How to Invest in Data Centers Through Non-Traded Funds, 2026
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Quick Answer
Two SEC-reporting funds are mostly data centers, and one of them no longer takes new money. Blue Owl Digital Infrastructure Trust (ODIT) reported a NAV of $2.234 billion at September 30, 2026 on 235 megawatts of capacity and sells only to accredited investors. StratCap Digital Infrastructure REIT (SDIR) ended its public offering on April 30, 2026; its two data centers are $38.2 million, or 34.8% of its $109.7 million NAV (our arithmetic). Every other route is a slice of something larger. Blackstone Real Estate Income Trust (BREIT), open to the public from $2,500, had 27% of its property value in data centers at June 30, 2026 and says it put $9.1 billion into QTS data center development in the first nine months of 2026. Ares Core Infrastructure Fund had 14.2% of its $10.57 billion portfolio in data centers at September 30. KKR's K-INFRA reports 5.8% of net assets, EQT's EQIC 8.05% in one holding, and Blackstone's BXINFRA 24.0% in a “Digital Infrastructure” category that is not limited to data centers. The percentages do not share a denominator, so they cannot be ranked as printed. Figures are as of October 23, 2026, from filings through October 22.
Key Takeaways
- Only ODIT is a live, mostly-data-center fund you can still buy into, and only if you are an accredited investor. At June 30, 2026 it owned 12 properties outright with 235 megawatts of rentable capacity, 99.7% leased, and its September 30 NAV was $2.234 billion against $2.36 billion of debt (a 54.7% loan-to-value on the consolidated portfolio).
- StratCap Digital Infrastructure REIT is a data center fund you cannot buy: its public offering ended April 30, 2026, distributions and most repurchases are suspended, and the “DataCom JV” that makes up $49.6 million (45.2%) of its NAV is cell towers, not data centers (our arithmetic).
- BREIT is the only vehicle here a non-accredited investor can reach with a normal minimum ($2,500 for Class T-2, S-2 and D-2). Its data center book is 144 properties at a $33.76 billion gross asset value, and data center revenue for the first half of 2026 was $728.0 million against $364.9 million a year earlier, up 99.5% (our arithmetic).
- The evergreen infrastructure funds hold data centers as a slice, and the slice is growing: K-INFRA's data center holdings rose 28.5% in six months to $454.9 million, and BXINFRA's Digital Infrastructure equity rose from $612.4 million (16.0% of net assets) to $1.352 billion (24.0%) (our arithmetic on the 10-Q schedules).
- Ares Core Infrastructure Fund is the fastest mover: data centers were 8.7% of its portfolio at June 30 and 14.2% at September 30, 2026, which is about $1.50 billion on a $10.57 billion portfolio (our arithmetic), while its NAV grew from $5.03 billion to $7.73 billion in three months.
- Per $100,000 of net assets, the filings put about $5,800 into data centers at K-INFRA, $8,050 at EQIC (one holding), $12,600 in data center loans at Ares Core Infrastructure Fund and $34,800 at SDIR (our arithmetic). BREIT and ODIT report on property value, which sits on top of debt, so no like-for-like dollar figure exists for them.
CSV · 138 rows
Non-traded vehicles with data center exposure: NAV, data center share as filed, access, fees and exits
138 rows from 10-Ks, June 2026 10-Qs and September 2026 NAV 8-Ks and supplements of eleven SEC-reporting vehicles: NAV, the data center figure each filing states with its denominator, who can buy, fees, exit limits and tax status, plus our arithmetic rows. Form and accession number on every row.
The census: eleven vehicles, one table
A search for how to invest in data centers returns guides about Equinix, Digital Realty and ETFs. Those are listed stocks, covered separately. This page covers the unlisted vehicles that file with the SEC, where the answer to “how much of it is data centers” is in a schedule of investments nobody puts side by side. Each row uses the filing's own number and the filing's own denominator, which is why the last column matters.
