Looking ahead to 2026, what do you see as the most important strategic differentiators for private equity firms investing in the data centre space?

James Lapushner,

CIO, Anacott Capital

Umaima Haider,

Senior Lecturer - Computer Science & Digital Technologies, University of East London

Devika Shanker-Grandpierre,

Managing Partner and Founder, Shanker-Grandpierre Consulting

Access to flexible capital and development expertise that can rapidly deliver GPU-ready capacity; deep operational capabilities (to run liquid-cooled, high-density facilities reliably); proven relationships with hyperscalers and AI-focused tenants; and the ability to secure green power and heat-reuse/value streams.

Firms that combine real-estate execution speed, technical capabilities for high-performance workloads, and credible ESG credentials will command the highest valuations and lowest occupancy risk.

Investing in high-density, GPU-optimized data centres with advanced two-phase liquid cooling and sustainable, efficient power management.

Geopolitical insight & stakeholder engagement – Firms that deeply understand the drivers of digital sovereignty requirements and embed this expertise within their teams gain a strategic advantage, enabling them to identify regulatory and technological risks proactively, mitigate delays, navigate community risks, and turn complexity into a competitive edge. When baked into operational teams, this expertise makes holistic execution across the life cycle possible.

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Looking ahead to 2026, what do you see as the most important strategic differentiators for private equity firms investing in the data centre space?

By 2026, the constraint won’t be money — it will be execution. The winners may be those able to deliver power-secure, compliant, AI-ready capacity at scale and on schedule. Semiconductor supply has become a critical factor shaping the data-centre market in ways few anticipated. Data-centre operators may not directly depend on chip manufacturing, but their fortunes now hinge on it because their tenants’ businesses do. Demand for GPUs and other advanced processors continues to exceed supply, and tighter export controls have only heightened concerns about possible semiconductor supply risk. For investors, that adds a new kind of risk. A facility might have power in place, permits secured, and tenants lined up — but without the hardware, those server halls stay empty. The old questions about grid capacity and construction costs now share space with a new one: can end users actually secure the compute to fill the racks?

Projects backed by hyperscalers or tenants with guaranteed chip allocations hold the upper hand. They can bring capacity online sooner and convert it into revenue more quickly. In today’s market, where compute defines value, reliable access to silicon has quietly become as critical as securing land or power.Across the GCC, governments have shown strong commitment to developing the AI sector — from next-generation compute infrastructure to semiconductor and data-centre capacity. These national initiatives rest on familiar foundations: dependable power, fast-growing renewable energy, and deep pools of sovereign capital. Taken together, these efforts are expected to shift market and capital dynamics toward the GCC, positioning the region as an emerging hub in the global digital value chain. For European platforms, early alignment with these emerging ecosystems — through co-investment, joint ventures, or operational partnerships — could potentially unlock significant upside.

Within portfolios, grid access is emerging as a key driver of valuation. Sites with scalable capacity and long-term sustainable PPAs are commanding premiums; in this market, megawatts have become the true currency. ESG performance continues to shape both the cost and accessibility to capital. Transparent sourcing of sustainable, reliable heat-reuse strategies, and clear reporting on embodied carbon shorten diligence and lower financing costs. Yet the real friction now lies in regulation. Mastering the EU Taxonomy, CSRD requirements, and national permitting regimes has become a differentiator in its own right.

Looking ahead, expect to see more joint platforms linking investors, utilities, and technology operators. Those able to integrate power, compute, and compliance within a single operating model may set the pace in the AI-era build-out.

Hossein Nouri,

Managing Director, Petro Power Construction