Shuli Ren, Columnist

AI Data Centers Give Private Credit Its Mojo Back

October 2, 2025 at 7:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

The Stargate AI data center under construction in Abilene, Texas, US, on Tuesday, Sept. 23, 2025. Stargate is a collaboration of OpenAI, Oracle and SoftBank, with promotional support from President Donald Trump, to build data centers and other infrastructure for artificial intelligence throughout the US.Photographer: Kyle Grillot/Bloomberg

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Private credit managers have proven their prowess in fundraising, but are falling short on dealmaking. With mountains of cash waiting to be deployed, they are latching onto the artificial intelligence data center boom, hoping to stay relevant as banks reclaim their dominant position in corporate lending.

The world’s largest asset managers, such as real estate investing giant Blackstone Inc., are going all in. Meta Platforms Inc. recently selected Pacific Investment Management Co. and Blue Owl Capital Inc. to lead a $29 billion financing for its data center expansion in rural Louisiana. Ares Management Corp. is aiming to raise more than $8 billion to back facilities across London, Japan and Brazil.