Melbourne-based private equity firm Nash Capital has invested A$20 million in electrical contractor Prime, marking a strategic pivot toward the infrastructure layer of the data centre boom.
The investment signals that mid-market buyout firms are increasingly targeting the specialized service providers underpinning the rapid expansion of hyperscale facilities across Australia.
Nash Capital is replicating a strategy it first deployed in 2021, when it invested in a supplier of concrete parts for data centres.
That earlier bet capitalized on the physical construction requirements of the sector.
The new stake in Prime shifts focus to the electrical systems and fit-out phase, which is becoming a critical bottleneck as demand for power-dense AI infrastructure outpaces available capacity.
The data centre construction wave is already driving significant activity among ASX-listed peers.