The man steering this capital shift is Jeff Schlapinski, research director at the Global Private Capital Association. He says private investors are seeing an AI future not just in U.S. and Asian data centers, but in the developing world’s energy and connectivity gaps.
Capital flows exceed 2025 totals
In the first half of 2026 alone, over $8.8 billion flowed into emerging AI projects. This surpasses the total investments made in all of 2025. A year marked by growing but still cautious capital movements into AI infrastructure in developing economies. The figure represents the highest cumulative inflow since the Global Private Capital Association began tracking such investments in 2008. Highlighting a dramatic acceleration of private interest in the space.
Key examples include Nxtra Data’s $1 billion data center financing. And Yotta Data’s $2 billion Nvidia chip buy in India. Moonshot AI, maker of the Kimi chatbot, raised over $700 million early this year. These deals showcase a mix of data center development. AI chip procurement, and digital platform building. All of which are critical for expanding AI capabilities in regions where such infrastructure has been lacking.
Energy and skills gaps drive opportunity
In Latin America and Africa, persistent gaps in power and internet access are actually driving demand. Pranav Khamar of Gemcorp Capital says: 'Central Europe and Africa can offer competitively priced energy and skilled labor.' Khamar points out that these regions, often overlooked in the initial rush for AI infrastructure. Are beginning to attract attention due to their lower energy costs. And emerging talent pools.
Apollo Global’s $20 billion Mexico commitment in July 2026 shows private equity is betting big. Kuaishou’s Kling AI also raised $2.8 billion. With Abu Dhabi’s BlueFive Capital among the backers. These are not just one-off investments but part of a growing trend. That could reshape global AI infrastructure, as private capital seeks scalable returns. In markets with underdeveloped but rapidly expanding digital needs.
Private credit fills digital voids
Ninety One SA is investing $100 million into Liquid Telecom’s data centers in Kenya and South Africa, with another $30 million going to a new facility there. Nazmeera Moola, the firm’s chief commercial officer, says such projects work well with private credit funding. She explains that these investments are structured with long-term revenue certainty, often through offtake agreements with large technology firms.
These deals often come with offtake agreements from U.S. hyperscalers or local companies. 'There is nothing speculative about what we back,' Moola said. 'This is infrastructure finance.' Moola’s firm is focusing on projects with predictable cash flows, such as long-term service contracts for data center capacity, ensuring stable returns for private credit investors.
Still, many AI ventures in poorer countries face real hurdles — from unreliable power grids to internet access limitations. The World Bank this week urged nations to tailor AI tools to local conditions to boost economic growth. While these investments signal optimism, they also highlight the need for governments to improve digital and energy infrastructure to support the long-term success of such ventures.