| Vehicle (SEC filer) | Open to new money | Size | Data center exposure in the filing | Measured against |
|---|---|---|---|---|
| Blue Owl Digital Infrastructure Trust (ODIT) | Accredited investors, private offering | NAV $2.234 billion, Sep 30, 2026 | 12 wholly owned properties plus one interest, 235 MW, 99.7% leased (Jun 30); real estate is 96% of portfolio | Portfolio fair value |
| StratCap Digital Infrastructure REIT (SDIR) | No. Public offering ended Apr 30, 2026 | NAV $109.7 million, Sep 30, 2026 | Two data centers, $38.2 million, 34.8% of NAV (our arithmetic); the $49.6 million DataCom JV is cell towers | NAV |
| Blackstone Real Estate Income Trust (BREIT) | Public offering, $2,500 minimum (Class T-2, S-2, D-2) | NAV $57.74 billion, Sep 30, 2026 | 27% of portfolio, 144 data center properties, $33.76 billion gross asset value (Jun 30) | Property fair value, not NAV |
| Brookfield REIT | Continuous public offering | Total assets $2.30 billion, Jun 30, 2026 | 3% of real estate fair value; one data center bought May 2026; segment assets $98.9 million, 4.3% of total assets (our arithmetic) | Real estate fair value |
| Ares Real Estate Income Trust (ARE) | Private offering, accredited investors | NAV $3.95 billion, Sep 30, 2026 | $11.2 million of $140.6 million Q2 rental revenue, 7.9% (our arithmetic); two data center joint ventures at $112.8 million cost | Rental revenue |
| KKR Infrastructure Conglomerate (K-INFRA) | Accredited investors | Net assets $7.81 billion, Jun 30, 2026 | Data centers $454.9 million, 5.8% | Net assets |
| EQT Infrastructure Company (EQIC) | Accredited investors | Net assets $876.7 million, Jun 30, 2026 | McNair, a data center provider, $70.6 million, 8.05% | Net assets |
| Blackstone Infrastructure Strategies (BXINFRA) | Accredited investors who are also qualified purchasers | Aggregator net assets $5.63 billion, Jun 30, 2026 | Digital Infrastructure equity $1.352 billion, 24.0%; the category is not limited to data centers | Net assets |
| Apollo Infrastructure Company | Accredited investors | See our Apollo comparison | One holding labelled “Digital”, Europe, 7.1% of net assets (Jun 30); the 10-Q never says data center | Net assets |
| Ares Core Infrastructure Fund (ACI) | Private offering, Rule 506(b) | NAV $7.73 billion, Sep 30, 2026 | 14.2% of portfolio (Sep 30); $635.4 million of data center loans at Jun 30 | Portfolio fair value |
| Apollo Realty Income Solutions (ARIS) | Registered follow-on public offering | NAV $1.72 billion, Jun 30, 2026 | Loans with data center collateral $338.3 million, 33.1% of the loan portfolio | Loan portfolio fair value |
One more name for completeness: Cantor Fitzgerald Income Trust has a $10 million commitment to a $500 million data center investment vehicle, of which $8.7 million had been funded at June 30, 2026 (Form 10-Q, accession 0001193125-26-349682). It is too small to change the picture of a diversified REIT.
Why the percentages cannot be ranked
BREIT's 27% is a share of the fair value of its properties. Those properties sit on top of $52.8 billion of mortgage notes, term loans and credit facilities against a $57.74 billion NAV (BREIT supplement, October 22, 2026), so 27% of property value is not 27% of what an investor owns. K-INFRA, EQIC and BXINFRA report against net assets, and ACI reports against portfolio fair value on a balance sheet that also carries borrowings. ARIS lends against data centers rather than owning them. Setting the three net-asset figures on a $100,000 position makes the point, and it leaves out the ones that cannot be converted.
| Vehicle | Share of net assets in data centers | On $100,000 of net assets | What it is |
|---|---|---|---|
| K-INFRA, Jun 30, 2026 | 5.8% | $5,800 | Equity in data center assets, Level III |
| EQIC, Jun 30, 2026 | 8.05% | $8,050 | One holding, McNair |
| BXINFRA Aggregator, Jun 30, 2026 | 24.0% | $24,000 | Category “Digital Infrastructure”, includes more than data centers |
| Ares Core Infrastructure Fund, Jun 30, 2026 | 12.6% | $12,600 | First lien and senior subordinated loans to data center borrowers (our arithmetic: $635.4 million over $5.03 billion) |
| SDIR, Sep 30, 2026 | 34.8% | $34,800 | Two data centers owned outright (our arithmetic) |
The two that are mostly data centers: ODIT and SDIR
ODIT is a private, perpetual-life trust that intends to qualify as a REIT. SDIR started as a cell tower and data center REIT, sold its wholly owned towers in December 2025 and is now two data centers plus a 51% interest in a cell tower joint venture. Our full records are on the ODIT page and the StratCap page; this table is the comparison.
