Welcome to The Private Equity Podcast by Raw Selection, hosted by Alex Rawlings. Brent Burnett, Head of Infrastructure and Real Assets at Hamilton Lane, shares insights on infrastructure growth, key trends, and the 2025 outlook. Tune in for a deep dive into its role in PE.
Breakdown:
[00:00] Welcome to the Raw Selection Private Equity Podcast with host Alex Rawlings and guest Brent Burnett, Head of Infrastructure and Real Assets at Hamilton Lane.
[00:30] Brent shares his background in infrastructure investing and career journey.
[01:22] How Brent’s experience in real estate and industrial assets shaped his focus.
[02:17] Brent’s role in launching a real assets fund and joining Hamilton Lane.
[03:06] Growing interest in infrastructure investments and Hamilton Lane’s outlook for 2025.
[03:59] Increasing allocations to private infrastructure in both private wealth and institutional sectors.
[04:56] Infrastructure’s role in AI, energy transition, and supply chain optimization.
[05:48] Interest rate impacts on infrastructure investments and risk classifications.
[07:10] Core plus and value-add infrastructure offsetting interest rate pressures through growth.
[08:07] How secondary market pricing and asset valuation have adjusted.
[09:29] Breaking down valuation trends in power, transportation, telecom, and environmental assets.
[09:57] Data centers and renewable energy—hot sectors with valuation risks.
[10:53] Renewable energy valuation trends and cautious investment approaches.
[11:48] Stable valuation trends in other infrastructure sectors.
[13:14] Political impact on infrastructure investing, including policy shifts in the US and UK.
[14:11] Infrastructure growth drivers—data telecom and renewable energy.
[15:09] Challenges in expanding data center capacity, including power and water constraints.
[15:39] Role of renewable energy tax credits in US policy and investment strategy.
[17:02] Historical renewable capacity growth under different US administrations.
[18:27] Low likelihood of drastic policy changes affecting renewable energy investments.
[20:18] Fundraising challenges and market dynamics in infrastructure.
[21:20] Expectations for improved fundraising conditions in 2025.
[22:43] How difficult fundraising conditions benefit co-investment strategies.
[23:11] Brent’s positive outlook for deal flow in 2025 and accountability joke.
[23:39] Alex highlights Raw Selection’s executive search services for private equity firms.
[24:07] Hamilton Lane’s evergreen funds expanding access to private infrastructure investments.
[24:35] Benefits of infrastructure investments—income, appreciation, and diversification.
[26:54] Brent shares his favorite books, podcasts, and influences.
[27:21] Recommended business podcasts, including Dry Powder and In Good Company.
[27:49] Interest in psychology and behavioral economics through Hidden Brain.
[28:49] Books Brent is reading: Atomic Habits, The Comfort Crisis, and Empire of the Summer Moon.
[30:41] A mix of professional and entertainment reading for learning and growth.
[31:08] How to connect with Brent on LinkedIn for further discussions.
[32:02] Closing remarks and thanks to listeners of The Private Equity Podcast.
Thanks for listening!
Connect with Brent Burnett here
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