The definition and boundaries of infrastructure investment are constantly shifting, with the inclusion of new capital sources, emerging technologies, and evolving public‑private models that reshape the market.

I Squared Capital Founder, Chairman, and Managing Partner Sadek Wahba joins Infralogic’s Crossroads podcast to analyze the growing democratization of infrastructure investing as managers tap the wealth channel, arguing that broader access to inflation‑linked, essential assets will open more mid‑market opportunities traditionally overlooked by institutional capital. This shift, he says, is crucial as the sector moves through a “Supercycle” driven by decarbonization, digitization, and supply‑chain restructuring.

Private capital is redefining what counts as infrastructure—from carbon capture and tire recycling to advanced manufacturing, in the case of I Squared—reflecting a broader rethinking of “alternative” investing. Future models, Wahba contends, will have to accommodate the “major impact” that technology has on the way infrastructure as a service is being delivered to consumers and provide sustainable access to capital to deliver attractive, risk-adjusted returns.

“Over the coming years, some technological changes… will cause some of the more traditional infrastructure assets to become stranded,” he said. “We want to understand not over the short term, but over the long run: What are the implications for the kinds of infrastructure investments we do?”

Wahba also reflects on the US government’s evolving industrial policy, including taking direct equity stakes in strategic industries. This new posture, he says, will influence both cost of capital and the role private investors play in national‑priority sectors.

To listen to the episode, click here.