(Bloomberg) -- Princeton Digital Group, a Warburg Pincus-backed data center operator, is considering a private fundraising round to raise as much as $1 billion, according to people familiar with the matter.

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The Singapore-based company is working with a financial adviser on a potential deal that could involve debt and equity, said the people, asking not to be named as the process is private. Proceeds will likely be used to refinance debt and expand its business in the region, the people said.

Deliberations are at an early stage and the firm could still decide not to pursue a deal, the people said. Representatives for Princeton didn’t immediately respond to requests seeking comment.

Princeton Digital plans to double the capacity of its data centers in three years to meet surging demand from global artificial intelligence developers and to add more than 300 employees in markets including Japan, Malaysia, Singapore and India by the end of 2025 as AI propels its growth, Chairman and Chief Executive Officer Rangu Salgame said in an interview with Bloomberg in July. The company said in a statement last year that it was looking to raise $1 billion in debt across multiple projects as it seeks to expand its business.

Global investors have been eyeing digital infrastructure assets as they seek to tap into increasing demand for technology while looking for stable returns. Blackstone Inc. has agreed to acquire Australian data-center operator AirTrunk in a deal valuing the firm at A$24 billion ($16.1 billion), including debt and capital expenditure for committed projects. DigitalBridge Group Inc. is considering options including a sale of EdgePoint Infrastructure, Bloomberg News has reported. In June, a consortium of KKR & Co. and Singapore Telecommunications Ltd. agreed to invest S$1.75 billion ($1.3 billion) for a minority stake in ST Telemedia Global Data Centres.

Princeton Digital, established in 2017, invests in, develops and operates data center infrastructure in China, Singapore, India, Indonesia, Malaysia and Japan, according to its website. The company operates more than 20 data centers in six countries. Warburg Pincus invested in and helped set up the company, along with Princeton Digital’s founder Salgame.