Large AI projects present US$1.8 trillion capital pool for private credit
The artificial intelligence boom is driving business to private credit firms, as tech companies seek funding to build data centres filled with computing chips to operate AI models.
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Carlyle Group Inc. expects more than US$1.8 trillion of capital will be deployed by 2030 to meet that demand, and a chunk of that can be taken up by the private markets, chief executive Harvey Schwartz recently wrote in a shareholder letter.
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A slew of tech companies have already tapped private capital — both private equity and debt — to help build the physical infrastructure needed to support AI.
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Startup Nscale is looking for US$2.7 billion, including a US$1.8 billion private credit loan, on the back of a pending ByteDance Ltd partnership. SoftBank Group Corp. has sought a US$16.5 billion loan to fund such investments in the United States. Meta Platforms Inc. is looking to raise billions in financing to develop data centres domestically, with Apollo Global Management Inc and KKR & Co. as potential investors.
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Private lenders have been searching for avenues outside of traditional corporate lending for growth and tap into areas of credit that can come with higher ratings. Financing AI infrastructure is one of those paths, according to market participants.
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Ares Management Corp. has estimated private investors could fund about US$5.5 trillion of capital across debt and equity in global infrastructure, including AI-focused projects, through 2035, according to a report this year.
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Cloud computing firms, and tech companies generally looking to develop AI programs, need an immense amount of capital. That can come in the form of investment-grade loans backed by microchips or data centre leases with contracts tied to companies with top-tier credit scores.
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