funding investments together. Several telecom players, for example, have partnered with private expansion, providing more reliable, higher-speed internet access in millions of locations in Deal theses are broadening across key dimensions: up the risk spectrum (driven by LP demand), into intersections between infrastructure verticals, and into infrastructure services. That dynamic is consistent with the expanding conception of what "“infrastructure" now encompasses. Increasingly, deal theses include not only traditional targets (such as transport and energy assets) but also more interconnected and complex models. Consider the overlap of energy, digital, and transportation. Energy and digital intersect for data centers; multiple large funds have been raised with clear mandates to invest in both data centers and supporting power infrastructure, given the criticality of power access. Digital and transport intersect for electric-vehicle networks, such as deploying 5G connectivity on highway corridors. Energy and transport intersect for and more diversified platforms are well positioned to take advantage of these trends; we and tend to outperform smaller peers across multiple sectors (Exhibit 8). larger than $10 billion than in previous years.