The Infrastructure Investor Podcast

ตอน

• Infra’s $1.2trn fundraising comeback – but who really wins? 18.06.2026 24นาที

  In this episode, Bruno Alves, Infrastructure Investor’s editor-in-chief, sits down with Americas editor Zak Bentley. They start with the latest Infrastructure Investor 100 ranking of the world’s largest managers, and analyse what it tells us about the evolving shape of the global infrastructure market. With a total of $1.2 trillion raised over the last five years, the numbers point to a strong recovery – but also highlight just how concentrated the industry has become, with a handful of large-cap managers commanding the lion’s share of capital. They also unpack our latest quarterly data on fund performance, highlighting the dispersion between top- and bottom-quartile funds that challenges infrastructure’s reputation as a consistently defensive asset class. Finally, they touch on how strategies are evolving to reflect the digital capex supercycle we find ourselves in.
• DigitalBridge: Industrialisation of AI will need 500GW of compute over next decade 21.05.2026 22นาที

  In this special episode based on a keynote interview on 25 March at our Global Summit in Berlin – editor-in-chief Bruno Alves sits down with Marc Ganzi, chief executive of DigitalBridge. The discussion touched on concerns about AI data‑centre obsolescence, with Ganzi comparing GPU refresh cycles to radio upgrades on cell towers. He also talked through the huge arbitrage opportunity for operators that control their own power, stressed the importance of tight contract discipline, and highlighted the hidden risks many new entrants tend to overlook. Finally, Ganzi looked ahead to the next wave of demand, lifting the curtain on robotics and the rise of AI factories, outlining they will require another 500GW of compute over the next 10-15 years.
• Blackstone: Industry needs to go beyond ‘do no harm’ in data centre development 06.05.2026 21นาที

  In this special episode – based on a keynote interview done on 24 March at our Global Summit in Berlin – editor-in-chief Bruno Alves sits down with Sean Klimczak, Blackstone’s global head of infrastructure. As the world’s largest investor in data centres, a significant part of the discussion centred on how Blackstone is investing in the sector. Highlights included Klimczak’s call on the industry to move beyond a “do no harm” standard and add net benefits to the communities where data centres are built. He also spoke about how the data centre market will internationalise in 2026-27, with a particular focus on Asia-Pacific as a development hotspot. Other talking points included Blackstone's role as a major investor in US utilities at a time of surging power demand; the risks of what Klimczack termed the “private equity-ification” of infrastructure, as the asset class’s boundaries expand; and why Europe is “for sale” and seen by Blackstone as a tremendous opportunity.
• 'Investors are sleepwalking' on Iran war risks 16.04.2026 28นาที

  In this episode, editor-in-chief Bruno Alves sits down with Sadek Wahba, founder, chairman and managing partner of I Squared Capital. Sadek returns to the podcast to tackle a broad range of subjects, including I Squared’s cautious approach to investing in the AI infrastructure boom, why he believes the markets are underestimating the risks and impacts of the Iran war, the role of energy security, resilience in infrastructure investing, the growing role of private wealth in infrastructure, and much more.
• AI, geopolitics, strategy drift - and other takeaways from the Global Summit 30.03.2026 17นาที

  Infrastructure Investor’s Global Summit, our flagship gathering in Berlin, attracted around 3,500 members this March for a week of networking and agenda-setting discussions, where the digital revolution, energy transition and a wealth of other topics were analysed, parsed and dissected by some of the most significant players in the industry. In this episode, PEI Group's head of special projects, real assets, James Linacre picks out key insights with senior members of Infrastructure Investor’s editorial team, including editor-in-chief Bruno Alves, deputy editor Kalliope Gourntis, Infrastructure Investor Deals editor Nathalie Tidman and PEI Group APAC editor Daniel Kemp.
• Igneo: 'I don’t want to be on the phone to clients explaining why our valuations dropped' 23.03.2026 26นาที

