Skip to content
Sign in
Artwork for How I Invest with David Weisburd
How I Invest with David Weisburd · Today · 1 hr 9 min

E420: Why Infrastructure Is a $40 Trillion Opportunity

What if the biggest AI investment opportunity isn’t AI companies, but the infrastructure required to make AI possible? David sits down with Stuart Waugh, Managing Partner of Northleaf Capital Partners, to explore why the AI boom is creating massive demand for power, data centers, communications networks, and other essential infrastructure. Stuart explains why Northleaf estimates roughly $40 trillion of infrastructure investment will be needed across its addressable markets over the next decade, and why governments increasingly need private capital to help fund it. Highlights: Why AI’s biggest bottleneck may be infrastructure, not computing. The investment opportunity behind AI’s enormous demand for power. Why Northleaf sees roughly $40 trillion of addressable infrastructure investment. How infrastructure can provide long-term cash flows, inflation protection, and lower correlation. Why the middle market becomes more attractive as mega-funds get bigger. How secondaries became a mainstream portfolio management tool. Why relationships and proprietary information still create an edge in secondaries. How institutional investors are approaching today’s private credit uncertainty. Why Stuart believes “boring” can be an investing advantage. The lessons behind scaling Northleaf from five people to more than 300. Guest Bio: Stuart Waugh is the Managing Partner of Northleaf Capital Partners and a member of the firm’s Executive Committee. He oversees the direction and development of Northleaf’s private markets investment strategies and fund management capabilities and chairs its Investment Committees. Stuart joined Northleaf’s predecessor, TD Capital, in 2002. Earlier in his career, he worked at McKinsey & Company, BPI Financial Corporation, and McCarthy Tétrault. He holds a B.A. from Trinity College at the University of Toronto and an LL.B. from the University of Toronto Faculty of Law. Are you interested in sponsoring the How I Invest Podcast? Please email David Weisburd at david@weisburdcapital.com. We’d like to thank AlphaSense for sponsoring this episode! Sponsor: AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more. Stay Connected with David Weisburd: X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Pierce: https://www.weisburdpierce.com/ Stay Connected with Stuart Waugh: Website:https://www.northleafcapital.com/person/stuart-waugh Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com. Disclaimer: This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Pierce. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions. (0:00) Why AI’s Biggest Opportunity Isn’t AI (8:56) The $40 Trillion Infrastructure Opportunity (15:36) Why Deglobalization Could Make Infrastructure More Valuable (23:18) Why the Traditional 60/40 Portfolio Is Disappearing (27:54) The Private Markets Liquidity Engine Most Investors Miss (33:14) The Hidden Advantage in Buying Secondaries (42:47) Is the Private Credit Fear Creating a Buying Opportunity? (50:08) What Most GPs Get Wrong About Their LPs (56:14) Why “Boring” May Be the Best Investment Strategy

0:00-1:09:27
Play in
Transcript file

transcript

No transcript — this publisher did not publish one.

show notes

What if the biggest AI investment opportunity isn’t AI companies, but the infrastructure required to make AI possible? David sits down with Stuart Waugh, Managing Partner of Northleaf Capital Partners, to explore why the AI boom is creating massive demand for power, data centers, communications networks, and other essential infrastructure. Stuart explains why Northleaf estimates roughly $40 trillion of infrastructure investment will be needed across its addressable markets over the next decade, and why governments increasingly need private capital to help fund it.

Highlights:

  • Why AI’s biggest bottleneck may be infrastructure, not computing.
  • The investment opportunity behind AI’s enormous demand for power.
  • Why Northleaf sees roughly $40 trillion of addressable infrastructure investment.
  • How infrastructure can provide long-term cash flows, inflation protection, and lower correlation.
  • Why the middle market becomes more attractive as mega-funds get bigger.
  • How secondaries became a mainstream portfolio management tool.
  • Why relationships and proprietary information still create an edge in secondaries.
  • How institutional investors are approaching today’s private credit uncertainty.
  • Why Stuart believes “boring” can be an investing advantage.
  • The lessons behind scaling Northleaf from five people to more than 300.

Guest Bio:

Stuart Waugh is the Managing Partner of Northleaf Capital Partners and a member of the firm’s Executive Committee. He oversees the direction and development of Northleaf’s private markets investment strategies and fund management capabilities and chairs its Investment Committees. Stuart joined Northleaf’s predecessor, TD Capital, in 2002. Earlier in his career, he worked at McKinsey & Company, BPI Financial Corporation, and McCarthy Tétrault. He holds a B.A. from Trinity College at the University of Toronto and an LL.B. from the University of Toronto Faculty of Law.

Are you interested in sponsoring the How I Invest Podcast? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Pierce: https://www.weisburdpierce.com/

Stay Connected with Stuart Waugh:

Website:https://www.northleafcapital.com/person/stuart-waugh

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Pierce. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Why AI’s Biggest Opportunity Isn’t AI (8:56) The $40 Trillion Infrastructure Opportunity (15:36) Why Deglobalization Could Make Infrastructure More Valuable (23:18) Why the Traditional 60/40 Portfolio Is Disappearing (27:54) The Private Markets Liquidity Engine Most Investors Miss (33:14) The Hidden Advantage in Buying Secondaries (42:47) Is the Private Credit Fear Creating a Buying Opportunity? (50:08) What Most GPs Get Wrong About Their LPs (56:14) Why “Boring” May Be the Best Investment Strategy
links4

more episodes

All episodes