The Infrastructure Investor Podcast
The Infrastructure Investor Podcast explores the latest trends in private infrastructure investment, featuring interviews with influential industry leaders and original analysis from an award-winning journalism team. It covers topics such as infrastructure deals, fundraising, and policy developments. The podcast is produced by PEI Group, a media company focused on alternative investments.
Episodes
Why debt discipline matters as infrastructure’s definition expands
This episode is sponsored by IFM Investors and Solas Capital
Infrastructure has never been more popular with investors, with record-setting fundraising numbers last year. But as the asset class grows, its definition keeps getting stretched, creating both opportunities and challenges.
Some of the strongest opportunities are areas where banks are largely absent, such as energy-as-a-service models th
Ardian: ‘We’ve been less shy on factoring growth into our business plans’
In this episode of the podcast, editor-in-chief Bruno Alves sits down with Marion Calcine, chief investment officer at Ardian Infrastructure.
We’ve been hearing a lot about investors’ newfound interest in Europe. Ardian raised one of the largest-ever Europe-focused funds last year, so we spend a good chunk of our discussion dissecting the European investment opportunity, what is attracting LPs to
The mid-market advantage: Higher returns, easier exits?
This episode is sponsored by Fengate Asset Management and Ridgewood Infrastructure
Mid‑market infrastructure has quietly become one of the sector’s strongest performers, generating a 10‑year median net return of 12.3 percent and emerging as a melting pot for themes ranging from the energy transition to digital infrastructure.
In this episode, Fengate Asset Management managing director Mac Bell and
How continuation vehicles are reshaping infra investing
In this episode, Bruno Alves, Infrastructure Investor’s editor-in-chief, sits down with Americas editor Zak Bentley.
Together, they examine one of infrastructure’s fastest-growing areas: secondaries. The conversation focuses on the rise of continuation vehicles and GP-led transactions, which have evolved from a niche liquidity solution into an ever-more mainstream portfolio management tool. As inf
Inside the BESS wave reshaping renewables investing
This episode is sponsored by Taaleri Energia and Capalo AI
Battery storage is becoming a core pillar of European energy infrastructure. Capacity is expected to double by 2030 and grow eightfold by 2040. And while only 2 percent of solar today is co-located with storage, that should rise to 50 percent by the mid-2030s.
Unlike wind and solar, which earn less as markets grow more volatile, batteries
Critical Load: What’s next for data centres and AI?
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Critical Load: Inside the Data Centre Boom lifts the lid on one of the hottest and most contested sectors in private markets. Combining insight from major investors, operators, legal and consulting experts and PEI Group’s own research team, we go inside (literally) to explore the key themes driving growth in the sector.
In this
Critical Load: Who pays for data centres?
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Critical Load: Inside the Data Centre Boom lifts the lid on one of the hottest and most contested sectors in private markets. Combining insight from major investors, operators, legal and consulting experts and PEI Group’s own research team, we go inside (literally) to explore the key themes driving growth in the sector.
In this
Critical Load: The race to power data centres
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Critical Load: Inside the Data Centre Boom lifts the lid on one of the hottest and most contested sectors in private markets. Combining insight from major investors, operators, legal and consulting experts and PEI Group’s own research team, we go inside (literally) to explore the key themes driving growth in the sector.
In this
Critical Load: Why everyone wants data centres
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Critical Load: Inside the Data Centre Boom lifts the lid on one of the hottest and most contested sectors in private markets. Combining insight from major investors, operators, legal and consulting experts and PEI Group’s own research team, we go inside (literally) to explore the key themes driving growth in the sector.
In this
EQT: ‘We're happy to go fully behind the meter. The solutions work’
In this episode, editor-in-chief Bruno Alves sits down with Jan Vesely, a partner at EQT and one of the leaders of its new AI infrastructure strategy.
EQT is one of the many blue-chip infrastructure managers to launch a dedicated AI infrastructure strategy, but it’s done something different: it launched an open-ended strategy anchored by EdgeConneX, its global data centre platform, which it’s owne
Pantheon: ‘Infra secondaries is becoming a core allocation for investors’
In this episode, editor-in-chief Bruno Alves sits down with Andrea Echberg, global head of Pantheon’s infrastructure team.
Echberg is a veteran of the infrastructure secondaries market, and the discussion traces the evolution of secondaries from a niche strategy to a core part of institutional portfolios. It also explores the impact of higher interest rates and liquidity constraints on deal activi
Infra’s $1.2trn fundraising comeback – but who really wins?
