BlackRock , Microsoft pointing triangle and United Arab Emirates state-backed investor MGX are partnering on a new artificial-intelligence infrastructure fund that aims to raise $30 billion to invest in data centers and related power infrastructure.

After raising the private-equity capital from investors, the partnership could deploy up to $100 billion in total capital when including debt financing, the parties said. Most of the infrastructure investments will be made in the U.S.

The systems powering new AI products are highly energy intensive. The recent frenzy to build data centers to serve the exploding demand for AI is causing a shortage of the parts, property and power that the sprawling warehouses of supercomputers require.

Microsoft and other big tech players have been investing billions in their own data centers. The new partnership, dubbed the Global AI Infrastructure Investment Partnership, will pool capital from investors like pension funds and insurance companies that seek steady, modest returns from private infrastructure investments.

Microsoft is investing in the fund, though the companies declined to reveal how much. The partnership will provide full-access on a nonexclusive basis to a range of companies that want to lease data centers and other infrastructure.

If it reaches its goal, the fund would be the biggest alternative investment fund ever raised by BlackRock. The world’s largest asset manager has been pushing into the more lucrative world of managing private investments over the past few years.