How the II 100 has changed over the past decade

In this episode, editor-in-chief Bruno Alves sits down with Olivia Wassenaar, head of Apollo’s infrastructure group. Apollo has been investing in the asset class for a long time, but it only raised its first infrastructure fund in 2018. Wassenaar talks us through the evolution of the firm's infrastructure business and its distinctive deal-first philosophy, which enables Apollo to pursue opportunities throughout the asset class and invest flexibly across the capital stack. We also discuss how Apollo thinks about portfolio construction given its opportunistic approach to investing, its collaborative "no walls" culture, the big themes that are catching its attention in infrastructure, investing in a more volatile world, and much more.

This episode is sponsored by IFM Investors and Solas Capital Infrastructure has never been more popular with investors, with record-setting fundraising numbers last year. But as the asset class grows, its definition keeps getting stretched, creating both opportunities and challenges. Some of the strongest opportunities are areas where banks are largely absent, such as energy-as-a-service models that decarbonise buildings and industry. Europe's energy security crises and incoming regulation are turning building decarbonisation from an option into an obligation. And with insurers chasing investment-grade, long-dated cashflows and pension funds seeking higher yield, demand is durable. In this episode, IFM Investors’ head of debt investments David Cooper and Solas Capital CEO and co-founder Sebastian Carneiro discuss how to stay disciplined, why you don't need to move down the capital structure to find returns, and how AI is starting to change both how deals are done and how assets are run.

In this episode of the podcast, editor-in-chief Bruno Alves sits down with Marion Calcine, chief investment officer at Ardian Infrastructure. We’ve been hearing a lot about investors’ newfound interest in Europe. Ardian raised one of the largest-ever Europe-focused funds last year, so we spend a good chunk of our discussion dissecting the European investment opportunity, what is attracting LPs to it and how the assets on offer differ from the North American market. Given Calcine's role as CIO, we also delve into portfolio construction, what Ardian sees as essential infrastructure, why it feels comfortable factoring more growth into its business plans these days, and the role of technology in portfolio management. Finally, we touch on AI infrastructure, how Ardian is approaching this huge investment opportunity, its thoughts on AI sovereignty and much more.

This episode is sponsored by Fengate Asset Management and Ridgewood Infrastructure Mid‑market infrastructure has quietly become one of the sector’s strongest performers, generating a 10‑year median net return of 12.3 percent and emerging as a melting pot for themes ranging from the energy transition to digital infrastructure. In this episode, Fengate Asset Management managing director Mac Bell and Ridgewood Infrastructure partner Sam Lissner unpack why the mid‑market continues to outperform, even as fundraising slows and macro uncertainty persists. They explain how founder‑owned businesses, operational intensity and disciplined leverage can create a competitive advantage; where value creation is strongest across data centres, US water utilities and transportation assets; and why build‑to‑core and optimise‑to‑core strategies remain central to generating predictable, core‑ready cashflows. With political winds shifting and demand for power, logistics and essential services rising, Bell and Lissner outline how mid‑market investors are navigating the cycle and why differentiated exposures can still attract LP capital.

In this episode, Bruno Alves, Infrastructure Investor’s editor-in-chief, sits down with Americas editor Zak Bentley. Together, they examine one of infrastructure’s fastest-growing areas: secondaries. The conversation focuses on the rise of continuation vehicles and GP-led transactions, which have evolved from a niche liquidity solution into an ever-more mainstream portfolio management tool. As infrastructure funds age and high-quality assets remain attractive for longer, managers and investors are increasingly turning to CVs to extend ownership and unlock additional growth opportunities. The discussion explores why investor perceptions of CVs have shifted significantly in recent years, with many LPs now viewing them as a way to retain exposure to top-performing assets rather than simply facilitate exits. The conversation also focuses on how surging demand for digital infrastructure, particularly data centres and AI-related assets, is helping drive activity in the secondaries market. From the growing sophistication of LPs to landmark transactions such as EQT's use of EdgeConneX as a platform for continued growth, this episode offers insights into how CVs are reshaping infrastructure investing.