Ben West sits down with Daniel Connell, Managing Director, CF Private Equity to discuss how LPs are reassessing energy within diversified portfolios. They discuss the shift from a supply driven story to one shaped by AI led power demand, why institutional capital pulled back from upstream, and what is attracting it back.Topics include private versus public markets, the illiquidity premium, secondaries, capital discipline, hedging, and underwriting volatility. The episode closes with a look ahead to 2026 and what continued AI infrastructure build out could mean for energy demand and investment opportunities.