The Global AI Infrastructure Investment Partnership (GAIIP) will invest in data centre projects new and existing to improve infrastructure suitable to power AI workloads.

“Mobilising private capital to build AI infrastructure like data centres and power will unlock a multi-trillion-dollar long-term investment opportunity,” said Larry Fink, chair and CEO of BlackRock. “Data centres are the bedrock of the digital economy, and these investments will help power economic growth, create jobs, and drive AI technology innovation.”

Also supporting the fund is MGX, a technology investment company founded by the United Arab Emirates’ AI and Advanced Technology Council (AIATC).

Nvidia is also involved in the GAIIP, being tapped for its “expertise in AI data centres and AI factories to benefit the AI ecosystem.”

The companies behind the GAIIP fund claim they’ll eventually mobilise up to $100 billion in total investment potential.

GAIIP investments will initially focus on sites in the US before looking at other AI infrastructureprojects in “US partner countries.”

The fund will also look to engage with industry leaders to improve AI supply chains and energy sourcing.

“We are committed to ensuring AI helps advance innovation and drives growth across every sector of the economy,” said Satya Nadella, chair and CEO of Microsoft. “The GAIIP will help us deliver on this vision, as we bring together financial and industry leaders to build the infrastructure of the future and power it in a sustainable way.”

Blackrock holds a considerable data centre portfolio, notably acquiring infrastructure manager Global Infrastructure Partners (GIP) — which owns stakes in both CyrusOne and Vantage Towers — back in January.

Microsoft meanwhile has spent the last few months announcing multiple data centre projects across the globe, including in Japan and Thailand, as it looks to expand its infrastructure to support increasing demand for its AI services.

This week (September 17), Microsoft unveiled plans for two data centres in Abu Dhabi to power its responsible AI efforts, in partnership with G42.

“The capital spending needed for AI infrastructure and the new energy to power it goes beyond what any single company or government can finance,” said Brad Smith, vice chair and president of Microsoft. “This financial partnership will not only help advance technology, but enhance national competitiveness, security, and economic prosperity.”