Data centers have rapidly emerged as a cornerstone of the modern economy, driven by the explosive growth of cloud computing and generative AI. This surge in demand—led by hyperscalers such as Amazon Web Services (AWS), Microsoft, and Google—not only is reshaping digital infrastructure but also has implications for the real estate capital landscape. With nearly all new supply pre-leased and long term, creditworthy tenants in place, the sector offers a compelling risk-return profile. Although long-term capital investment requirements are rising in the US and Europ —estimated at $85 billion annually—the scale is actually below historical transaction volumes across traditional asset classes. As capital rotates out of legacy sectors and into future-facing themes, we believe that data centers are uniquely positioned to absorb growing investor allocations, drawing interest from core real estate, infrastructure, and institutional investors alike.