| Item | ODIT | SDIR |
|---|---|---|
| NAV per share, Sep 30, 2026 | $10.5955 (Class S), $10.5958 (Class I), $10.8603 (Class E) | $9.4145 (Class A), $9.4278 (Class I), $9.4908 (Class T) |
| Total NAV, Sep 30, 2026 | $2,234,045 thousand | $109,711,889 |
| What it owns | 13 properties, $4.687 billion portfolio value, 94.5% of tenants rated investment grade | Two data centers ($38.2 million) and a 51% stake in a cell tower joint venture ($49.6 million) |
| New money | Monthly private sales; about $9.6 million gross on Oct 1, 2026 | None. Public offering terminated Apr 30, 2026 |
| Debt | $2.36 billion of credit facilities, mortgage loans and notes in the NAV; 54.7% loan-to-value | Not compared here |
| Distribution | $0.0416667 a share gross declared Sep 30, 2026, which is 4.72% a year on Class S NAV (our arithmetic) | Suspended |
| Fees | 1.25% management (Class S, D, I), 12.5% performance participation; Class S up to 3.50% upfront plus 0.85% a year | Advisor deferring all fees since Apr 30, 2026 |
| Exit | 3% of aggregate NAV a quarter; 98% price if held under two years | Death and qualifying disability only; $18.3 million of share requests and $2.6 million of OP unit requests unfulfilled at Jun 30 |
| Data center valuation inputs | Not compared here | Discount rate 7.25%, exit capitalization rate 6.25% |
ODIT's real estate is carried at $4.569 billion inside a NAV of $2.234 billion, 2.04 times (our arithmetic), the same leverage point as BREIT's. That is what makes a fund like this a concentrated, borrowed bet on one asset class. About 39% of its NAV sits in Class E shares ($876.4 million of $2.234 billion, our arithmetic), which pay no management fee and which the 10-K says are generally only available to the adviser, its affiliates, employees and other Blue Owl accounts. The NAV and property figures in the table come from the September 30 NAV 8-Ks; the exit lines for SDIR come from its June 30 Form 10-Q, the last quarterly filing.
BREIT: the route open to everyone
BREIT is the only vehicle in this census with a public offering and a minimum an ordinary investor can meet: “The minimum initial investment in Class T-2, Class S-2 or Class D-2 shares of our common stock is $2,500” (post-effective amendment of April 3, 2026), and $1,000,000 for Class I unless waived. Data centers are one of three large sectors in a $57.74 billion fund. Our BREIT review covers the rest of the portfolio.
| BREIT data center item | Figure | Date and source |
|---|---|---|
| Share of property portfolio by fair value | 27% (rental housing 42%, industrial 20%) | Jun 30, 2026, Form 10-Q |
| Data center properties and gross asset value | 144 properties, $33.76 billion | Jun 30, 2026, Form 10-Q |
| Data center revenue, six months | $728.0 million, against $364.9 million in 2025 (up 99.5%, our arithmetic) | Jun 30, 2026, Form 10-Q |
| QTS interest carried at historical cost | 130 properties, 35.7% ownership, $1.00 billion book value | Jun 30, 2026, Form 10-Q |
| Deployed into data center development, second quarter | $3.3 billion at BREIT's share | Q2 2026, Form 10-Q |
| Deployed into data center development, nine months | $9.1 billion, against $4.0 billion a year earlier | Sep 30, 2026, supplement of Oct 22, 2026 |
| Class I NAV per share and September return | $14.6488 and 0.1% (not annualized) | Sep 30, 2026, supplement of Oct 22, 2026 |
| Repurchases, first half of 2026 | $2.1 billion fulfilled, “all repurchase requests received” | Jun 30, 2026, Form 10-Q |
The supplement describes the development as 100% pre-leased “in substantially all cases to investment grade tenants.” That is BREIT's statement, not a figure we can check. What the filing shows is the speed: BREIT “deployed $9.1 billion (at BREIT’s share) into the development of data centers through its QTS platform” in nine months, which is spending on construction rather than completed, stabilized buildings. BREIT also expects to publish its third-quarter update for stockholders on or around November 3, 2026, and its November 1 transaction price for Class I is $14.6488.
Two lesser REITs follow the same pattern at a smaller scale. Brookfield REIT bought a data center, 255 Caspian Drive in Sunnyvale, California, in May 2026; its data center segment assets were $98.9 million at June 30, 2026 against nothing at December 31, 2025. Ares Real Estate Income Trust reports data centers as a segment: $11.2 million of its $140.6 million second-quarter rental revenue (7.9%, our arithmetic), plus two joint ventures at $112.8 million cost, and since August 2, 2024 has sold new shares in a private offering to accredited investors (its current public prospectuses are described as distribution reinvestment only).
