Business · Companies · 5 hrs ago
Frux closes €350 million fund and plans €200 million data center vehicle
Frux Capital, a private debt manager focused on real estate, has closed its third fund with €350 million in commitments.
The fund is 60% larger than its predecessor, and Frux has already put €200 million into 13 deals.
It expects to invest the remaining money next year, bringing the fund to 20 investments.
The firm finances property projects, including luxury villas linked to the Six Senses hotel in Ibiza.
It is also preparing a separate fund targeting €200 million to finance data center projects.
Frux says data center developers face a funding gap before construction, when they must secure power connections and permits.
The firm expects Spain’s data center market to grow three to four times over the next five years, and plans to expand its activity into Germany and Italy.
Frux Capital closed its third fund with €350 million in commitments, 60% more than its previous fund.
The private-debt firm has allocated €200 million of the fund to 13 transactions and expects to invest the remainder next year.
Frux is preparing a €200 million vehicle dedicated to data centers.
Founder Itamar Volkov said demand for data centers is growing, while financing for early development stages remains constrained.
Frux operates in Spain and Portugal and is expanding into Germany and Italy.
- Who
- Frux Capital, a private-debt manager specializing in real estate.
- What
- It closed its third fund with €350 million in commitments and is preparing a €200 million data center vehicle.
- When
- The fund was recently closed, according to an article published on 11 October 2026. Frux expects to invest the remaining third-fund capital next year.
- Where
- Frux operates in Spain and Portugal and is expanding into Germany and Italy; the planned vehicle will focus on data centers.
- Why
- Frux says data center demand is driven by artificial intelligence, while financing is constrained in the stages before construction.
This story does not have two clearly opposing sides.
The market for data centers in Spain will multiply by three or four in the next five years.
In Europe and Spain there is great demand driven by artificial intelligence, but there is a financial bottleneck in the stages before construction.
Our work is like that of a professional skier on a black run: we are not crazy, we assess the risk and price it appropriately.
Frux launched its first fund, which raised €65 million.
Frux closed its third fund with €350 million in commitments.
Frux expects to invest the remaining capital from its third fund.
- Third fund commitments
- €350 million
- Increase from previous fund
- 60%
- Third-fund allocations
- €200 million across 13 transactions
- Planned data center vehicle
- €200 million
- Frux's first fund
- €65 million, launched in 2019
Sources
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