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(Bloomberg) -- Steve Schwarzman said Blackstone Inc. is happy to plow more money into its investments related to the growth of artificial intelligence as firms grapple to provide the necessary power to supply the swelling data centers.

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Blackstone has deployed cash aggressively in Australia in recent years, making its biggest-ever investment in the Asia-Pacific in September by acquiring data-center operator AirTrunk in a deal valuing the firm at about A$24 billion ($14.9 billion).

“We’re totally happy to invest even more to accelerate AirTrunk’s growth,” he said via a video link at the Australian Financial Review Business Summit in Sydney on Tuesday. “We have some businesses in areas where AirTrunk isn’t. If we put them together, that would be terrific.”

Previously it snapped up QTS Realty Trust, which has dozens of US centers, for $10 billion. On Tuesday he described that as a “deal of a lifetime,” saying the expansion keeps ramping up. “The power of this tech will be remarkable,” the Blackstone chief executive officer added.

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Blackstone, the world’s largest alternative asset manager, now oversees around $1.1 trillion in assets. After becoming the biggest commercial property manager through its buyout funds, it has recently begun to plow into thematic bets on data centers and technology. Meanwhile, its credit arm has begun displacing banks as a lender to corporations and is also launching new products that are open to individual retail investors.

Schwarzman also said Blackstone’s quarterly survey of the 250 companies it owns shows the US economy is in a good shape, with none of the executives surveyed expecting a recession this year.

Meantime, the CEO referenced discussions with Australian pension funds in Washington and New York last week. As the $2.6 trillion industry grows, it will reach a point that is “more than the Australian economy can comfortably absorb,” he said.

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