  In this episode, editor-in-chief Bruno Alves sits down with Niall Mills, global head of Igneo Infrastructure Partners. Igneo has been investing in the mid-market since 1994 and is one of the first managers to feature on the podcast with a full fund realisation behind them. We spend a good part of our discussion dissecting the lessons learned from exiting the 2009-vintage European Diversified Infrastructure Fund I, including why there’s value in a good auction process and the reasons behind Igneo’s decision to do quarterly valuations for their LPs. The discussion also touches on the mid-market, including how managers in the space can capitalise on the booming digital infrastructure sector, and Igneo’s steadfast adherence to core/core-plus at a time when many managers are climbing up the risk curve.
• Green energy investors brush off geopolitical turmoil 10.02.2026 25นาที

  This episode is sponsored by Nuveen Infrastructure and Quinbrook The energy transition is one of the most prominent mega-trends driving investment in infrastructure today. Even as the current US administration is pushing back on the country’s net-zero commitments and scaling back federal incentives, other regions continue to support the decarbonisation agenda, attracting some of the largest players in private infrastructure. In 2025, China alone added more than 430GW of new wind and solar capacity, not far off the 585GW global additions posted in 2024, according to the International Renewable Energy Agency (IRENA). And more than half of all new vehicle sales in China last year were electric, showcasing the country’s burgeoning green credentials. In this episode of The Infrastructure Investor Podcast, Joost Bergsma, global head of clean energy at Nuveen Infrastructure, and David Scaysbrook, co-founder and managing partner at Quinbrook, discuss the many factors driving appetite for the energy transition despite the pockets of geopolitical hostility. While policy reversal might make the headlines, both still see plenty of exciting opportunities to fund the net-zero transition.
• Mid-market muscle: How smaller deals are powering the next US infrastructure boom 05.02.2026 25นาที

  This episode is sponsored by Ridgewood Infrastructure and I Square Capital At the start of 2026, infrastructure investors in the United States benefit from numerous tailwinds. Electricity demand is rising at the fastest rate in decades, industrial reshoring is gathering momentum, and the artificial intelligence revolution is continuing to accelerate. While many of the fundamentals are positive, infrastructure managers must navigate a complex environment in the US. Abrupt policy changes, alongside macroeconomic and geopolitical volatility, mean the path to success is far from straightforward. In this episode of The Infrastructure Investor Podcast, Ross Posner, managing partner at Ridgewood Infrastructure, and Gautam Bhandari, managing partner at I Squared Capital, discuss how mid-market managers can be best placed to deliver higher returns and secure favourable exits. Although their strategies differ, they both see plentiful opportunities as the US infrastructure market continues to grow and mature in the years ahead.
• The AI revolution: How infrastructure is adapting 28.01.2026 25นาที

  This episode is sponsored by Brookfield The infrastructure asset class is entering a defining moment. As energy transition pressures, geopolitics and capital intensity reshape the market, assets such as power networks and digital infrastructure are becoming central to economic competitiveness, rather than simply defensive investments. Artificial intelligence is accelerating this shift. Beyond the hype, AI’s growth depends on vast amounts of physical infrastructure – from power generation and transmission to advanced data centres and computers. Meeting that demand is pulling infrastructure managers into a global race alongside hyperscalers and governments, creating one of the decade’s most significant investment opportunities. This podcast is part of PEI Group's Private Markets 2030 programme exploring how private markets are evolving through the second half of the decade. In this programme, we unpack how managers can adapt, attract capital and deliver performance in an increasingly complex market. Joining us are two guests from Brookfield: Stewart Upson, co-president of Brookfield’s infrastructure group, and Udhay Mathialagan, a managing partner in the infrastructure group and CEO of Brookfield’s global data centre practice. They discuss the opportunities and risks for managers delivering the supporting infrastructure around AI and look at how investors are partnering with governments, hyperscalers and AI developers. Read more insights on the infrastructure AI journey from Brookfield’s Stewart Upson here.
• What to expect after infra's record fundraising year 22.01.2026 25นาที

