate manager added that it will raise another discretionary capital sleeve to co-invest in the Data Centre Fund 1 to close the fund at its hard cap of $1.5bn. ESR added that the partners in the fund that includes sovereign wealth and pension funds have an option to upsize its equity by $1.5bn, which would gradually take the total investment to $7.5bn over time. Its data centre portfolio currently consists of projects in Hong Kong, Osaka, Tokyo, Seoul, Mumbai and Singapore, with 300MW of capacity.

ESR Cayman’s bonds have been trending lower since the past month with its 5.65% SGD Perps down ~2.5 points during the period to 97.22 currently.

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