The Global Infrastructure Summit kicks off in Berlin tomorrow, marking its 20th year. LS Power Equity Advisors secured a $5bn regulatory acquisition of gas assets from Constellation Energy, a move tied to the Calpine portfolio sale mandated by US antitrust review. This deal underscores the broader trend of slowing US data center growth, with Wood Mackenzie reporting a 50 percent drop in new US capacity entering the pipeline in Q4 2025 to just 25GW, down from 50GW in Q3. Developers cite grid constraints and energy commitments exceeding existing capacity as key hurdles.

Meanwhile, Quaero Capital launched a water continuation fund anchored by Hamilton Lane and HarbourVest, aiming to invest in Spanish and French water infrastructure, while Ares Management hired Bill Davis as CIO for its digital infrastructure fund ahead of a planned 2026 launch. Meta's pursuit of strategic partnerships, exemplified by its joint venture with Blue Owl Capital for the $27bn Hyperion data centre in Louisiana, signals a shift towards leveraging balance sheet strength beyond pure capital investment.