  Editor-in-chief Bruno Alves sits down with Americas editor Zak Bentley to provide a holistic view across the infrastructure fundraising market, taking in closed-end and open-end fundraising. According to Infrastructure Investor data, $289 billion was raised for closed-end structures in 2025, making it the largest-ever year for the asset class. Data from LP consultancy bfinance similarly suggests that 2025 is set to be the best fundraising year for open-end funds since 2022. Our discussion focuses on the similarities between closed and open-end fundraising – both highly concentrated markets; dissects the impact on strategies of a lasting shift to a two-year-plus fundraising timeline; explores why elevated redemptions are not yet a concern for open-end vehicles; and much more.
• ECP: US needs up to 400GW - ‘that’s not going to happen overnight’ 17.12.2025 30นาที

  In this year's last episode, editor-in-chief Bruno Alves sits down with Doug Kimmelman, founder and executive chairman of Energy Capital Partners. Today's discussion focuses on the US electricity market, which is experiencing a "shining moment" driven by unprecedented demand growth after 30 years of stagnation. Key drivers include the massive power needs of artificial intelligence and data centres, along with LNG exports, the onshoring of manufacturing, and the expansion of electric vehicles and crypto mining. This surging demand - which could require as much as 400GW of new capacity, including replacements for retiring coal and nuclear plants - is rapidly transforming the sector. With that in mind, we discuss how the market is prioritising slowing the retirement of existing generation, brownfield expansions, and fast-to-deploy solar and storage, while the reliance on natural gas increases despite turbine bottlenecks. We also explore how the presence of hyperscalers with strong balance sheets is reshaping the contracting environment, leading to longer-tenure, highly financeable power purchase agreements.
• KKR: Parts of AI market running ‘a bit hot’ in one of tech’s fastest capex cycles 04.12.2025 32นาที

  In this episode, editor-in-chief Bruno Alves sits down with Waldemar Szlezak, KKR’s global head of digital infrastructure. In a wide-ranging discussion, they address whether there's a bubble forming around AI infrastructure and why parts of the market are overheating during one of the fastest capex cycles in tech history. They then explore the lifespan of data centre infrastructure compared to the rapid obsolescence of the GPUs that power it, touch on the industry's “coordination tax”, examine KKR's molecule to the rack strategy, and much more. We're going to be talking about digital infrastructure a lot at the Infrastructure Investor Global Summit, taking place in Berlin from the 24th to the 27th of March 2026. We have an early bird deadline offer expiring on the 12th of December, which you should definitely consider. So don't miss your chance to lock in discounted registration and join over 3,000 infrastructure decision makers – including 1,000 LPs from 50 plus countries – at the iconic STATION Berlin.
• What's driving Asia-Pacific's infra markets? 13.11.2025 22นาที

  In this episode, Daniel Kemp, APAC editor, private markets, for PEI Group and APAC real assets reporter Tom Taylor reflect on our recent Infrastructure Investor Network Australia Forum, in Melbourne, and other Asia-Pacific events held this year. The discussion covers a wide range of topics, including how geopolitics is shaping investment decisions across the region; AI and digital infrastructure’s thematic dominance, with massive demand for data centres driving investment not only in developing markets but also in Southeast Asia; the headwinds Australia is facing, with foreign investor frustration over new tax rules, and renewables stagnation; the maturation of Japan’s investor base, with LPs starting to make more direct fund commitments; the importance of relationship-driven capital, and much more.
• Inside infra’s biggest fundraising year 20.10.2025 21นาที

  In this episode, Infrastructure Investor editor-in-chief Bruno Alves sits down with Americas editor Zak Bentley to talk about the record fundraising year the asset class is having for unlisted, closed-end structures. With $200 billion raised during the first nine months of the year – and a further $30 billion added to that since we published our fundraising report – 2025 has handily surpassed the heady years of 2021-22. What’s more, with one quarter to go, expect fundraising to climb to hitherto unimaginable heights. Our discussion, then, hinges on how we got to this extraordinary moment for the asset class, what’s behind the headline figures, the continuing importance of time on the road in shaping the market, what fundraising in future years could look like, LP appetite and more.
• Forging ahead with sustainability against political headwinds 13.10.2025 25นาที

