(Bloomberg) -- Mubadala Investment Co., an Abu Dhabi sovereign fund, is considering investing in Princeton Digital Group Pte as part of the Asia-focused data center operator’s fundraising plans, according to people familiar with the matter.

Mubadala is likely to become the anchor investor of the round, the people said, asking not to be identified because the process is private. Others are set to join as part of the financing over the coming weeks, the people said.

Singapore-based Princeton Digital, which is backed by private equity firm Warburg Pincus, has been considering raising about $400 million from investors in a deal that could boost its valuation to about $2 billion, Bloomberg News reported in June. The fundraising would serve as a stepping stone ahead of a potential initial public offering, people familiar with the matter have said.

No final decision has been made as the deliberations are still ongoing, and talks could still fall apart, the people said. Representatives for Mubadala and Warburg Pincus declined to comment, while Princeton Digital didn’t immediately respond to a request for comment. 

Princeton Digital runs 20 data centers in 14 cities across countries including China, Singapore, India, Indonesia and Japan, according to its website. Warburg Pincus invested in and helped set up the company in 2017, along with Princeton Digital Chairman and Chief Executive Officer Rangu Salgame and Chief Operating Officer Varoon Raghavan.

Last year, the company got $360 million in equity investment led by Canadian pension fund Ontario Teachers’ Pension Plan Board, the website shows. The firm secured a $230 million debt refinancing this year to support its $1 billion expansion plans in China.

©2021 Bloomberg L.P.