The infrastructure funds: data centers as a growing slice
K-INFRA, EQIC, BXINFRA and Apollo Infrastructure Company are evergreen holding companies that own stakes in infrastructure businesses. Data centers sit beside fiber, power and transport. Our four-fund comparison has their fees and exits; this table pulls out the data center line.
| Fund | Dec 31, 2025 | Jun 30, 2026 | Change (our arithmetic) | What the filing calls it |
|---|---|---|---|---|
| K-INFRA | $354.1 million, 5.7% of net assets | $454.9 million, 5.8% of net assets | Up 28.5% | Data Centers, Level III, held through other infrastructure assets |
| BXINFRA Aggregator | $612.4 million, 16.0% | $1,352.0 million, 24.0% | Up 120.8% | Digital Infrastructure equity investments; largest holdings Eucalyptus I HoldCo (APAC) 8.1% and Odyssey Holdco 6.3% |
| EQIC | Began Feb 1, 2026 | $70.6 million, 8.05% | Not applicable | McNair, “a portfolio company that provides an AI datacenter platform and services to hyperscale customers” |
| Apollo Infrastructure Company | 7.7% of net assets | 7.1% of net assets | Down 0.6 point | AP Aegis Aggregator, Europe, labelled Digital |
Read the BXINFRA and Apollo lines as digital infrastructure, not data centers. BXINFRA's 10-Q uses the words “Continued demand for data center capacity” in its business commentary, and puts no data center percentage anywhere in its schedule. Apollo's 10-Q does not use the words data center at all. EQIC's McNair is the only holding in these four filings that the filing itself describes as a data center business.
BXINFRA is also the one that asks for more than an accredited-investor status: its investors must be “both (a) accredited investors” and “(b) qualified purchasers,” a 1940 Act status that for a person means at least $5 million of investments. See accredited versus qualified purchaser for the line between them.
The credit route: loans to data center builders
Two vehicles take data center exposure as lenders. Ares Core Infrastructure Fund is a private fund that elected to be regulated as a business development company. At June 30, 2026 its data center loans were $350.0 million of first lien loans to four borrowers (6.96% of net assets) and $285.4 million of senior subordinated loans to two (5.67%), $635.4 million together, or 12.6% of its $5.03 billion net assets (our arithmetic). The September 30 monthly 8-K gives the newer number: Data centers 14.2% of a portfolio fair valued at about $10,566.9 million. The fund sold $768.9 million of shares at its October 2026 monthly closing alone. One caution on the history: the December 31, 2025 schedule filed the same borrowers under other industry labels, so the 8.7% to 14.2% move is June to September, not a start-from-zero.
Apollo Realty Income Solutions is a REIT with a registered public offering whose loan book is 33.1% data center collateral at June 30, 2026 ($338.3 million, up from 29.7% at December 31, 2025). Its largest data center loan is a $111.1 million first mortgage on a Southwest property at a 6.2% coupon maturing January 2030. Data center loans are $338.3 million against a NAV of $1.72 billion (our arithmetic: 19.6%), but the loans are partly financed with borrowings, so that is not a share of equity.
Fees and exits side by side
| Vehicle | Management fee | Performance fee | Exit limit | Early-exit cost | Tax status in the filings |
|---|---|---|---|---|---|
| ODIT | 1.25% of NAV (Class S, D, I) | 12.5% performance participation | 3% of aggregate NAV a quarter | 98% price if held under two years | Intends to qualify as a REIT |
| BREIT | 1.25% of NAV | 12.5% of annual total return over a 5% hurdle | 2% of NAV a month, 5% a quarter | 98% price if held under one year | REIT |
| K-INFRA | 1.25% (Class D, I-Series 1, S); 1.15%, 1.00% and 0.95% on the new Class I-Series 2, 3 and 4 (from July 2, 2026) | 12.5% over a 5.0% hurdle | 5.0% of aggregate NAV a quarter | 5.0% fee within 24 months | Partnership; K-1 information targeted 75 days after year end |
| EQIC | 1.25% (Class I, D, S, E) | 12.5% over a 5% hurdle | No more than 5% of aggregate NAV | Not checked for this page | Not checked for this page |
| BXINFRA | 1.25% on Class I-Series I from Mar 6, 2026; new series created Oct 22, 2026 | 12.5% over a 5% annual hurdle | Up to 3% of Units outstanding, periodically | Deduction on Units held under two years | Partnership |
| Ares Core Infrastructure Fund | 1.25% of net assets | Income-based fee over a 5.0% annualized hurdle | Offers up to 5% of shares a quarter | 2.00% deduction under one year | Not checked for this page |
| ARIS | Not checked for this page | Not checked for this page | 2% of NAV a month, 5% a quarter | Not checked for this page | Not checked for this page |
For which form arrives and when, see K-1 versus 1099-DIV. A partnership class such as K-INFRA's can deliver late enough to need an extension; a REIT's dividends come on a 1099-DIV.
