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CPPIB Kicks Off ₩1 Trillion New Economy Bet with First Data Center Investment in Seoul
After two successful projects with Pacific AMC, CPPIB commits ₩1 trillion for next-wave investments
The Canada Pension Plan Investment Board (CPPIB) has committed a fresh KRW 1 trillion (approx. USD 770 million) mandate to Seoul-based Pacific Asset Management, strengthening a trusted partnership to expand into Korea’s hyperscale data center market.
This newly raised fund is aimed exclusively at developing and operating next-generation data centers in the Greater Seoul area. According to Pacific AM, the capital is sufficient to support the construction of up to five large-scale hyperscale facilities. The mandate reflects CPPIB’s long-term confidence in Korea’s digital growth and its deepening trust in Pacific AM, following a previously successful logistics fund established between the two partners in 2021.
Initial Project Already Secured: Land Acquisition Completed in 2024
Pacific AM has already acquired a development-ready site in the Seoul metropolitan area as its first pipeline project. The site, which secured full regulatory approvals in 2024, is now in the pre-construction phase.
The plan is to roll out the rest of the investment over the next two to three years, focusing on institutional-grade, carrier-neutral facilities with strong power access — a key constraint in the Seoul market.
“Korea’s hyperscale data center market is still in its early innings compared to the U.S. or Singapore, but demand is surging fast,” said a person familiar with the matter. “This mandate gives Pacific AM the ability to act quickly and secure sites before the window closes.”
A Trusted Partnership Built on Execution
This marks the second major partnership between CPPIB and Pacific AM. The first, launched in 2021, focused on logistics assets and has since deployed capital into several large-scale warehouses in the Seoul metro area. That venture delivered strong lease-up performance and asset value growth, paving the way for CPPIB’s continued commitment.
The new data center fund represents a strategic pivot toward digital infrastructure — a key growth vertical for CPPIB globally. With over CAD 630 billion in AUM, CPPIB has increasingly focused on alternatives, including data centers, renewables, and infrastructure.
“Pacific AM earned CPPIB’s trust by delivering results, and this new mandate signals a deeper strategic alignment,” said one industry observer.
