Stack owner Blue Owl is partnering with Qatar’s sovereign wealth fund for a new data center platform.

Qatar Investment Authority (QIA) and Blue Owl Capital Inc. this week announced the companies have entered into a strategic partnership agreement with the aim of “creating a digital infrastructure platform.”

The new as-yet-unnamed platform is intended to “accelerate global compute available to leading hyperscalers amid surging cloud and AI transformation.”

Details of any planned data centers to be developed under this partnership have not been shared.

QIA said its contribution to the partnership is expected to help launch a digital infrastructure platform with more than $3 billion of initial data center assets and is expected to grow over time.

Mohammed Saif Al-Sowaidi, CEO of QIA, said: “We are pleased to partner with Blue Owl in this transformational digital infrastructure platform. This partnership aligns with QIA’s strategy to engage with leading global firms that are addressing the world’s growing demand for data centers.

“QIA and Blue Owl are committed to scaling digital infrastructure that will meet the growing demand for data storage and computation requirements globally, with a particular focus on increasing data connectivity.”

Doug Ostrover and Marc Lipschultz, co-CEOs of Blue Owl, added: “We are honored to partner with Qatar Investment Authority in advancing the global data center ecosystem. QIA’s commitment to innovation aligns seamlessly with our strategy to provide financing solutions to large-scale, resilient, digital infrastructure portfolios. Together, we aim to meet the surging demand for data connectivity and power the next generation of digital transformation.”

Founded in 2005, sovereign wealth fund the Qatar Investment Authority has previously said it was looking to expand beyond traditional real estate into data centers and warehouses. The company is part of the consortium looking to take real estate firm ESR private.

Blue Owl has approximately $192 billion in assets under management. Historically not a major player in the data center space, the company recently took over Stack through the acquisition of IPI and has been making a number of investments in the sector.

The firm has also previously announced a $5 billion joint venture with Chirisa and PowerHouse in August 2024 to develop turnkey AI/HPC data centers for CoreWeave and other customers. The investment firm also has a new data center venture, known as Beale Infrastructure, which is developing projects in Arizona and Kansas.

The company recently invested in UK data center firm Nscale and has reportedly been tapped to help Meta finance its AI data center mega-projects.