Infrastructure’s New Playbook

In this episode of Dry Powder, Hugh MacArthur interviews Andrew Kunkel about infrastructure investing, exploring its evolution from the mid-2000s to the present. They discuss how infrastructure investing, once considered a risky asset class, has transformed with the influx of capital and the shift towards value-added models. The conversation covers the definitions of core, core plus, and value-add infrastructure, and examines emerging investment areas like energy transition and digital infrastructure. They also address the blurring lines between infrastructure and private equity, the competitive dynamics in deal-making, and the importance of value creation strategies in driving returns, including the need for targeted operational teams and alignment between fund objectives and value creation approaches.