
James McEvoy
Ireland
Country Executive Ireland

Catherine Kavanagh
United Kingdom
Director, Sales & Relationship Management
Conference
Ireland
Country Executive Ireland
United Kingdom
Director, Sales & Relationship Management
Conference
Join Jane Karczewski, Head of Key Client Partnerships EMEA at the AIM Summit in London, May 19-20 in London. This event brings together senior decision-makers in an intimate setting across the alternatives space to discuss innovations, market trends and the latest news. If you’re there, reach out to Jane!
United Kingdom
Head of Key Client Partnerships – Europe
Conference
Tom Miller will be in Leeds from May 20–22 for UKREiiF: The UK’s Real Estate Investment & Infrastructure Forum. This event convenes public and private sector leaders—from developers to investors—to explore upcoming projects and future investment opportunities. Don’t miss the chance to connect with Tom and learn how Alter Domus supports real estate ambitions through end-to-end solutions.
Europe
Director, Sales Real Estate
Conference
Join Alter Domus’ very own Angela Summonte, Peter Klinkner, Mark Gebauer, and Dirk Sanden as they attend this year’s BAI Alternative Investor Conference from May 6-8 in Frankfurt. The annual event is focused on alternative investments in Germany, Europe and around the world, and provides the opportunity for attendees to discuss the latest market trends: from the evolving landscape of private credit to private equity co-investments and the impact of artificial intelligence on all markets. Also attending? Set up some time to speak with the team in advance of the conference to discuss these topics and more! |
Luxembourg
Group Director, Key Accounts
Germany
Country Executive Germany
Luxembourg
Director, Sales & Relationship Management
Conference
We’re thrilled to be attending the NCREIF Spring Conference at the iconic Biltmore hotel in Phoenix, Arizona! Monday night we are hosting a drinks reception at the Spire Bar, right outside the hotel from 6-9 PM. We look forward for this 4-day event to learn new opportunities and connect with fellow professionals.
Our team members Stuart Wood, Michael Dombai, Michael Gregori, Benay Kirk, Aristidis Halikias, and Eui-Young Kim will all be in attendance. Get in touch with them there to find out how we can support you with our complete range of real estate solutions.
United States
Managing Director, Sales, North America
United States
Managing Director, Sales, North America
United States
Managing Director, Real Estate, North America
United States
Real Estate Operational Leader, North America
United States
Managing Director, Real Estate, North America
Analysis
Data centers and renewable energy have been two of the fastest growing infrastructure subsectors.
In the fourth article in a five-part infrastructure series Alter Domus looks into what has driven the expansion of these two assets classes, how they are reshaping what is defined as infrastructure, and why future growth in data centers and renewables will be closely interlinked.
Analysis
Private markets will have a crucial part to play in financing the roll-out of essential infrastructure over the next 15 years, as the gap between current levels of investment and what is required to keep pace with growing demand widens.
In the second of a five-part infrastructure series, Alter Domus explores the essential role infrastructure funds have to play to plug the infrastructure funding gap.
Global demand for infrastructure is skyrocketing and governments around the world are struggling to keep pace.
The world’s population, estimated at around 8 billion, has more than tripled since 1950 and is forecast to increase by more than 20 percent by 2025, according to the United Nations. This has driven up demand for more provision of electricity, transport, water and sanitation and telecommunications.
In addition to the pressure for additional core infrastructure capacity to come onstream to support a growing population, there is also growing demand for investment in new areas, including digital, renewables and decarbonization. Ageing infrastructure also requires capital for urgent upgrades and maintenance, usage of existing assets increases in line with rising populations.
A widening fund gap
It has become increasingly difficult for governments – who have had to rein in spending after pandemic financing stimulus and in the face of rising borrowing costs – to keep up with the accelerating demand, as required investment outstrips available public resources.
According to The G20 Global Infrastructure Hub initiative, current levels of investment in infrastructure will not be enough to meet long-term demand, with $15 trillion investment gap opening by 2040 if investment doesn’t increase materially.
If governments do not make the necessary investment to fix, upgrade and build new infrastructure, the costs to economies and societies will be immense, with impacts on domestic and cross-border trade, economic competitiveness, consumers and the environment.
