(Bloomberg) -- Cologix Inc., the data-center company backed by Stonepeak Infrastructure Partners, is seeking a $500 million equity injection from a new institutional investor, according to people familiar with the matter.

Cologix is working with an adviser to canvas investor interest, the people said, asking not to be identified because the matter isn’t public. The company focuses on so-called hyperscale data centers -- large properties that consume massive amounts of power by connecting users to cloud platforms. One of its products links users to providers such as Amazon Web Services, Microsoft Corp., Alphabet Inc.’s Google, IBM and Oracle Corp., according to its website.

A representative for Stonepeak declined to comment, while one for Cologix didn’t have an immediate comment.

Stonepeak in 2017 bought a majority interest in Cologix in a transaction designed to accelerate the company’s growth. Cologix has had an appetite for deals recently, announcing last month that it acquired Montreal-based infrastructure provider Metro Optic. That followed the December purchase of another Canadian data-center provider, COLO-D.

Institutional investors have been increasing their exposure to data centers, in part because of increased consumer demand. Last month, Digital Colony bought Cogeco Peer 1 from Cogeco Communications for C$720 million ($539 million). In January, Brookfield Infrastructure formed Evoque Data Center Solutions to manage operations and assets it acquired from AT&T Inc. And last April, Macquarie Infrastructure Partners backed Aligned Energy, a Dallas-based data-center provider.

To contact the reporters on this story: Gillian Tan in New York at gtan129@bloomberg.net;Kiel Porter in New York at kporter17@bloomberg.net

To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, ;Elizabeth Fournier at efournier5@bloomberg.net, Steve Dickson, Molly Schuetz

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