Infrastructure

“What we have seen over the last three years is the steady increase of the capabilities of the models. Where the model is no longer the bottleneck. And in fact, using AI, these models are getting better faster and faster and faster. Now the bottleneck is all wh…”

“You've seen that it can find cyber vulnerabilities. It can daisy chain vulnerabilities, attack infrastructure. So it's clear these models are going to be extremely powerful. They already are.”

“One of the things we've done inside of Klaviyo is we've architect our agent environment so that it has very tight access to various like tools and controls in terms of what it's allowed to build on our infrastructure and then good sandboxing staging environmen…”

“The bigger idea is that agents are going to use the internet in a way software uses infrastructure. So they'll request things, they'll call tools, they'll compare products, they'll retrieve data.”

“For the assets we own, it's not just buy and hold, it's buy and change. You can transform these assets. That's one of the things that's less understood about both real estate and infrastructure is how active those assets are. It's not Just that durable cash fl…”

“When AI comes up with anyone in real estate or infrastructure, it's immediately just data centers. There's no question that that is probably the single biggest beneficiary of the AI trend.”

“There are also a lot of other ways to play AI in real estate and infrastructure that get less attention, and that therefore have Better risk-adjusted return because you have a better basis on entry.”

“Because of that, you're not going to make a 15% return on a toll road anymore.”

“In a world of AI with agents operating across multiple systems, wanting source of truth data, the importance of having preferred paved paths that get the most of the benefits and produce some guardrails so we can make sure we're doing good work, common infrast…”

“And that's why we're doing deals around the world on energy, on minerals, and on infrastructure, and it's incredibly exciting about the progress we've made.”

“Infrastructure is like one of those things that businesses are really bad at making, and it sucks that we committing businesses to have to build infrastructure of this thing because it just doesn't actually fit into the timescales. Like even the long-term focu…”

“The infrastructure is worth not zero. It is infrastructure like you're on something in it. Right. But like it is it's a commodity business. Right. And it's a great one. I really enjoy it, but it's definitely like commodity business with tech multiples.”

“I think labor responds. It probably takes a few years, but it's faster than building infrastructure. And so infrastructure is probably the bottleneck and then Is it just energy? Probably not just energy, probably permitting can take a while.”

“Of deals that we choose to pursue, but then, you know, in diligence or in structuring decide to walk away, there's two reasons that Are most common. One, we don't like the revenue construct or the corporate credit counterparty that backstops that revenue const…”

“If you give your agents the same in front during the build time and the same in front during the deploy time, Then the sort of like during this like deployment phase, you don't encounter those many problems.”

“Small models are gonna run locally on device. And that's actually gonna be how infrastructure gets built out. That throws such a wrench into any of these stories that we've been talking about for the last 30 minutes, like that completely destroys those stories…”

“I also think that there are things we could learn from China about how to run infrastructure in the US. They're clearly better at it than we are.”

“This tends to happen in every cycle where the infrastructure gets overdone at some point. So that, but I think this is, again, speaking to our book, is I think some of the apps and services layer companies are a lot safer when that happens, but I don't know.”

“If you're a big private equity infrastructure investor, you're probably a little nervous about the TPA push. It's hard to do TPA when you're making a 15 year commitment. You're planting seeds that are going to take a long time to grow. It's harder to move arou…”

“These things are not going to zero because if nothing else, they're taking dollars and turning into 20 cents worth of infrastructure, right? So the zero is not a number, right?”

“These companies will collectively spend something over four hundred billion dollars building infrastructure.”

“NVIDIA has like, you know, the best position probably anybody's ever had in chips, but notwithstanding that, I find it hard to believe that there's going to be this level of pressure on infrastructure in five years.”

“The majority of what you spend your time on if you're scaling infrastructure are the databases and the database layer.”

“If we can build big data centers really quickly in, in you know, at the scale that traditional infrastructure projects would have taken 10 plus years, if we can do that in a few years, it could create a precedent where somebody could decide, you know what, I'm…”

“My view is, is the infrastructure is where the value is. Every time you have a platform shift, you'll get a new set of infrastructure companies, and then a bunch of apps get built on top of those. But like the value is going to accrue largely to the infrastruc…”

“What's happening in infrastructure and properties, the big funds, rather than doing that, they're internalizing, as you pointed out, and that is creating pressure on the industry. And that will force change. And I think the same is true in equities and hedge f…”

“You don't make money in infrastructure. Even the railroads made money through real estate.”

“I think that that's, it, it'll probably be the same fundamental infrastructure that regulates how bots access the web, that ends up regulating how browsers access the web, and a browser that Takes data and then immediately feeds it back to an LLM might have mo…”

“I think actually infra from a market size as well as a scale perspective is more like a hundred to a thousand X, not 10 X in in infrastructure scale. Like you will find probably two to three orders of magnitude.”