Governments will remain ultimately responsible for infrastructure development, but will have to work with private sector capital providers to finance the build of new projects and operate and maintain existing assets.
The investment case for private markets
The urgent requirement for governments to up infrastructure investment align with the commercial objectives of private markets fund managers, who can invest in infrastructure on a sound commercial basis at the same time as serving a wider societal objective.
The solid long-term fundamentals that underpin infrastructure demand, and the stable contracted revenue streams tied to infrastructure assets, have drawn more and more capital into private infrastructure funds during the last 15 years.
Infrastructure assets under management (AUM) have expanded at a compound rate of 16 percent since 2010 and now exceed US$1 trillion, according to Preqin figures. By 2026 AUM could exceed US$1.8 trillion.
The levels of infrastructure AUM relative to the forecast 2040 US$15 trillion infrastructure funding gap suggests that their a is still a long runaway of growth ahead for infrastructure funds, and clear incentive for the public sector to funnel this capital into infrastructure projects.
Bringing in the private sector
Bringing in private capital to finance the construction of new infrastructure can be facilitated through the range procurement channels and public-private-partnerships (PPPs), where the private and public sector share the risk and capital expenditure burden of construction new assets. Private sector operators can also back existing infrastructure assets, investing in the ongoing provision and maintenance of services.
Funding core infrastructure operations and build-out with private sector capital, however, is not a silver bullet that will magic away the widening infrastructure funding gap and eliminates financial risk and delay on infrastructure projects
There have been high profile examples of PPP deals. for example, that have been hit by long delays and large cost overruns, such as the California High-Speed Rail project in the US and the Sydney light rail development in Australia. Direct private ownership of infrastructure assets has not always worked either.
Projects run only by the public sector, however, have also been subject to prolonged timelines and mushrooming budgets, and there is a body of research showing that in the round, PPP projects offer better value for money than vanilla government procurement.
In addition, G20 Global Infrastructure Hub analysis shows that the increase in capital flows into private infrastructure funds has translated into more investment. Private investment in infrastructure does not come without its risk, but with the infrastructure gap widening every year, the requirement to accelerate private investment is becoming ever more pressing.
In it for the long-haul
From an investor and private funds manager perspective, while infrastructure does offer protection against downside risks, there will be points in the cycle when wider macro-economic and geopolitical and even infrastructure trends impact deployment and fundraising opportunities.
Interest rate dislocation during the last 36 months, for example, has taken a toll on infrastructure fundraising, which has declined for the last three years, falling to a decade low in 2024.
Deployment can also prove challenging, through all points in the cycle. Competition for a limited pool of existing assets, with bankable, established cashflows is intensifying and high valuations on entry can make it tough for managers to meet investor return expectations.
The Global Infrastructure Hub, meanwhile, notes that sourcing suitable greenfield projects is also difficult given the risk that comes with backing these projects. The highest share of uninvested infrastructure dry powder is held by managers who are targeting greenfield projects exclusively.
If governments want to draw more private capital into funding infrastructure, preparing a longer pipeline of bankable investment opportunities will be essential.
Even entirely privately funded infrastructure projects involve close coordination with government agencies to cover of planning permissions and permitting. According to the World Bank project preparation can take between 24 and 30 months and absorb between five and 10 percent of total project investment before ground is even broken.
When crowding in private capital governments also have to ensure that risk is allocated sensibly between the private and public sector. Private investment in infrastructure is not sustainable if managers are seen to be taking excessive profits from building and running public assets without taking on any risk, but at the same time private markets players won’t have the balance sheets or capacity to bear all the risk of large projects entirely in isolation. Rigorous planning, structuring and negotiation is necessary to strike this fine balance.
Governments that expedite pre-project planning and permitting work and take a balanced approach to risk sharing, will have a deeper pool of bankable projects for private funds managers to back, and be in the front of the queue to attract more private investment.
Demand for infrastructure, across all geographies and all categories, is not slowing down. private markets managers have the potential to generate excellent returns when serving that demand. Governments should be ready to help them every step of the way.
Discover our deep infrastructure asset management expertise, and our full lifecycle offering of global infrastructure solutions.
