Meta Platforms has chosen bond-manager Pacific Investment Management Co. and alternative-assets specialist Blue Owl Capital to arrange a roughly $29 billion financing package for a major data-center expansion in rural Louisiana, according to people familiar with the matter. Pimco is expected to underwrite about $26 billion of debt, while Blue Owl will supply roughly $3 billion of equity, with Morgan Stanley advising on the transaction. The debt portion is likely to be issued as investment-grade bonds backed by the new facilities, the sources said. Apollo Global Management and KKR were also in contention before Pimco and Blue Owl secured the mandate, underscoring heightened competition among private-capital firms to fund artificial-intelligence infrastructure. Meta is stepping up capital-raising as it races to build out computing capacity for generative AI. Last week the company disclosed plans to sell about $2 billion of existing data-center assets under a co-development model. Chief Executive Officer Mark Zuckerberg has said Meta could spend "hundreds of billions" of dollars on several multi-gigawatt campuses; the first, dubbed Prometheus, is slated to come online in 2026, while a second project, Hyperion, could eventually scale to 5 gigawatts.