Everyone talks about infrastructure as the assets you can see—grids, renewables, transport and digital. But there’s a second layer many investors overlook: the specialist service companies that build, maintain, test, secure, and modernise those assets.

In this episode of Pathways, Daniel McCormack is joined by Andrew Olinick, Head of Private Equity & Adjacencies at Macquarie Asset Management, to explore the fast-growing universe of ‘infrastructure adjacencies’. They discuss why these services are becoming essential as infrastructure ages, regulation tightens, and operational complexity rises. The conversation covers grid resilience and outage risk, vegetation management as a mission-critical utility spend, life extension and repowering in wind, and how drones, sensors, and AI are reshaping inspection and predictive maintenance. The episode also examines why data centre complexity and the cost of failure are driving demand for specialised engineering, cooling, certification, and physical security — and why this category can offer ‘defensive growth’ at the intersection of infrastructure and private equity.

For more information about episodes, including transcripts, and to explore Macquarie's multi-asset capabilities:

https://www.macquarie.com/about/company/macquarie-asset-management/institutional/insights.html#podcasts

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In this episode of Pathways, Daniel McCormack is joined by Harlan Cherniak, Head of Infrastructure Debt and Co‑Head of Private Credit in the Americas at Macquarie Asset Management, to explore what’s really happening in private credit markets. They discuss emerging stress in certain sectors — particularly software — alongside more resilient opportunities in real assets and infrastructure debt. The conversation covers AI-driven disruption, structural discipline in credit underwriting, defaults, BDC redemptions, and whether current market volatility points to systemic risk or a more orderly adjustment. The episode also examines why infrastructure credit may offer durability, defensiveness, and attractive risk‑adjusted returns in an increasingly uncertain macro environment.

For more information about episodes, including transcripts, and to explore Macquarie's multi-asset capabilities:

https://www.macquarie.com/about/company/macquarie-asset-management/institutional/insights.html#podcasts

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Relevant disclaimers and other information can be found here.

In this episode of Pathways, Daniel McCormack, Head of Research at Macquarie Asset Management, is joined by Liam Auer from the utilities investment team to discuss the investment implications of the current conflict in the Middle East. They explore how energy markets are responding, the outlook for inflation and growth, and what the shifting geopolitical landscape means for infrastructure investors — from renewables and networks to flexibility, resilience and security of supply.

Explore Macquarie's multi-asset capabilities: https://www.macquarie.com/au/en/about/company/macquarie-asset-management/insights.html

Send our podcast team feedback

Relevant disclaimers and other information can be found here.