How we allocate capital
We build a portfolio around one thesis: Thailand needs substantially more compute capacity, and the scarce inputs are not demand but power, water, title and execution capability. Our strategy follows those constraints.
Six investment themes
Each theme carries its own return profile and risk shape. Combined, they balance contracted cash yield against development upside.
Hyperscale Campuses
Large-scale capacity for cloud providers and platforms, targeting long-dated leases and stable yield.
AI Compute & GPU Clusters
High-density, liquid-cooling-ready facilities capturing structural AI compute demand.
Edge & Distributed Compute
Smaller nodes close to users and industrial demand, serving latency-sensitive workloads.
Power & Supporting Infrastructure
Substations, on-site generation, solar and storage that unlock constrained capacity.
Network & Interconnection
Fibre routes, interconnection facilities and cross-border capacity serving regional traffic.
Brownfield Repositioning
Power upgrades, cooling redesign and re-leasing that release value in existing stock.
Three stages, three capital structures
Stage determines risk, return and the role we play. We do not force every project into the same template.
Greenfield Development
From land title to live campus. We take development, permitting and leasing risk, and earn both development margin and long-term hold returns.
- Site selection and land due diligence
- Power capacity application and grid coordination
- Design, EPC tender and construction management
- Anchor tenant secured before energisation
- Ticket size: USD 20M – 150M
- Target: levered IRR ≥ 16%
Acquisition
Operating or near-complete assets where lease quality, tenant covenant and site scarcity justify a long hold.
- Single-facility and campus-level purchases
- Platform and operator equity acquisitions
- Lease quality, tenant mix, WALE analysis
- Exit pathway via REIT or secondary trade
- Ticket size: USD 10M – 250M
- Target: cash yield ≥ 6.5%, IRR ≥ 13%
Retrofit & Upgrade
Modest capital deployed into underperforming assets to release value through technical and commercial repositioning.
- Power expansion and electrical upgrades
- Air-cooled to liquid-cooled conversion
- Efficiency optimisation, capacity reallocation
- Re-targeting tenants, rebuilding the lease book
- Ticket size: USD 3M – 40M
- Target: levered IRR ≥ 19%
What we assess, and why
Any ownership structure and any operating status. What matters is location, power and the tenant story.
| Asset type | Typical profile | What we assess |
|---|---|---|
| Hyperscale campus | 30 MW+, single or multi-building, built-to-suit | Location, permit completeness, lease tenor |
| Colocation facility | Multi-tenant, established occupancy | Tenant diversity, occupancy trend, renewal profile |
| AI / GPU data centre | High rack density, liquid cooling | Rack power, cooling architecture, compute tenants |
| Edge facility | Small distributed node, close to demand | Latency radius, replication potential, operating cost |
| Modular / prefabricated | Fast-deploy modular capacity | Replicability, cost per MW, delivery timeline |
| Enterprise self-build | Owner-operated with spare capacity | Commercialisation potential, power headroom, title |
| Ageing facility | Legacy cooling, high PUE, low occupancy | Retrofit feasibility, expansion space, capex-to-value |
| Under construction | Civil or M&E works underway, funding gap | Completion percentage, sunk cost, permit status |
| Operating asset | Stable, with a clear intention to sell | Cash flow quality, leases, exit pathway |
| Permitted, not built | Land and permits secured, no works started | Permit validity, conditions precedent, timing cost |
| Power & utility asset | Substation, generation, solar, storage | Load matching, tariff arbitrage, offtake structure |
| Fibre & interconnection | Route, PoP or interconnection hub | Route scarcity, carrier density, customer stickiness |
Thailand, in order of priority
We concentrate where power, land and connectivity come together, rather than spreading thinly across the country.
Priority markets
These provinces carry the bulk of Thailand’s announced capacity pipeline. Industrial estates with grid headroom, established power infrastructure and access to the Bangkok metro make them the natural first choice for hyperscale and AI workloads.
Opportunistic markets
Regional clusters where land and power economics are more attractive and local enterprise, government and platform demand is sufficient to anchor a facility. We consider these on a case-by-case basis, typically at smaller scale and often as an edge or distributed play.
What we deliberately avoid
Defining the edges of a mandate is as useful as defining its centre.
Speculative land plays
We do not acquire land purely on the expectation of future rezoning or resale without a credible project to build on it.
Contested title
We will not proceed where title or permit disputes are unresolved, regardless of the discount available.
Assets with no power pathway
Without a credible route to secured electricity capacity, a site is not a data centre project — however attractive the land price.
Diversification for its own sake
We stay inside digital infrastructure. Adjacent sectors are only entered where they directly serve a compute asset.
Short-term trading
Our capital is structured for multi-year holds. We are not a flipper, and we do not underwrite on a quick exit.
Underwriting without operational input
If we cannot contribute beyond capital on a given project, we will usually decline rather than crowd in.
Does your project fit the strategy?
Send it across. We will tell you plainly, and quickly, whether it does.