Houlihan Lokey's new research frames a virtuous circle between energy and digital infrastructure, arguing that AI-driven compute demand and power needs now reinforce each other. The theory is moving rapidly into practice: Nvidia has struck a series of deals with investment managers that collectively value the AI infrastructure buildout at $500bn, creating a new asset class for infrastructure allocators.

Macquarie's joint venture with Anthropic and EQT's willingness to go "fully behind the meter" signal that top-tier managers are structuring around co-located power and compute. Meanwhile, Igneo edged out Antin for a waste-to-energy deal, highlighting the scramble for firm, low-carbon electrons.

Personnel moves underscore the pace: Hesta's head of unlisted assets Will Mac Aulay departed, while South Korea's SWF launched a $14bn domestic industry account. Private wealth could soon comprise up to 20% of ANZ open-end fund flows, per Igneo, broadening the capital base for what Houlihan Lokey calls a self-reinforcing energy-digital loop.