Dry Powder: The Private Equity Podcast Mastering the Infrastructure Cycle w/ Stonepeak’s Michael Dorrell
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Mar 10, 2026 
Michael Dorrell, CEO and co-founder of Stonepeak and a pioneer in infrastructure investing, shares his journey from early Macquarie deals to founding Stonepeak. He breaks down digital infrastructure needs like data centers, power and fiber. He explains why building often trumps buying, offers a data center risk framework, and discusses power constraints and deglobalization’s infrastructure effects.
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Early Macquarie Origin Story
- Michael Dorrell joined Macquarie in 1998 and found a small, entrepreneurial team building infrastructure deals like airports and toll roads.
- That team's IPO cash box bid on privatizations and became Macquarie's most profitable group, sparking modern infrastructure investing.
Private Owners Made The US Infrastructure Market Dynamic
- The U.S. market differed because much infrastructure was already private, creating large, dynamic markets in power, oil and gas, and digital assets.
- Private ownership allowed bespoke deal structures and relationship-based sourcing instead of pure auction price battles.
GFC Reset Brought Private Equity Discipline
- After the GFC many inexperienced teams that raised large infrastructure funds suffered, prompting a rebirth of the sector with a private equity mindset.
- Michael says the shift moved firms from deal velocity to discipline and deal selection.