Data Centers

In contrast to previous years, no single group took home more than three prizes in the regional category this year.

Marc Zahr, co-president of Blue Owl Capital and global head of real assets, sees investors gravitating towards scale, downside protection and long-term leases amid data center volatility and market uncertainty.

The US manager won four of its five awards in the region where its fundraising dominance remains unchallenged.

Power, scale and capital are reshaping investment decisions, say Devin Chen, head of private equity portfolio management, and Casey Miller and Ian Curry of Principal Asset Management.

The country was the focus of some of the region’s largest fundraises and transactions in 2025.

The sector remains a top choice, even propelling a sharpshooter manager to its first PERE Awards win.

The Madrid-based manager has already hit its revised target for the vehicle, which is due for a final close by mid-year.

New technological advancements are enabling expanding geographies in industrial site selection as US employment levels fall.

With investor sentiment improving last year, the picture for capital flows in 2026 looks brighter, writes James Jacobs, head of real assets for Lazard’s private capital advisory group.

Real estate has underperformed for most investors, yet high levels of under-allocation together with an improved outlook are prompting a return to fresh commitments.