Ropes & Gray Advises Partners Group on its Investment in atNorth's Next Phase of Growth

Ropes & Gray has advised Partners Group (acting on behalf of its clients), one of the largest firms in the global private markets industry, on its investment in the next phase of growth for atNorth, a leading pan-Nordic data center platform. Partners Group's infrastructure secondaries strategy will acquire around 10% of atNorth.

Partners Group originally acquired atNorth in 2022 through its infrastructure directs strategy, transforming it into a leading next-generation platform with eight operational data centers alongside several sites under development across the Nordics. atNorth has over 1.5 GW of secured power with a considerable amount of planned additional future capacity and a robust demand pipeline that is set to benefit from continued AI-driven growth.

Partners Group's infrastructure secondaries strategy has a track record of investing in data centers. In 2024, the strategy acquired a minority stake in eStruxture, a leading data center platform in Canada, which the Ropes & Gray team also advised on. Partners Group recently held the final close of its infrastructure secondaries program at over $5.5 billion, which represented one of the largest dedicated infrastructure secondaries fundraises in the industry at the time.

The Ropes & Gray team was led by asset management partners Tom Alabaster and Chris Townsend with support from tax partner Andrew Howard, asset management associates Madalina Asandului and August Jones-Loiacono, and tax associate Tim Waters.