Partners Group is eyeing several potential transport and logistics investments, on what global head of infrastructure Esther Peiner described as the “flip side” of capital concentrating around AI.

The global infrastructure manager is considering a number of deals across Europe, Asia-Pacific and North America via its fourth direct infrastructure programme, which held its final close at more than USD 15bn in July.

Partners Group’s increased attention on transport and logistics comes as the influx of capital into AI and data centres has left some traditional infrastructure sectors facing less competition, Peiner told Infralogic.

Several transport opportunities are at various stages of due diligence, she added.

“Transport assets are more interestingly priced today than maybe they were three, four or five years ago,” Peiner said.

She added that while dedicated pools of transport capital had emerged, competition in the sector was less pronounced than the “wall of capital” targeting AI infrastructure.

The manager expects to announce between two and five infrastructure transactions before year-end, although Peiner did not specify whether any of the several transport and logistics opportunities would be among them.

Transport is already part of Partners Group’s direct infrastructure portfolio, although investments in the sector are more sporadic. Current investments include US fleet electrification platform Gateway Fleets, acquired in 2024, and transportation equipment leasing business Milestone Equipment Holdings, in which it invested in 2021.

Previous investments in the sector include the passenger terminal at Toronto’s Billy Bishop Airport, which Partners Group acquired as part of a consortium in 2015 and exited in 2019.

The larger transport pipeline currently considered does not represent a standalone strategic shift, according to a source familiar. Partners Group allocates capital to sectors offering the most “attractive opportunities” at a given point in time, with transport currently among those sectors, the source added.

Targeting upside potential

“The fundamental question is whether, within the asset and the market it operates in, there is an opportunity or a need for scaling or transformation,” Peiner said.

“If there is none and you are looking at largely just maintenance of an existing business, our capital and our investment approach are not necessarily suited to that opportunity.”

Partners Group is targeting a portfolio of around 20 to 25 assets for the programme. With more than 40% already committed across 11 seed investments, Peiner expects it to make another 10 to 15 investments over the next two to two-and-a-half years.

AI exposure cap

The wider pipeline also includes transactions linked to AI infrastructure and energy demand.

However, Partners Group intends to hold its direct exposure to hyperscale and large Enterprise data centre customers at around 20% of its global direct infrastructure portfolio and individual direct programme vintages, Peiner added.

Partners Group’s current data centre investments include EdgeCore Digital Infrastructure in the US, Digital Halo in Singapore and Southeast Asia, and GreenSquare DC in Australia.

Partners Group exited its European data centre platform, atNorth, earlier this year, selling it to CPP Investments and Equinix in a deal giving the company an enterprise value of USD 4bn.

Peiner cited broader concerns in some corners of the industry including potential overbuilding, price pressure, weakening customer credit and perceived obsolescence risks as reasons for taking a selective approach to the sector.

Despite these factors, Partners Group is still keen on investing in AI and data centres, as demonstrated by its latest investment.

Last week, Partners Group announced its first investment via its fourth direct infrastructure programme following its final close, involving the acquisition of a majority stake in AVK Power Solutions, a company focusing on powering data centres in Europe.

“AI is contributing to rising power demand, but it is not the only driver,” Peiner said.

She pointed to the electrification of heating and transport, industrial development and supply-chain localisation as additional sources of power demand.

Around half of the fourth programme’s 11 seed assets are directly linked to energy supply, energy security or improving the reliability and affordability of power.

The seed portfolio includes US power generation company Life Cycle Power, Singapore-based data centre platform Digital Halo and German battery storage developer green flexibility.

The fourth programme is more than 50% larger than its predecessor, which closed with USD 8.5bn of commitments in 2022.