The Infrastructure Investor Podcast

Conversation covers strategy drift as managers blend infrastructure with PE and real estate. Debate over core-plus definitions and moves along the risk spectrum. Concerns about the Iran war and short-term shocks reshaping long-term risk. Renewed investor appetite for nuclear and questions around the RAB model. Energy transition, data centres and sovereignty shaping capital flows.

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.

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.

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.

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.

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.

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.

Waldemar Szlezak, KKR's Global Head of Digital Infrastructure, brings deep expertise in data centers and AI-related investments. He discusses the real demand for AI infrastructure versus potential market bubbles, highlighting overheating risks during a fast capex cycle. Szlezak explains the lifespan of data centers compared to rapidly aging GPUs, the concept of 'coordination tax,' and KKR's integrated strategies. He also shares insights on construction efficiencies and the industry's challenges, from regulatory hurdles to evolving hyperscaler needs.

Tom Taylor, APAC real assets reporter, shares insights from the recent Infrastructure Investor Network Australia Forum. He discusses how geopolitics is reshaping investment strategies and the surge in AI-driven infrastructure needs, particularly in data centers. Taylor highlights foreign investors' concerns over new Australian tax rules and the stagnation in renewables, alongside the maturation of Japan's investor base. He also touches on South Korea's rise as an AI hub and the emphasis on relationship-driven capital in building investor trust.

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.