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 Templeton

Gautam Bhandari, Co-Founder & Managing Partner, I Squared Capital

Episode 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

The asset management industry is knocking on the door of the 401(k) system in the U.S.. While it has been the driving argument for inclusion, access alone doesn’t answer the harder questions. We step back from product hype to examine whether defined contribution plans are structurally equipped to handle illiquidity, complexity, and risk at scale. Joined by Dan Cahill of Partners Group and Drew Carrington of iCapital, we explore how global pension models, governance trade-offs, and participant behavior complicate the debate.  

Guests:

Drew Carrington, CFA, CAIA, Managing Director, Alternatives in Retirement Portfolios, iCapital 

Dan Cahill, Head of US Defined Contribution, Partners Group

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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 Board

Charles Hyde, Head of Asset Allocation, New Zealand Superannuation Fund

Eugene Podkaminer, Institutional Solutions, Capital Group

James Clarke, Senior Managing Director, Global Head of Institutional Capital, Blue Owl Capital

Episode 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 Atlantic

Stephen P. McCourt, CFA, Managing Principal and  Co-CEO, Meketa Investment Group

Episode 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 Price

Episode 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 Management

Jenny Johnson, CEO, Franklin Templeton

How does a legacy private capital partnership who has thrived solely in the institutional draw down LP ecosystem, assemble the apparatus to begin distributing those strategies to the individual investor? When client acquisition and conversations, investor sophistication, product design, culture, operational support etc. are all fundamentally different...where do they start in this overhaul? What challenges and pitfalls have they experienced along the way? What battle scars and advice can they share with others that are considering the same or in the early stages themselves. Join us as we draw a blueprint in a very applied and practical manner.

Introduction: (2:05)

Halftime: (55:18)

Guests: (1:00:56)

Guests:

Shane Clifford, Managing Director–Partner and Head of Global Wealth, Carlyle

Doug Krupa, Managing Director, Global Client Solutions, KKR

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, OCERS

Scott Chan, CFA, Chief Investment Officer, CalSTRS

Episode Sources

After many booms, busts, and shakeouts in crypto markets, the pump seems primed for broader adoption in institutional portfolios. Are we really doing this? How might a seemingly crypto-friendly Trump Administration fuel further adoption in the largest capital market in the world? In this episode, we use history as a guide, exploring the phases of crypto adoption and wrestling with whether we're truly in a new era or if the headlines are overhyping reality. Join us and our guests, Robbie Mitchnick of BlackRock and Greg Tusar of Coinbase, to explore further.

Introduction: (2:03)

Halftime: (1:03:01)

Guests: (1:09:13)

Guests:

Greg Tusar, Head of Institutional Product, Coinbase

Robert Mitchnick, Head of Digital Assets, BlackRock

Episode Sources