Hillhouse Investment is in talks to secure a $600 million loan earmarked for an investment in DayOne, the Singapore-headquartered data center operator that has quietly become one of the most capital-hungry infrastructure plays in Asia-Pacific.
The money trail behind DayOne
DayOne was originally founded in 2022 as GDS International, the overseas arm of GDS Holdings, a major Chinese data center operator. It became a fully independent entity on January 1, 2025, rebranding as DayOne.
DayOne closed a $4.5 billion Series C equity round on June 5, 2026, led by Coatue and Hillhouse, who are now the company’s largest shareholders. The initial tranche of that round, exceeding $2 billion, was announced back in January 2026.
Hillhouse participated in a $505 million private placement in GDS Holdings as far back as 2020. Reports from 2024 noted discussions around $500 million to $600 million in potential investments into GDS’s Southeast Asian operations, which were effectively the precursor assets that became DayOne.
