Insights

The Physical Economy Keeping AI in Check

AI is reshaping the data center market at an unprecedented pace, driving significant investment across power, compute, and digital infrastructure. But not all data centers are created equal. Different workloads, customers, locations, and infrastructure profiles can create very different credit risks and opportunities.

In our latest episode of Off the Run: Live, Director of Research Andrew Gillick and Credit Partner Rashad Kawmy, CFA break down the forces shaping the data center market today, including the durability of AI-driven demand, the growing importance of power, and why strong underlying demand does not necessarily make every data center an attractive investment.

The Electron Time Machine: Inside Japan’s Battery Buildout

Global demand for battery storage continues to accelerate as grid stability becomes an increasingly critical priority for governments, and new incentive programs open up around the world. Policy frameworks are creating regulated, long-duration revenue streams for storage, effectively turning Battery Energy Storage Systems (BESS) into core power grid infrastructure rather than a merchant power investment.

With global investments projected to surpass $100 billion, battery storage serves as a vital buffer between power generation and peak demand, unlocking sustainability, reliable grid operations, and cost reductions. In this webcast, Ryan Chua (Senior Managing Director), Andrew Gillick (Director of Research), and Jay Guo (CEO, Kingdom BESS) discuss the battery storage landscape, key themes influencing investment opportunities, and the growing momentum in the Asia Pacific region.

Stonepeak Chairman, CEO, and Co-Founder Mike Dorrell joined iCapital Chief Investment Strategist Sonali Basak on The Bridge to discuss why we’re focused on the hard assets underlying AI, including both digital and energy infrastructure, and how we’re positioning ourselves to capitalize on the long-term, structural megatrends shaping the asset class.

Watch the interview

Stonepeak Chairman, CEO and Co-Founder Mike Dorrell joined Don Yaeger on the Corporate Competitor podcast to discuss how sports shaped his professional trajectory and approach to leadership. Recounting his days playing rugby league and cricket in Australia, Mike reflects on the many lessons that have carried from the pitch to the boardroom, including the importance of hustle, preparation, honest feedback (and a little humor), and why it’s critical to build teams around trust, respect, and a shared sense of mission.

Stonepeak Chairman, CEO, and Co-Founder Mike Dorrell joined Adam Mendler on the Thirty Minute Mentors podcast to discuss his path from rural Australia to founding the world’s largest privately owned infrastructure investment firm, the lessons he learned along the way, and the experiences that shaped who he is as a leader today.

In the episode, Mike shares his perspectives on how to make clear-headed decisions, the importance of persistence, and building strong teams, and how those themes have tied into Stonepeak’s investment approach. He also goes into detail on the history of Stonepeak, including how he started building the firm during the global financial crisis.

Ryan Roberge, Stonepeak Credit Partner and Senior Managing Director, sat down with Michael Sidgmore on the Alt Goes Mainstream podcast to discuss all things infrastructure credit. In the episode, Ryan and Michael cover the scale and growth of the asset class and corresponding opportunity set, where infrastructure credit fits in an investment portfolio, and how it differs from private credit – particularly corporate direct lending.

“As the private credit industry, especially core direct lending, has exploded, the opportunities to deploy that capital have been in large software, large healthcare deals,” he said. “The transactions that we’re financing at Stonepeak Credit just don’t make up a large exposure for that industry. And so for investors who want further diversification in their portfolio and have part of it backed by hard assets that operate with different macro trends, infrastructure credit is a really interesting way to play that space.”

Mike Dorrell, Chairman, CEO, and Co-Founder of Stonepeak, joined Hugh MacArthur, Chairman of the Global Private Equity Practice at Bain & Company, on Dry Powder: The Private Equity Podcast.

Drawing on decades of experience investing across booms, busts, and technological revolutions – from the classic port and road deals of the late nineties and the global financial crisis to today’s broader infrastructure buildout – Mike shares insightful perspectives and lessons learned from helping pioneer the asset class in the U.S.

In the first episode, Mike discusses Stonepeak’s framework for data center investments, the extent to which the digital infrastructure boom resembles the dot-com bubble, and where that historical analogy breaks down.

In the second episode, Mike and Hugh take a closer look at how the AI boom is colliding with power markets, policy, and the energy transition, and why shifting supply chains are driving a new wave of demand for transportation and logistics infrastructure.

Listen to episode 1 here

Listen to episode 2 here