Columbia Capital registers new continuation vehicle

Columbia Capital, a Stockholm-based investment firm specializing in digital infrastructure and technology, has registered a new continuation vehicle as it prepares for a significant portfolio transition. The firm is being acquired by Digital Realty, a publicly traded data center REIT listed on the NYSE, for $485 million—a transaction that underscores consolidation activity in the critical infrastructure investment space.

The continuation vehicle strategy allows Columbia Capital to transfer five to ten portfolio holdings from its inaugural fund into a new, sponsor-affiliated structure. This approach extends the investment horizon for limited partners while providing the GP an opportunity to refresh fund economics, attract new capital, and pursue additional value creation from mature portfolio companies without triggering traditional fund exits. Columbia Capital's decision reflects a disciplined approach to portfolio management across its $9.0 billion in lifetime fund commitments across communications infrastructure, enterprise technology, and mobility sectors.

The broader continuation vehicle market has experienced exceptional growth, with GP-led CV volumes reaching a record $108 billion in 2025—more than double the prior year—according to market data. This structural shift has fundamentally altered secondary and exit dynamics, with continuation vehicles now comprising a material portion of sponsor-driven liquidity events. The strategy has become particularly prevalent among technology and infrastructure-focused GPs managing long-duration assets that benefit from extended hold periods and incremental capital deployment.

Columbia Capital's portfolio has included notable infrastructure and technology assets such as Cologix, a data center interconnection provider; Zayo, a communications infrastructure company; and SummitIG, a hyperscale dark fiber network platform. The firm's focus on mission-critical infrastructure aligns strategically with Digital Realty's expansion into private capital management, positioning the acquisition as a consolidation play in an increasingly competitive digital infrastructure landscape.