infrastructure

“Well, we've seen a, like a large number of very big pension funds go direct. There's an internalization that is occurring. They are attracted to the duration of the assets, the cash, yields that come off that, particularly in this point in the cycle where yiel…”

“The perspective is it's a long duration asset, and so you can dial up in the short-term returns, but you will have a consequence with respect to underspend if you look at the quality of the service or the quality of the assets and their maintenance, and so the…”

“Today we're up around, to give you some idea, an allocation of between five and 10% of the total fund is in infrastructure, and similarly even probably higher weighted a little bit in terms of real estate And in PE, I think it's around the same five, five to s…”

“Wherever You have a lack of infrastructure in anything, a new technology can come in, overpower everything. It's when you have a very powerful old infrastructure, it takes technology a longer period of time to overwhelm the old infrastructure”

“So the concept of super normal extraction of wealth and abhorrent returns just isn't going to happen if you have pension fund owners. It's unnecessary.”

“So the temptation to invest in infrastructure assets that are generating six percent returns, therefore diluting your portfolio return, Is huge. But you should resist that temptation. That is not a good idea to go down that path. It's better to find some other…”

“Given low returns on, on bonds and cash, I could see investors using infrastructure as a replacement somewhat for that, and I think infrastructure is going to be a very interesting place to be in the United States, just from a public good point of view.”

“Markets drive, you know, they're volatile and they drive these speculative frenzies, but they also drive infrastructure and mental models that stick”

“We've got about two and a half billion in private credit and infrastructure and those neighboring activities, those activities that overlap on the margin with private equity. Are also actively managed internally.”

“We're not in infrastructure. We're not in energy investing. There's a lot that we're not in, and frankly, we weren't even in real estate, even though we tried for all 30 of my years up until a couple years ago when we actually took over Harvard's real estate b…”

“I think you look at real assets, and traditionally infrastructure has had an inflation component, and most investors are probably under allocated to infrastructure and real assets.”

“It's real estate with some unique patterns, but it's really just, you got this asset. If you don't have a tenant for it, it's worth nothing, and so you get a cash flow off that, and you might get to increase your rent with inflation if it's a bridge, but we ju…”

“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…”

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

“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'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…”

“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…”

“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…”

“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.”

“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.”

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