More than 50 real estate funds globally are actively raising capital to invest in data centers, aiming for a combined target of over $50 billion. Nearly 40% of this capital, totaling over $20 billion, is specifically allocated for data center projects, reflecting a record level of interest in the sector. As demand for digital infrastructure skyrockets due to advancements in AI and cloud services, data centers have become increasingly attractive compared to traditional real estate assets like offices and retail. This shift is driven by the stable, long-term returns data centers offer, especially when backed by high-credit tenants. Real estate funds are adjusting their structures to accommodate the specific requirements of data center investments, balancing development and operational phases for appealing risk profiles and enhanced returns.