Crossroads: The Infrastructure Podcast Blackstone's Rob Horn discusses private credit in infrastructure
Nov 4, 2025
Rob Horn, Global Head of Infrastructure and Asset-Based Credit at Blackstone, manages over $100 billion in capital. He delves into the booming private credit market, particularly for data centers and renewables, driven by strong demand and AI's impact. Horn highlights the essential role of natural gas in a balanced energy grid and discusses Blackstone's strategic investments in LNG. He emphasizes the flexibility of private capital solutions for companies, predicting a shift towards private markets for large-scale financing.
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Data Centers Need Massive, Layered Capital
- Data centers will require roughly $1 trillion of debt in five years plus multiple trillions for equipment and compute.
- Blackstone finances construction, warehouses, term loans, and has done pioneering GPU financings like CoreWeave.
Hyperscalers Sustain Data-Center Demand
- Blackstone expects continued data center growth driven by hyperscalers and AI, with hyperscalers planning about $400 billion of annual CapEx.
- Ownership via QTS gives Blackstone line-of-sight into sustained leasing and demand trends.
Gas And Renewables Will Both Scale
- Power for data centers will come from gas and renewables; renewables grew to 25% supply and may reach 45% by 2030.
- Batteries need a ~5x increase to firm intermittent renewables and make them more baseload-like.