What the filings do not say
- A data center percentage for BXINFRA and Apollo. Both label a category Digital and stop there.
- A common denominator. BREIT and ODIT report on property value or portfolio fair value; the infrastructure funds on net assets. No filing converts one to the other.
- The ODIT filings we read print no minimum investment. BREIT's prospectus does ($2,500 and $1,000,000).
- Which tenants BREIT's 100% pre-leasing refers to, or how much of the $9.1 billion has been completed and begun paying rent.
- Any third-quarter figure beyond NAV. The September 30 quarter's 10-Qs for these funds are expected in November 2026, and everything in the “Jun 30” rows will be superseded then.
What a reader can do with this
- Decide which question you are asking. “I want data centers” points to ODIT, BREIT's 27% or ACI's loans; “I want infrastructure with some data centers” points to K-INFRA, EQIC or BXINFRA; they are different risks (concentrated and leveraged ownership, diversified ownership, senior loans).
- Check the access rule first. If you are not accredited, the list in this census shrinks to BREIT, Brookfield REIT and ARIS, which have public offerings; if you are accredited but not a qualified purchaser, BXINFRA is out.
- Compare the denominator before comparing the percentage. Ask any adviser or seller for the data center share of net assets, not of property value.
- Price the exit, not the yield. ODIT caps repurchases at 3% of NAV a quarter and can repurchase less; K-INFRA charges 5.0% inside 24 months; SDIR repurchases only after death or disability.
- Treat the monthly NAV as a model price. ODIT's NAV is $2.234 billion on $4.569 billion of real estate, and SDIR's NAV includes an $11.9 million expense-support add-back that is capitalized for NAV but not recorded as a receivable under GAAP.
- For the listed route (Equinix, Digital Realty, American Tower), the filings and payout lines are in our listed data center REIT comparison.
This is analysis of public documents, not investment, legal or tax advice. The percentages do not share a denominator: BREIT reports 27% of real estate fair value before debt, K-INFRA 5.8% of net assets.
FAQ
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All figures are from SEC filings read on EDGAR on October 23, 2026: the September 2026 NAV and monthly filings of Blue Owl Digital Infrastructure Trust (Form 8-K, 0002069692-26-000066), StratCap Digital Infrastructure REIT (0001104659-26-118073), BREIT (supplement No. 7, 424B3, 0001662972-26-000154), KKR Infrastructure Conglomerate (0001948056-26-000081), EQT Infrastructure Company (0001193125-26-428900), Blackstone Infrastructure Strategies (0002030772-26-000032), Ares Core Infrastructure Fund (0001628280-26-066736) and Ares Real Estate Income Trust (0001628280-26-066024); the June 30, 2026 Forms 10-Q of ODIT (0002069692-26-000057), StratCap (0001104659-26-097005), BREIT (0001662972-26-000111), Brookfield REIT (0001713407-26-000079), Ares REIT (0001628280-26-056330), K-INFRA (0001948056-26-000065), EQIC (0001193125-26-351941), BXINFRA (0002030772-26-000017), Apollo Infrastructure Company (0001193125-26-349987), Ares Core Infrastructure Fund (0002031750-26-000064), ARIS (0001193125-26-344529) and Cantor Fitzgerald Income Trust (0001193125-26-349682); the 2025 Forms 10-K of ODIT (0002069692-26-000016), BREIT (0001662972-26-000032), K-INFRA (0001948056-26-000023) and BXINFRA (0001193125-26-096453); and BREIT's post-effective amendment of April 3, 2026 (0001628280-26-023637). Sums, percentages, growth rates and per-$100,000 figures are our arithmetic. Not every vehicle was checked for every term; cells marked not checked are blank on purpose.
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