Mitsubishi unit Marunouchi Infrastructure’s new Diamond Infrastructure Investment Limited Partnership fund will mostly invest in local data centers, an official told Infralogic.

“We are aiming to receive a JPY 50bn (USD 322m) commitment [to our fund] by September 2026,” from institutional investors, the official at Marunouchi Infrastructure said, adding that the fund is aiming for domestic data centers to account for nearly half of the value of its portfolio.

The fund is Marunouchi’s second diversified infrastructure fund.

Its potential investment targets include eight data centers in Japan (two in Tokyo, two in Inzai and four in Osaka) being operated by MC Digital Realty, a joint venture between Mitsubishi and US Digital Realty Trust.

The joint venture wants to build an additional data center near the existing facilities in Inzai city, Chiba prefecture near Tokyo, which has lured many data centers as the ground there is strong and resistant to earthquakes.

But data centers belonging to operators other than MC Digital Realty can also be a target, the official said.

The fund manager is also planning to invest in transportation assets such as roads, airports and harbors, as well as the energy sector, including batteries and wind farms.

Diamond Infrastructure Investment Limited Partnership reached a first close on 31 January with several institutional investors committed to the fund, the official said without elaborating details.

Marunouchi Infrastructure Investment Limited Partnership, its first diversified infra fund, was launched in 2017 and sized at several tens of billions of yen. It has invested in 12 infrastructure assets in Japan, five of which were bought from Mitsubishi.

Limited partners of the first fund included Mizuho Bank, Toho Bank and pension funds.