Asset management giant TPG appears to be preparing a major push into the booming data center market.

TPG is in talks to acquire Netrality Data Centers at a value of $2B to $3B in a deal that could be finalized as soon as this fall, Bloomberg reported.

Netrality's majority owner has been Macquarie Asset Management since 2019, when it acquired a controlling stake from previous owner Abrams Capital Management.

Kansas City, Missouri-based Netrality operates a portfolio of 18 data center properties with a combined capacity of more than 100 megawatts across North America, with facilities in Chicago, Houston, Philadelphia, St. Louis, Indianapolis and Kansas City.

While its portfolio may be small in terms of megawatts relative to other operators, the firm holds an important place in the digital infrastructure ecosystem.

Netrality calls itself the largest privately owned operator of interconnection data centers in the U.S. Unlike hyperscale or traditional colocation data centers that are valued for the amount of computing capacity they provide, interconnection facilities are valued for their location at the intersection of major fiber networks.

Often referred to as “carrier hotels,” these data centers act as exchange points where different networks such as cloud providers, telecoms, and other providers and enterprises connect and exchange data. Typically occupying legacy buildings in urban cores, interconnection data centers effectively serve as central train stations for the digital ecosystem — hubs that would be hard to replicate today.

The acquisition would make Netrality the largest data center platform owned by TPG. The firm has made some prior deals in the space but hasn't been as aggressive as other real estate and investment giants like Brookfield or Blackstone in directing capital toward data centers.

In 2025, TPG invested close to a billion dollars in Indian data center platform HyperVault. TPG also established a joint venture with Digital Realty in 2023 through which it acquired a majority stake in a trio of stabilized Northern Virginia data centers.