AI Boom Pushes Infrastructure Investors Toward Garbage and Airports

Infrastructure investors are shifting to unglamorous cash-generating assets like landfills, rail terminals and regional airports as AI data centers absorb most capital. Partners Group, with $186 billion in AUM, sees bargains in transport, utilities and waste, while BTG Capital acquired and reopened Newfoundland's Stephenville International Airport.

• Partners Group manages $186 billion and closed its fourth infrastructure fund at over $15 billion
• BTG Capital acquired Stephenville International Airport and reopened it on Oct. 2
• Transport and logistics deal multiples fell to 5x EBITDA from 12.7x
• US waste companies trade at about 15x EBITDA versus 10x for European peers