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 rec
DigitalBridge: Industrialisation of AI will need 500GW of compute over next decade
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 t
Blackstone: Industry needs to go beyond ‘do no harm’ in data centre development
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 t
'Investors are sleepwalking' on Iran war risks
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,
AI, geopolitics, strategy drift - and other takeaways from the Global Summit
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, r
Igneo: 'I don’t want to be on the phone to clients explaining why our valuations dropped'
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 Infra
Green energy investors brush off geopolitical turmoil
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 playe
Mid-market muscle: How smaller deals are powering the next US infrastructure boom
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, in
The AI revolution: How infrastructure is adapting
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
What to expect after infra's record fundraising year
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 t
ECP: US needs up to 400GW - ‘that’s not going to happen overnight’
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
KKR: Parts of AI market running ‘a bit hot’ in one of tech’s fastest capex cycles
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
What's driving Asia-Pacific's infra markets?
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
Inside infra’s biggest fundraising year
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
Forging ahead with sustainability against political headwinds
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 sustainabilit
How to capitalise on transport’s mega-trends
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 opportunitie
Brookfield: Compute can be financed with infra cost of capital
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 th
How solid is infra’s fundraising recovery?
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,
Stonepeak: ‘Power scarcity gave data centres their moat’
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 evol
LP-leds rule by volume, but GP-leds are very sizeable
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 o
Actis: Investors need to think of growth markets as ‘most markets’
Editor-in-chief Bruno Alves sits down with Actis chairman and senior partner Torbjorn Caesar.
In a wide-ranging discussion with the growth markets specialist, Caesar argues that perception of risk (versus real risk) is still the main impediment to channeling more infrastructure capital into these markets. He also explains why investors should think of growth markets as “most markets”, how strong d
Partners Group: ‘LPs need more regular liquidity than some historical strategies can offer’
In this episode, editor-in-chief Bruno Alves sits down with Partners Group’s head of infrastructure, Esther Peiner.
The discussion covers a broad range of topics, including the recent Iberian blackout and the importance of resilience, how to invest through the current volatility, why managers have to think of a world where LPs need more regular access to liquidity, how persistent inflation could t
Slower dealflow is forcing people to think outside the box
In this episode, editor-in-chief Bruno Alves sits down with Nathalie Tidman, editor of Infrastructure Investor Deals, our new transactions-focused affiliate title launched in January, and Americas editor Zak Bentley, to talk about the deal landscape.
The discussion delves into the slow pace of European M&A and why it predates current market volatility, why LPs are shying away from platforms do
AI, geopolitics and other takeaways from the Global Summit
Infrastructure Investor editor-in-chief Bruno Alves sits down with Americas editor Zak Bentley to discuss their main takeaways from the Infrastructure Investor Network’s Global Summit, recently held in Berlin, that featured more than 3,000 members, including 800-plus LPs.
The discussion covers artificial intelligence, investors’ craving for certainty in the midst of geopolitical upheaval, the doub
Infrastructure’s digital age
This episode is sponsored by Edmond de Rothschild and Palistar Capital
Digital infrastructure is developing rapidly, turbocharged first by the coronavirus pandemic and now by advances in artificial intelligence, which have turned data centres into arguably the hottest investment in infrastructure at the moment. The sector also includes fibre and towers, both of which are also attracting strong inv
The three pillars of a ‘classic Blackstone infra deal’
In this episode, editor-in-chief Bruno Alves sits down with Blackstone global head of infrastructure Sean Klimczak.
Infrastructure was Blackstone’s best-performing asset class in 2024, generating a gross return of 21 percent, according to the firm’s Q4 results. Blackstone is also one of the few industry titans fully committed to investing in the asset class through an open-ended strategy.
Unsurpri
Is infra climbing up the risk curve?
As infrastructure changes and evolves as an asset class, we often discuss whether it’s become riskier. But what does "risker" actually mean?
In this episode, editor-in-chief Bruno Alves, Americas editor Zak Bentley and Anne-Louise Stranne Petersen, senior reporter – energy transition, debate what asset class characteristics are falling by the wayside, which new risks investors need to be aware of
NYC BAM: ‘Infra has the best inflation passthrough in private markets’
Editor-in-chief Bruno Alves sits down with Petya Nikolova, deputy CIO and head of infrastructure at the Office of the New York City Comptroller’s Bureau of Asset Management. The Bureau oversees the investments of the five New York City retirement systems, which have a collective $280 billion of assets under management, with $8.4 billion invested in infrastructure as of December 2024.
Nikolova has
On the cusp of an infra ‘supercycle’
This episode is sponsored by Ridgewood Infrastructure and I Squared Capital
The need for new infrastructure in markets like the United States is immense, and private capital has a big role to play in making it happen. The mid-market may be especially well-positioned to offer that institutional capital a share in the growth potential of the mega-trends shaping the future of global infrastructure.
