Capital Decanted

Muneera Aldossary, CEO & board member at Franklin Templeton Saudi Arabia, offers on-the-ground Riyadh perspectives and AI governance views. Yingwen Chin, Albourne Partners private markets partner, brings Pan-Asia hiring and talent-development insight. They discuss geopolitics reshaping capital flows, new centers of capital in the Middle East and Asia, the blurring of public and private markets, and AI’s impact on skills and hiring.

What happens when governments can't fund infrastructure anymore? A $1.6 trillion private asset class that doesn't recognize itself in the mirror. In the 2020s, infrastructure has entered a battlefield where geopolitics, government agendas, and investor returns collide. We trace infrastructure's evolution from nation-building mechanism to one of the most integrated asset classes in modern investing. In this episode, we explore a central tension: is infrastructure still a stable, boring, income-generating asset, or has it become a bigger bet on which governments can actually execute their vision? Joined by Peter Blue of Franklin Templeton and Gautam Bhandari of I Squared, we dive into one of the oldest asset classes in human history.Guests:Peter Blue, CFA, CAIA, FRM, Head of Private Market Solutions, Franklin TempletonGautam Bhandari, Co-Founder & Managing Partner, I Squared CapitalEpisode Sources(00:00) Infrastructure as an invisible but essential backbone of daily life and economic activity.(01:24)Introduction to infrastructure as a paradox: ancient in practice, modern as an institutional asset class.(03:43) The projected $100 trillion global infrastructure investment need through 2040 and the funding gap.(06:06) Infrastructure allocations remain modest despite structural tailwinds and capital demand.(10:32) Infrastructure as both inanimate and “alive” through its system-wide economic impact.(12:04) Roman publicani as early private infrastructure investors and the blending of public and private capital.(16:24) Infrastructure historically used as a tool of statecraft, control, and regime stability.(20:35) The Gilded Age, robber barons, and the rise of private capital in U.S. infrastructure development.(24:50) Australia’s superannuation system and privatization wave as the birthplace of institutional infrastructure investing.(27:52) Macquarie’s listed infrastructure vehicles and the financialization of the asset class.(29:43) The contrast between Australia’s GP-led model and Canada’s direct “Canadian model.”(35:49) Post-GFC surge in infrastructure AUM and its appeal as a stable, inflation-linked asset class.(41:59) “Suffering from success”: record fundraising, rising valuations, and expanding risk profiles in the 2020s.(42:20) Redefining infrastructure through resiliency rather than rigid asset definitions.(46:17) Expansion into digital infrastructure, renewables, and social infrastructure beyond traditional core assets.(50:52) Data centers as the new “highways” of productivity and the complexities of underwriting digital infrastructure.(55:32) Energy transition investing and the scale of renewable and grid infrastructure needs.(57:43) Talent evolution and systems thinking as infrastructure becomes increasingly cross-disciplinary.(01:01:18) The re-politicization of infrastructure and its return as a strategic instrument of global power.(01:05:58) China’s Belt and Road Initiative and infrastructure as influence diplomacy.(01:10:46) Local alignment, commercial contracts, and operating “below the radar” in politically sensitive environments 

Drew Carrington, Managing Director at iCapital focused on alternative asset access for retirement plans. He discusses whether 401(k)-style plans can handle illiquidity and complexity. Conversation covers global pension models, governance trade-offs, and the regulatory and litigation clarity needed to scale private markets in defined contribution systems.

