BlackRock, the world's largest asset manager, is leading a fundraising effort of at least $12 billion (approximately 17.755 trillion won) for Meta Platforms' new AI data center construction.

As AI infrastructure competition intensifies, an analysis shows that global investment institutions are accelerating their moves to incorporate data centers as core investment assets.

▲ BlackRock leads Meta data center investment

According to the Wall Street Journal (WSJ) and multiple sources on the 20th (local time), BlackRock is pursuing debt financing of at least $12 billion for Meta's mega-scale data center project being constructed in El Paso, Texas.

This project is evaluated as key infrastructure investment for expanding AI services and is drawing attention as a representative large-scale private AI data center project.

▲ Joint investment structure: BlackRock 80%, Meta 20%

In this project, BlackRock holds an 80% stake in the data center business through its infrastructure investment division and Private Credit division.

Meta, as the operating company that will actually use the data center, adopts a structure holding the remaining 20% stake.

Officials explained that the data center complex is expected to have a power capacity of approximately one gigawatt (GW).

BlackRock logo (Photo : [Reuters/Yonhapnews provided])

▲ JP Morgan, Morgan Stanley lead large-scale fundraising

Project financing is being jointly underwritten by JPMorgan Chase and Morgan Stanley.

The two firms have been soliciting investments from institutional investors, and are reportedly planning to secure construction funds through large-scale bond issuances.

BlackRock has been rapidly expanding its data center investment scale over the past year by strengthening cooperation with AI hyperscaler companies.

Notably, it completed a major deal last year by investing approximately $40 billion to acquire Aligned Data Centers, a data center operator.

Additionally, Meta is reportedly expected to enter into a long-term lease for an Aligned Data Center facility currently under construction in Shipping Port, Pennsylvania.

▲ Larry Fink's strategic shift...moving beyond asset management to direct investment

BlackRock CEO Larry Fink has expanded the company's business structure in recent years by successively acquiring Global Infrastructure Partners and HPS Investment Partners.

As a result, BlackRock with approximately $15 trillion in assets under management (AUM) is strengthening an investment model that goes beyond simple asset management to directly own and operate infrastructure assets.

BlackRock previously participated as a key investor in a $27 billion private credit transaction supporting Meta's Louisiana data center construction.

That transaction was recorded as the world's largest private debt financing case at the time.

According to WSJ, BlackRock purchased over $3 billion in bonds from this deal last year.

▲ Replicating Louisiana model...expanding joint investment approach

The El Paso project is designed very similarly to the Louisiana data center investment structure.

In the Louisiana project, private credit operator Blue Owl held an 80% stake in the joint venture, while Meta held the remaining 20%.

The joint venture issued large-scale debt to raise construction funds, and the project was pursued through a method where institutional investors including BlackRock purchased the bonds.