Addressing the global energy ‘trilemma’
This episode is sponsored by Eurazeo and Actis
Renewable energy is being deployed rapidly around the world, and various green industries are cropping up to take advantage of cleaner and cheaper power. The rollout of renewables is shaping new economic realities, as industries increasingly look to tap into greener sources of power. Many parts of Asia, the Middle East and Africa are poised to benefit
What’s next for infrastructure fundraising?
In this episode, Infrastructure Investor senior editor Bruno Alves, deputy editor Kalliope Gourntis and Americas editor Zak Bentley take a deep dive into the infrastructure fundraising market.
After two years of contracting totals, fundraising for unlisted, closed-end vehicles hit a low point in 2024. With circa $92 billion raised, last year’s tally was the lowest since 2015 – and the first time i
The energy transition’s next era
This episode is sponsored by Nuveen and Quinbrook Infrastructure Partners
The state of renewable energy is a series of contradictions. On the one hand, solar panels are cheaper, but they may not stay that way with the threat of tariffs from the incoming Trump Administration. Distributed energy and behind-the-meter power generation are promising, but there are persistent structural obstacles, espec
Brookfield: ‘We can play in scale, even on day one’
In this episode, Infrastructure Investor senior editor Bruno Alves sits down with Hadley Peer Marshall, Brookfield Asset Management’s chief financial officer and co-head of infrastructure debt and structured solutions.
Given Brookfield manages some of the asset class’s biggest strategies across core equity, pure-play infrastructure debt and energy transition, scale is a big part of the discussion,
Is America’s energy transition safe in Trump’s hands?
This episode is sponsored by Nuveen and Igneo Infrastructure Partners
With the American electorate recently handing the White House back to Donald Trump, it seems like an opportune time for Infrastructure Investor to unpack what it could all mean for the infrastructure asset class – in particular, the US commitment to renewables and the energy transition. Trump is, after all, the man who previousl
Macquarie: ‘Investors wonder whether there is truly an ability to achieve a higher risk premium in Asia’
In this episode, senior editor Bruno Alves sits down with Verena Lim, CEO of Macquarie Group Asia, co-head of Asia-Pacific for Macquarie Asset Management Infrastructure, and head of investments for the Macquarie Asia-Pacific Infrastructure Fund series.
What follows is a wide-ranging discussion on Asia-Pacific infrastructure investing, taking in accelerating LP interest in the region, how Asia comp
How the II 100 has changed over the past decade
In this episode, senior editor Bruno Alves, deputy editor Kalliope Gourntis and Americas editor Zak Bentley look back on how our Infrastructure Investor 100 ranking of the largest infrastructure managers has changed over the past decade, following publication of the latest edition earlier this month.
Comparing the 2024 edition to the 2014 one reveals a plethora of changes, including the ranking’s
KKR: ‘We take a targeted-rifle approach’ to new strategies
In this episode, Infrastructure Investor senior editor Bruno Alves sits down with KKR global head of infrastructure Raj Agrawal.
KKR’s infrastructure unit has been on a remarkable growth trajectory, from being the 17th largest infrastructure manager in the world in 2014 to becoming the third largest in our recently released Infrastructure Investor 100 ranking. During that time, it added to its glo
Will the US ever truly embrace private infra financing?
In this episode, Infrastructure Investor senior editor Bruno Alves sits down with Sadek Wahba, founder, chairman and managing partner of independent manager I Squared Capital.
Top of the agenda is Wahba’s new book – Build: Investing in America’s Infrastructure – which chronicles the US’s underinvestment in infrastructure, contextualises the historical reasons for the dominance of public sector inf
Has the UK water sector hit rock bottom?
In this episode, senior editor Bruno Alves, deputy editor Kalliope Gourntis and Americas editor Zak Bentley discuss the latest developments affecting the UK water sector, following the publication of our September cover story.
That includes news of outreach to some of the industry’s biggest fund managers to inject equity into troubled utility Thames Water; worrying evidence of contagion from the T
A deep dive into the AI infrastructure opportunity
In this first episode of The Infrastructure Investor Podcast, senior editor Bruno Alves catches up with Marc Ganzi, chief executive of DigitalBridge, the renowned digital infrastructure outfit and the only specialist manager in the top 10 of our II 100 ranking of the largest infrastructure managers in the world.
With AI infrastructure generating record attention, Ganzi cuts through the hype to dis
The Infrastructure Investor Podcast trailer
Introducing The Infrastructure Investor Podcast, which delves into the latest trends in private infrastructure investment, bringing you insightful interviews with many of the industry’s most influential leaders, as well as original analysis from our award-winning team of journalists. To learn more and see all your subscription options, go to www.infrastructureinvestor.com/podcast