“Infrastructure never goes away. It just gets layered.”

“Basically they have to make all these payments and these payments still happen today. And there's some interesting finance that goes on where if you're like a local county, that's getting like cashflow from the tobacco companies, you can go and finance that ou…”

“Like we frequently run into infra issues, and you don't want a vibe coder right there fixing it on live things on production. Like, I do want, like, people well trained in regular software engineering, infrastructure, distributed systems. Like, you don't want …”

“I think we will run the, like, largest and most expensive piece of infrastructure in the world pretty soon.”

“We're about to go through this generational shift in power, infra, defense spend in Europe, it's been completely underspent and is needed globally. Everybody needs more compute. I don't think there's a debate on that.”

“The beautiful thing about annuities is it's, Long duration liabilities. What beautiful thing about retirement, long duration in terms of the life, 10, 2030, 50 years in some cases. That matches really well with long duration infrastructure projects. So the nat…”

“But most of the value has to be in the products. Like, you know, we don't build infrastructure just for the sake of infrastructure. Like we build infrastructure so people can make product.”

“I don't, I believe that you don't want AI in your infrastructure just yet.”

“Shouldn't be past a year. Maybe the hazardous cleanup is three, four months. The infrastructure is going in right after that.”

“I actually think what has gone on with the Trump thing is I think it's going to take some wind out of the AI story because the story is going to be about infrastructure and America and like all that type of stuff.”

“Whenever people are excited about infrastructure, beware, right? Like infrastructure should disappear. That's the point of infrastructure. And it only gets exciting once it's gone.”

“I think the whole world could benefit from like a decade of rebuilding where people focus internally on building their countries and their societies and their infrastructure and their economies. Focus on AI. I think a lot of these issues could be resolved pret…”

“Now, 2014 onwards, this government has definitely put more emphasis on infrastructure. And the policy paralysis is gone.”

“But if all, if too many people try to do that all at once, you're going to create a labor problem and you're going to have significant delays in getting a lot of this infrastructure stood up.”

“And I actually think what has gone on with the Trump thing is I think it's going to take some wind out of the AI story because the story is going to be about infrastructure and America and like all that type of stuff.”

“Whenever people are excited about infrastructure, beware, right? Like infrastructure should disappear. That's the point of infrastructure. And it only gets exciting once it's gone.”

“Today, the Mumbai municipality is the richest. They get tens of thousands of rupees as fees, and that is plowed back into the infrastructure.”

“What started in a college dorm, my college dorm, is now a company that manages over 500,000 of the world's most important and critical pieces of infrastructure.”

“Literally just changing the infrastructure on top of what you build. That could be the biggest lever than you building another button or experience for your members on the top of it.”

“I always get very, very worried when everyone's obsessed with the infrastructure. Right? Like that, when that becomes an error. That happened in crypto too, right? This whole infrastructure, infrastructure, infrastructure, not what it's useful for. No one has …”

“All of this infrastructure is going to become available for sale, largely because the kids of these retirees don't want to move back to these small towns because quality of life isn't there.”

“I think that if you really scale up AI systems, and you plug them into important parts of the world, and they go wrong, the effects could be extraordinarily, like, bad and catastrophic, in the sense of some, Cascading emergent problem.”

“We've got specialty advice and implementation capabilities underpinned by research across private equity, private debt, infrastructure, real estate, and hedge funds. And actually they're each about 20% of our AUM.”

“What you can do in your lifetime will be a function of the underlying infrastructure that you're given. And if you're not given that infrastructure, the best thing that you can do is move to where you can find that.”

“We for a long time really focused on building our own infrastructure. We have hundreds of thousands of servers, many, many edge data centers, terabits of connectivity that we've traditionally used for three D simulation.”

“I think in the arc of time if it is a shift like the internet was in many ways the applications, Which might not look like an applications, right, in the way that we think of them, but might look more like, you know, this control center idea will have profound…”

“Of the private asset classes, infrastructure is the most global and has a very high proportion of direct investments.”

“We have infrastructure that doesn't match the intellectual potential of this city.”

“Some of the differences, first, there are a set of Areas that endowments seem to like to invest in that to us seemed like poor returns on risk. And so those included for most of the 16 years we've been doing this, most of credit has fallen in that category. Wh…”

“Models aren't products and infrastructure isn't a product.”

“I have to believe it's gonna accrue mostly to the application layer. I think if you think about infrastructure companies as platforms, you know, if you think about the software market as the relatives, the value of AWS and Microsoft and Google cloud versus the…”