Infrastructure investing is shifting from traditional risk-return framing to sector-driven strategies, especially in digital and energy, with data centres and renewables gaining prominence. Maria Aguilar-Wittmann of Allianz Global Investors notes that pitches now emphasize sectors and regions from the outset, a change from past focus on risk-return profiles. While this trend has grown since mid-2016 alongside specialist managers, traditional risk-return labels remain influential, particularly for differentiating new products.

AI is a dominant topic in LP discussions, with Sébastien Lecaudey of Antin stating it's nearly impossible to meet LPs without addressing AI, though exposure levels vary—some see opportunity, others worry about exuberance. Michael Bricker of Stonepeak observes strong LP interest in data centres, while also noting demand for non-AI infrastructure like transportation. The shift demands deeper sector expertise, as Alex Greenbaum of EQT argues managers now need partner-level knowledge across subsectors to compete, or risk becoming sector-specific funds requiring exceptional depth in a single area.