  This episode is sponsored by Fengate Asset Management and Arcus Infrastructure Partners As a backlash against ESG gathers strength, particularly in the United States, it might be reasonable to assume that infrastructure managers are quietly retreating from their sustainability commitments. While it is true that some managers are adjusting their language in how they talk about ESG and sustainability, we find that others are still eager to emphasise their importance to the asset class. In this episode, Della Wang, director for responsible investment at Fengate Asset Management, and Neil Krawitz, partner and head of ESG and asset management at Arcus Infrastructure Partners, discuss how managers need to take a long-term view when it comes to sustainability. They agree that a key focus now needs to be on adaptation, as climate change forces managers to confront the reality of more frequent and extreme weather events.
• How to capitalise on transport’s mega-trends 10.09.2025 23นาที

  This episode is sponsored by Antin Infrastructure Partners The infrastructure market is constantly evolving, with technological advancements, environmental concerns and shifting economic and demographic trends bringing significant changes to the transport sector. So staying on top of a series of mega-trends – such as decarbonisation and digitalisation – can unearth exciting investment opportunities. This episode focuses on key trends in the space and how investors can take advantage of them. Angelika Schöchlin, managing partner at Antin Infrastructure Partners, and Simon Soder, senior partner and head of the firm’s London office, cover everything from safety management infrastructure and high-speed rail to salmon farming, underlining the dynamic set opportunities within the transport sector.
• Brookfield: Compute can be financed with infra cost of capital 08.09.2025 30นาที

  In this episode, Infrastructure Investor editor-in-chief Bruno Alves sits down with Sikander Rashid, global head of AI Infrastructure at Brookfield Asset Management. Brookfield is the largest manager in the world, according to our Infrastructure Investor 100 ranking. It also bills itself as the world’s “largest digital infrastructure investor – with more than $100 billion invested to date – and the world’s largest private capital investor in clean energy”. Both are handy as it launches its new AI infrastructure strategy. Unsurprisingly, we spend a lot of time talking about how that strategy will work, and why Brookfield decided to create it. A highlight of our conversation is how Brookfield intends to bring down the cost of capital for compute – via GPU-as-a-service, for example – and whether those investments will check the right infrastructure investment boxes. We also touch on the growing investment opportunity in stabilised data centres, digital sovereignty and much more.
• How solid is infra’s fundraising recovery? 20.08.2025 20นาที

  In this episode, editor-in-chief Bruno Alves sits down with Americas editor Zak Bentley to talk about the fundraising performance of the asset class during the first half of the year. With more than $134 billion raised for unlisted, closed-end funds, H1 2025 is already better than the whole of 2024. Our discussion delves into how solid the fundraising recovery is, the importance of the mega-funds, how metrics like time on the road have evolved, what fundraising for 2026 could look like, LP appetite, and much more.
• Stonepeak: ‘Power scarcity gave data centres their moat’ 31.07.2025 35นาที

  In this episode, Infrastructure Investor editor-in-chief Bruno Alves sits down with Stonepeak chairman, CEO and co-founder Michael Dorrell. Stonepeak is the seventh-largest manager in the world, according to our Infrastructure Investor 100 ranking, and Dorrell is a well-known industry veteran. So perhaps unsurprisingly, a large portion of our discussion focused on how the asset class has been evolving. For example, how strong are the moats of different types of infrastructure assets, and what’s the next best thing if they don’t have a strong moat? Why does Dorrell feel that a scarcity of power actually improved the moats and the longevity of contracts in the data centre sector? How is he feeling about the health of the US renewables sector? What thresholds had to be crossed for Stonepeak, a predominantly North America-focused investor, to branch out into other geographies? And much more.
• LP-leds rule by volume, but GP-leds are very sizeable 26.06.2025 31นาที

  In this episode, editor-in-chief Bruno Alves sits down with Madeleine Farman, editor of affiliate title Secondaries Investor and host of the Second Thoughts Podcast, as well as Americas editor Zak Bentley to talk about the infrastructure secondaries market. The discussion tracks the evolution of the burgeoning infrastructure secondaries market, the asset class’s best-in-class pricing compared to other private asset classes, how LP-led deals rule by volume but GP-led transactions end up being the most sizeable, the outsized role of continuation funds, the promise of the nascent buyer-led secondaries opportunity, and much more.