What happens when asset owners stop managing asset classes and start managing the whole fund? How do portfolios change, and how does the industry reorient their business models around them? In this episode, a practical sequel to Season 1's introduction, we break down how TPA changes investment processes, how portfolios differ under an SAA framework, and what this means for external managers. With insights from CPP Investments, NZ Super, Blue Owl, and Capital Group, the conversation highlights how partnership, transparency, and solution-oriented relationships reshape the manager-investor relationship in a TPA world.Guests:Geoffrey Rubin, Chief Investment Strategist, Total Portfolio Management, CPP Investment BoardCharles Hyde, Head of Asset Allocation, New Zealand Superannuation Fund Eugene Podkaminer, Institutional Solutions, Capital GroupJames Clarke, Senior Managing Director, Global Head of Institutional Capital, Blue Owl CapitalEpisode Sources

Growth equity has evolved from the “middle child” between venture and buyout into a distinct and increasingly institutionalized part of the private markets ecosystem. Its role in capital formation, the characteristics of the companies it targets, and the ways value is created have sharpened its identity in a post-COVID market. In this episode, we are joined by Steve McCourt of Meketa and Suzanne Gauron of General Atlantic as they unpack the modern growth equity playbook, how managers compete and differentiate themselves today, and why the strategy’s repositioning matters for investors.Guests:Suzanne Gauron, Managing Director of Capital Solutions, General AtlanticStephen P. McCourt, CFA, Managing Principal and  Co-CEO, Meketa Investment GroupEpisode Sources

Space exploration has historically been viewed as a lofty and prideful goal of governments and the old space economy has been led by legacy private sector telecom companies. But what happens when innovation and competition heats up, launch costs are dramatically pushed down, and geopolitical tensions arise amongst nations? Are we in a new space race? What will the outcome be? Join us and guests Luke Ward of Baillie Gifford and Emma Norchet of T. Rowe Price as we explore what the future space economy might entail.Guests:Luke Ward, Investment Manager, Baillie Gifford Emma Norchet, Lead Private Technology Investor, T. Rowe PriceEpisode Sources

Say goodbye to tired market takes and superficial sound bites. Because here, instead of skimming the surface, we dive into the heart of capital allocation — striking the perfect balance and exposing the subtleties that reveal the topic’s true essence.Prepare to have your perspectives challenged as we open up the issues that resonate with the hearts and minds of those shaping capital allocation.

Today’s asset management business has quickly transformed into a race to build out a stable of thoroughbreds--investment strategies across a spectrum of conventional public equity and debt as well as offerings across the continuum of private capital--equity, credit, secondaries, real estate, infrastructure etc. What makes recent history particularly unique are the crossover deals from traditional managers with alternative managers.  For several decades, traditional long only mutual fund shops and institutional firms stayed in their lane and idiosyncratic, complex private capital partnerships lived in a different world---there was a peaceful co-existence and mutual exclusivity. Those distinctions and parallel worlds have evaporated.  We explore why with two of the most revered leaders in the industry and compare and contrast their different approaches to meeting this challenge.Introduction: (2:09)Halftime: (48:25)Guests: (54:36)Guests:Jean Hynes, CEO, Wellington ManagementJenny Johnson, CEO, Franklin Templeton

Shane Clifford, Managing Director at Carlyle Group, and Doug Krupa, Managing Director at KKR, dive into the evolving world of private capital for individual investors. They discuss the challenges of transitioning from institutional clients to high-net-worth individuals, emphasizing the need for tailored strategies and robust operational support. Insights include lessons learned from pioneers like Blackstone and the importance of understanding client sophistication. Both guests share practical advice for building successful wealth channels, ensuring alignment with client needs and market dynamics.

What do co-investments, secondaries, joint ventures, and NAV lending have in common? To some, they sound like complex investment vehicles - to us, they represent the cutting-edge tools reshaping how asset owners build portfolios. Gone are the days of relying solely on the binary choice between insourcing or outsourcing investment capabilities. Today’s institutional investors have a dynamic, customizable toolkit at their fingertips, empowering them to craft strategies that truly serve their stakeholders. Join industry leaders Scott Chan and Molly Murphy as they dive into this exciting evolution, unpack the innovative investment vehicles driving change, and discuss the challenges and opportunities in implementation.Introduction: (2:08)Halftime: (1:00:48)Guests: (1:07:17)Guests:Molly Murphy, Chief Investment Officer, OCERSScott Chan, CFA, Chief Investment Officer, CalSTRSEpisode Sources