The Tenfold Monthly

November 2024

Author

Yinka Branco-Rhodes
November 05, 2024 • Reading Time: 10 minutes

Hello,

Welcome to Tenfold's November newsletter. AI and digital infrastructure have dominated headlines in prior months, and October was no different. This theme isn't showing any signs of slowing down and even pulling a slow and steady utilities sector along for the ride, with tech giants like Microsoft, Amazon, and Google increasingly betting on utilities as they channel resources to support AI-driven power demands.

  • Blue Owl Capital made a strategic move into data centers.

  • Equinix entered a $15 billion joint venture with GIC and CPP Investments.

  • ECP and KKR launched a $50 billion partnership to scale data center and power infrastructure.

  • Accelerate Infrastructure Opportunities secured $780 million.

Data center development is driving a significant land grab in real estate, especially in regions with access to clean power, water, and favorable climate conditions. Tenfold is engaged in searches with three innovative and fast-growing companies leading in this space. Check our list of active mandates below.

The fundraising environment continues to be challenging, and while Quantum Capital secured $10 billion for energy investments, its CEO told Bloomberg it was the toughest fundraising process in its 26-year history.

We expect to see major personnel moves and new fundraising efforts announced for energy and infrastructure PE between now and early 2025. The outcome of the much-anticipated elections could have a substantial impact, and these changes could further accelerate or reshape the scope of opportunities in the space. If you have been thinking about making a move, now is the time to start having those conversations to position yourself better going forward.

Dive further into the news and industry trends and explore our open positions below.

Open Roles & Opportunities

Are you looking to explore new career opportunities, or do you know someone who is? We are currently connecting with talent in various sectors. Reach out to discover more about these exciting opportunities.

Senior Analyst/Associate, Digital Infrastructure (New York City)

Join a dynamic investment platform specializing in telecom and digital infrastructure, deploying debt and equity.

Associate & Vice President, Hyperscale Data Center Investment Execution (Los Angeles)

Join an emerging firm specializing in hyperscale data centers, playing a key role in project development and investment execution in the digital infrastructure sector.

Private Equity Associate, Energy & Infrastructure (New Orleans, LA)

Join a prestigious infrastructure and energy-focused private equity firm known for innovative strategies and transformative acquisitions, offering direct collaboration with top executives and a path to strategic impact.

SVP of Corporate Finance, Real Assets (Los Angeles or Dallas)

Drive growth and strategic financial planning for a sustainable infrastructure firm on a CFO track, focusing on land acquisitions for data centers and renewable projects.

Director of Structured Finance, Renewable Energy M&A and Project Finance (San Francisco)

Lead renewable energy finance strategies in a high-growth firm focusing on tax equity, M&A, and large-scale projects.

Associate/Senior Associate, Lower MM Generalist (Los Angeles)

Contribute to a private equity firm focused on business services, TMT, and industrials, bringing operational and strategic insight to middle-market investments.

Private Equity Associate, Energy & Infrastructure (Houston, TX)

Join a prominent energy investment firm in Houston searching for an associate to join its energy transition investment team.

VP of Investment & Strategy, Digital Infrastructure (Denver, CO)

A fast-growing investor-developer platform in the digital infrastructure space seeks a Vice President to join its investment and strategy group in Denver, CO.

The Tenfold Talent Rewards Program

Unlock the potential to earn exceptional rewards with our referral program. If you know professionals seeking new opportunities or companies needing to hire top talent, our Tenfold Talent Rewards Program offers an excellent chance to help others while benefiting yourself.

How It Works:

  1. Submit a Referral: Use our simple form to provide the name and email of a peer looking for new opportunities or a hiring manager aiming to hire new talent.

  2. Reward Eligibility: For successful candidate placements, earn a $1,500 American Express gift card. For employer referrals resulting in a job opening that we fill, receive a $3,000 American Express gift card.

Industry Insights & News

Here are some curated reads from around the web to keep you informed:

  • Blue Owl Capital to Acquire IPI Partners and to Partner with ICONIQ for Future Growth (PRN)

  • Crusoe, Blue Owl Capital and Primary Digital Infrastructure Enter $3.4 billion Joint Venture for AI Data Center Development (YF)

  • TPG and GIC to lead €6.7bn acquisition of Techem with backing from Canadian pension funds (NZI)

  • Utilities are having a renaissance moment (FB)

  • This Little-Known Private-Equity Firm Booked a 79-Fold Return (WSJ)

  • Equinix Agrees to Form Greater Than $15B JV to Expand Hyperscale Data Centers in the U.S. and Support Growing AI and Cloud Innovation (PRN)

  • Google and Kairos Power Partner to Deploy 500 MW of Clean Electricity Generation (KP)

  • Amazon signs agreements for innovative nuclear energy projects to address growing energy demands (SA)

  • KKR and Energy Capital Partners Announce $50 Billion Strategic Partnership to Support AI Growth Through Investments in Data Centers and Power Generation (ECP)

Fundraising & Deal News

Discover the latest financial milestones and transformative deals in our sector-focused roundup:

  • Berkshire Partners closes Fund XI with $7.8bn in capital commitments (AA)

  • Quantum Capital Amasses $10 Billion for Energy Bets (WSJ)

  • Accelerate Infrastructure Opportunities Raises $780 Million — $630 Million from CBRE Investment Management and $150 Million from Separate Inaugural Asset-Backed Securitization (FT)

  • Blackstone Raises $22 Billion in New Direct Lending Fund (BG)

  • Nautic Partners Raises $4.5 billion for Its Eleventh Fund, Nautic Partners XI (NC)

  • ENCAP Investments Closes Fund XII at $5.25 Billion (ECI)

  • L2 Point Management Closes Oversubscribed Inaugural Fund, Raising Nearly $460 Million for Structured Equity Strategy (BW)

  • GHK Capital Partners closes second fund at $870m (AW)

What Our Partners Say About Tenfold

The current business environment is complex, where rapid changes and uncertainties persist. Clear communication and quality partnerships are crucial for informed decision-making and adaptation. We excel in these areas, with 100% of clients describing our service as consultative and 75% noting our collaborative approach. Significantly, 0% view our engagement as merely transactional. This commitment to strategic partnerships sets us apart, helping clients navigate and thrive amid market shifts.

Please share your thoughts in our quick feedback survey to help us improve The Tenfold Monthly newsletter. Your input is invaluable and will help us tailor our content to meet your needs better.

Keeping informed and connected is key to staying ahead. As we conclude this edition of The Tenfold Monthly, we eagerly anticipate bringing you more insights, opportunities, and success stories in the future.

Until next month,
The Tenfold Team