Cologix Inc. is targeting a $500 million equity injection from an institutional investor and is working with an adviser to attract investor interest, Bloomberg News reported, citing people familiar with the matter.

Cologix is backed by private equity firm Stonepeak Partners LP, or Stonepeak Infrastructure Partners, which purchased a majority interest in the company in 2017.

Cologix focuses on hyperscale data centers, which link users to cloud platforms and consume large amounts of power. One of its products connects users to platforms such as Amazon Web Services Inc., Microsoft Corp., Google LLC, International Business Machines Corp. and Oracle Corp., according to the report.

A Stonepeak representative declined Bloomberg's request for comment, while Cologix did not immediately respond to such a request.