Stonepeak, an alternative investment firm specialising in infrastructure and real assets, has closed its equity recapitalisation of portfolios company Cologix, the largest private interconnection and hyperscale edge platform in North America.
At USD3 billion in equity value, the transaction represents the largest single asset continuation vehicle raised in digital infrastructure to date. Cologix also completed a USD1.65 billion asset-backed securitisation earlier this year to support continued growth.
The recapitalization was effectuated as a sale of Cologix by Stonepeak Infrastructure Fund II LP and co-investors (Fund II) to Stonepeak-managed vehicles comprising a combination of existing Fund II investors who have chosen to reinvest in the business in partnership with a number of new third-party investors.
Fund II acquired a majority stake in Cologix in March of 2017 and subsequently partnered with Mubadala Investment Company (who have exited their position as part of this recapitaliaation) for an incremental growth capital investment in January 2020. Since 2017, Cologix has invested $1 billion of incremental capital in building out the company’s footprint through various organic and inorganic initiatives.
