Principal Asset Management has held a final close for its Principal Data Center Growth & Income Fund with total equity fundraising of $3.64 billion, according to a Feb. 28 announcement from the firm.

The fund, an opportunistic, closed-end fund, invests in hyperscale data centers throughout the United States. With an initial fundraising goal of $3 billion, it exceeded its target by $640 million. It’s the third data center vehicle managed by Principal.

According to the firm, the fund is expected to capitalize more than $8 billion of development assets in the United States in partnership with Stream Data Centers, a digital infrastructure provider.

This final close follows recent investments by the Teachers’ Retirement System of the State of Illinois and the Tennessee Consolidated Retirement System.

Principal Real Estate, the investment team of Principal Asset Management, has been investing in data centers since 2007, with $11 billion in data center a