24
Apr
The current state of play and the future of US infrastructure investment
The US infrastructure sector could reach a turning point in 2025. A more favorable economic environment, a new US administration, and an anticipated decline in interest rates, coupled with rising demand for infrastructure such as data centers and power grids: all these suggest an increase in investment opportunities for the asset class. Our panel of top investors will discuss their views on the market and set the scene for the year ahead.
- How could the second Trump administration affect infrastructure investing?
- What were some of the top deals in 2024 and where are the short- and medium-term opportunities for top sectors such as energy transition and digital infrastructure? Where do the challenges lie?
- Valuations: what are the current benchmarks?
- Does the infrastructure middle market provide the most compelling opportunities?
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SpeakersDolly Mirchandani Partner, Global Head of Infrastructure, Transportation and Logistics White & Case
Corrine Still Partner Apollo Global Management
Nikola Simic Managing Director Carlyle
John Ma Partner, Co-Head of North America Igneo Infrastructure Partners
Nicolas Rubio Partner and Chief Executive Officer, North America Meridiam
Don Dimitrievich Portfolio Manager, Senior Managing Director, Energy Infrastructure Credit Nuveen
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Dolly Mirchandani is Head of the Firm's Global Infrastructure, Transportation and Logistics Group.
Dolly's practice focuses on the infrastructure and energy sector, including public private partnerships, reflecting 25 years of experience working on some of the most significant deals in the sector. She represents sponsors, infrastructure funds, commercial banks, institutional lenders, contractors, secondary market investors and governments in the tender, development, acquisition and financing of greenfield and brownfield infrastructure projects. Dolly has advised across multiple infrastructure asset classes including surface transportation (airports, ports, roads, parking, bridges, transit and rail), water and wastewater, waste management, district energy, digital and social infrastructure. Her breadth of practice and decades of experience allows her to anticipate concerns, propose solutions and promote agreement. She has played a leading role in the introduction of private investment and finance in the infrastructure sector in North America, having advised on multiple, award-winning transactions, including ones that were first-of-their-kind.
Dolly is, without a doubt, one of the most widely respected and successful practitioners in her field. She is ranked Band 1 - Projects: PPP by both Chambers USA and Chambers Global and was recently placed on the Roll Call of Elite for Project Finance in Euromoney's Best of the Best USA Expert Guide. She has also been named among IFLR1000's Women Leaders for Project Finance and Project Development in the United States and awarded Global Leader status for both Project Finance and Government Contracts in Who's Who Legal.
Ms. Corinne Still is a Partner in Apollo's Infrastructure Equity business. She joined Apollo in 2016 and is responsible for originating, underwriting and managing equity investments in energy transition and circular economy. Ms. Still sits on the board of Doral Renewables, Circulus, Summit Ridge Energy, Broad Reach Power, Great Bay Renewables, and Stagecoach Renewables. Prior to joining Apollo, Corinne was a Vice President at GE Energy Financial Services and a Management Consultant in the Energy & Natural Resources group at Accenture. Corinne graduated magna cum laude from James Madison University with a BS in Integrated Science & Technology and received both her Master of Environmental Management and Master of Business Administration from Duke University.
Nikola Simic is a Managing Director in the Infrastructure Credit team within Carlyle’s Global Credit platform. Prior to joining Carlyle in 2020; Mr. Simic was a Director within BlackRock’s Global Infrastructure Debt team. While at BlackRock, he was responsible for proprietary deal origination, execution and portfolio management across the power, energy, transportation, digital and social infrastructure sub-sectors. Prior to his role at BlackRock, he was a Director at Banco BTG Pactual S.A., where he helped build and develop the project finance business for Latin America (ex-Brazil). Previously, he was an Associate Director in the Global Energy Originations team at WestLB, where his responsibilities involved the execution of power and energy project finance transactions in the Americas.
Mr. Simic earned a B.S. degree in Finance and a B.A. degree in Spanish Language from Lander University. He is fluent in Serbian, Spanish, and Portuguese.
John is a Partner and Co-Head of Igneo Infrastructure Partners team in North America, and is a member of the GDIF Investment Committee.
John is currently a board director at Patriot Rail, Terra-Gen, and Rialto Bioenergy. Prior to joining the team in 2018, John held a senior role at the Port Authority of New York & New Jersey, which operates the bi-state region’s airports, ports, bridges and tunnels, and PATH commuter rail.
Prior to that, John was a Managing Director and head of US infrastructure advisory in the Investment Banking Division of Goldman, Sachs & Co. John has a J.D. from Yale Law School and an A.B. from Harvard College.
Nicolas Rubio is a Partner and Chief Executive Officer, Americas at Meridiam, an independent investment Benefit Corporation, specializing in the development, financing, and management of long-term and sustainable infrastructure projects. Meridiam manages over $23 billion of assets and to date has more than 128 projects under development, construction or in operation, with Meridiam Infrastructure North America managing 26 infrastructure assets in the United States, Canada, and Latin America. The firm invests across the sustainable mobility and transportation, energy transition and environment, digital, and social infrastructure sectors, including the SR400 Express Lanes Project (Georgia), LaGuardia Airport Terminal B (New York), Long Beach Courthouse (California), as well Meridiam’s fiber projects in Alabama, Alberta, Indiana, and Memphis.
Nicolas has over three decades of experience leading the development, building, and operating of private and public infrastructure projects in Europe, Africa, and the Americas. In 2010, he was awarded “Entrepreneur of the Year” by The American Road & Transportation Builders Association for his role in promoting Public-Private Partnerships (PPPs) for transportation in the United States. In 2017, he was selected by the National Council for PPPs as part of America’s Top 10 P3 Transportation Infrastructure Pioneers.
Nicolas is based in Washington, D.C. and holds a master’s degree in engineering from the Polytechnic University of Madrid, Spain.
Don Dimitrievich is a Senior Managing Director and Portfolio Manager for Energy Infrastructure Credit at Nuveen. Don joined Nuveen in November 2022 to establish a multi-billion credit investment business to ensure secure energy supply and provide sustainable energy solutions to decarbonize energy consumption.
Prior to joining Nuveen, Don was Head of Energy & Power and a Partner at HPS Investment Partners from 2012 where he founded the energy and power investment vertical. Previously, Don was a Managing Director of Citi Credit Opportunities, a credit-focused principal investment group. At Citi Credit Opportunities, Don oversaw the power, renewables and energy portfolio and invested in mezzanine, special situation and equity co-investments, and secondary market opportunities. Prior to joining Citi, Don worked at Skadden, Arps, Slate, Meagher & Flom LLP from 1998 to 2004 focusing on energy and power M&A and corporate finance.
Don has a law degree with Great Distinction from McGill University in Montreal, Canada, a chemical engineering degree with Great Honors and a Bachelor of Arts degree (earned concurrently) from Queen's University in Kingston, Canada.