Analysis
As rising inflation macro-economic uncertainty have sharpened investor focus on building exposure to assets that offer inflation protection and stable, uncorrelated returns, private infrastructure funds have emerged as an obvious area to invest.
In the first of a five-part infrastructure series, Alter Domus outlines why the asset class is an ideal fit for pension funds and sovereign wealth funds with long-term investment horizons.
Analysis
A team of our real estate-focused sales and operational leaders attended IMN’s Winter Forum on Real Estate Opportunity & Private Fund Investing in Laguna Beach, California this past week. Held from January 22-24, 2025, at the Montage Laguna Beach, the conference attracts more than 1,200 attendees and holds an agenda of more than 40 sessions with more than 200 speakers participating, including our own Manager Director Michael Dombai.
While there, we spoke with fellow servicing firms, software providers, and real estate managers of all sizes and niches while also listening in to the expert opinions on the top trends affecting the segment.
What’s clear is that real estate finds itself at an important junction with the new year ahead – whether it’s a new U.S. administration, the still-evolving commercial real estate recovery, or the closely watched interest rate cycle. As a result, there was plenty to discuss with our industry peers over the course of the conference – here are some of the most buzzed-about trends.
As cited in a speaking session from our valued partner Matt Posthuma at Ropes & Gray, PERE has published that fundraising is down 50% from its peak in 2021, and down around 30% from 2023. Of this shrunken fundraising pool, the largest real estate managers are claiming the lion’s share – a trend we are seeing not only in real estate but across the broader alternative asset landscape.
While fundraising may be tempered, returns and investment values show promising signs of health, as the U.S. real estate sector is forecasted to submit better returns than the public equities market.
2. Interest rates continue to bring uncertainty
When it comes to interest rates, few feel confident enough to make a defining statement on what is to come, particularly with the volatile last five years in mind. However, with a recovered market, vocalized rate cuts by the Federal Reserve, and a likely extension to the U.S. Tax Cuts and Job Act, the broadly held hope is that we will settle into stable period of interest rates.
3. Outsized insurance risk is our new normal
Skyrocketing insurance rates were also heavily discussed – a timely topic given the event’s proximity to the L.A. fires that tragically continue to burn through the metropolitan area. Speakers suggest that while these natural disaster events are often referred to as “once-in-a-lifetime events”, they will transition to our new normal. Insurance rates in high-risk areas are unlikely to return to the past levels we’re accustomed to, and that added cost must be factored into future real estate deals and underwriting processes.
4. All eyes are on the new U.S. administration
As a new U.S. administration entered the White House earlier this week, the industry is on the lookout for changes in regulation, tariffs, geopolitical conflicts and more. The consensus is that impending deregulation could have a favorable effect, but other question marks remain. For example, how could impending tariffs affect the costs of building materials, and how might the possibility of mass deportations affect access to building labor and construction timelines?
Even with the uncertainty of a new administration’s impact on the real estate space, foreign managers and investors have a favorable eye to U.S. real estate exposure due to its strong market recovery in a post-COVID world.
5. Several sectors are producing exciting activity
Activity in the data center niche creates the most excitement. Though they require ample energy to operate, some think we will see a renewed rise in nuclear power plants to power these data centers. Open air shopping centers have also performed well and new opportunities in this niche are attracting healthy deal attention.
Luxury housing conversely has a poor outlook as a sector, even amid high building activity since materials and labor costs to build remain high. At the other end of the spectrum, demand for workforce housing may be at an all-time high, but the real estate investment space isn’t feeling optimistic about the possibility of returns for such projects, which tend to require a private/public partnership.
In all, we had a productive few days rubbing shoulders with some of the brightest minds in the real estate investment space. This new year is certain to hold wins, challenges, and changes, and we’re excited and committed to helping our clients navigate what’s set to be a fascinating 2025.
Ready to talk about your real estate servicing needs for 2025? Reach out to our team here.
United States
Managing Director, Sales, North America
Conference
Stephanie Golden and Michael Dombai are attending IMN’s Winter Forum on Real Estate from January 22–24. They’re starting the year strong by learning about emerging trends and investment opportunities in the CRE market. See you in Laguna!
United States
Managing Director, Sales, North America
United States
Managing Director, Sales, North America