The Tenfold Monthly

June 2025

Author

Yinka Branco-Rhodes
June 03, 2025 • Reading Time: 11 minutes

Hello,

In last month’s edition, we asked: How much more consolidation will we see over the next 6–12 months?

It didn’t take long to get an answer.

In May, TPG acquired Peppertree Capital, one of the most active fiber investors in North America. Just days later, reports surfaced that 26North is in talks to acquire DigitalBridge, another indication that we may be amid a reshaping of the GP landscape in infrastructure.

Take note.

Platforms are scaling. LPs are concentrating capital. And firms without size, specialization, or a clear edge are falling well behind.

Meanwhile, the public markets rallied on news of a 90-day White House tariff pause, with the S&P 500 and Nasdaq logging their strongest month of 2025. Within the private markets, the month wasn’t short on activity, with major fundraising announcements and significant developments in the natural gas space.

The momentum hasn’t disappeared… It’s just concentrated.

In May, we saw:

  • Major fundraising closes from Northleaf ($2.6B), and Kayne Anderson ($2.25B), as well as GIP looking to raise a new fund ($10B target)

  • Strategic gas-fired asset acquisitions by NRG and Vistra

  • Hiring across digital infrastructure and energy transition platforms

With all the recent momentum in natural gas, we’re spotlighting one of Tenfold’s long-standing partners, a top-performing infrastructure and energy services firm in North America, known for its operational edge, decades of domain expertise, and active pipeline of utility-scale natural gas deals. As energy demand accelerates—driven in part by AI—they’re hiring for several investment roles. More on that below.

For talent, the current market presents a rare opportunity to target the clear winners and focus on leading platforms that are actively building for the next cycle.

Below, you’ll find the latest stories, opportunities, and insights to help guide your next step.

Let’s dive in!

Industry Insights & News

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

  • PE fundraising slumps 35% amid ongoing exit logjam (PEW)

  • Morgan Stanley Divests Seven Seas to EQT Infrastructure Fund (HE)

  • Vistra to Acquire Natural Gas Assets, Building on Industry-Leading Generation Portfolio to Better Serve Customers (PRN)

  • DigitalBridge in talks to be bought by 26North (TIP)

  • GIP readies $10bn energy transition fund - exclusive (II)

  • NRG Buying LS Power Gas-Fired Plants in $12-Billion Deal (PM)

  • TPG to Acquire Peppertree Capital Management (BW)

Fundraising & Deal News

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

  • LS Power preps return with $3bn sixth fund - exclusive (II)

  • Kayne Anderson Announces $2.25 Billion Final Close on Its Largest Ever Energy Private Equity Fund (BW)

  • Northleaf Hits Hard Cap with Final Close of its US$2.6 Billion Infrastructure Fund (BW)

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. Contact us to learn more about these exciting opportunities.

Associate or Senior Associate, Corporate Finance, Sustainable Infrastructure & Real Assets (Dallas, TX)

Drive growth and strategic financial planning for a sustainable infrastructure firm in collaboration with the SVP of Corporate Finance, focusing on strategic planning and capital markets deals for data center, EV, and renewable energy land deals.

Associate, Energy Services (Nashville, TN or Baton Rouge, LA)

Join a leading private equity firm with decades of expertise in the energy services sector. Positioned to capitalize on industry growth, associates work on transformative investments, drive value creation, and collaborate with top industry experts, shaping the future of energy services.

Principal, Telecom & Digital Infrastructure Portfolio Management (Remote Role)

Join a premier investment platform focused on powering the next era of global connectivity. This is a rare opportunity to take a senior leadership role overseeing portfolio management across a high-conviction communications and digital infrastructure strategy. The portfolio spans fiber, towers, data centers, and other critical assets supporting the digital economy, backed by significant capital, long-term vision, and institutional expertise.

Associate, Tech Growth Equity
(Los Angeles, CA)

Associate, Energy Infrastructure
(New York, NY)

Associate, Energy Services Private Equity (Nashville, TN)

Associate, Infrastructure Private Equity (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.

VP or SVP, Business Development, Middle-Market Software Growth Equity (Los Angeles, CA)

Join a software-focused private equity firm backed by experienced investors with a strong track record in tech-enabled and recurring revenue businesses. This is a unique opportunity to build and lead the firm’s business development function from the ground up—shaping sourcing strategy, developing key relationships across the ecosystem, and playing a central role in identifying the next generation of platform investments.

Associate, Private Credit Technology & Digital Infrastructure (Washington DC-Baltimore Area)

Join a growing private credit firm focused on technology services, telecom, and digital infrastructure. Work with seasoned investors backing high-growth businesses in a sector with significant tailwinds.

Associate, Energy Infrastructure (Houston, TX)

Investment Banking Associate, TMT (New York, NY)

We are proud to support another strategic hire in May for the energy services team at a leading private equity platform and decade-long partner of ours focused on infrastructure and essential services.

This group is especially active in the natural gas space, with major transaction activity in the past year, including:

  • The acquisition of regulated gas distribution businesses across Louisiana and Mississippi

  • A pending deal for the largest natural gas utility in New Mexico

  • An agreement to acquire a major gas distribution business serving over 200,000 customers in Baton Rouge and New Orleans

These transactions are building out a highly strategic portfolio of gas utilities and field service operators, and they’re growing their team.

We’re actively recruiting for several investment roles across their infrastructure and energy services strategies, with positions based in Nashville, New Orleans, and Baton Rouge.

Ideal candidates will bring:

  • Direct investment experience (for seniors) or investment banking transaction experience (for juniors) in infrastructure, energy services, or adjacent sectors (utilities, field services, power generation)

  • A track record of sourcing, underwriting, or executing complex, operations-heavy deals

  • The ability to thrive in a hands-on, roll-up-your-sleeves investment environment backed by one of the strongest operating playbooks in the lower middle market

This platform is known for its sector-led approach, operational intensity, and firmwide alignment. If you're interested or know someone exceptional, reach out. We’d love to connect.

GP Consolidation Is Reshaping Careers. Are You Ready?

In my latest reel, I break down how merging infrastructure giants are tightening the mid-senior talent pool and offer practical steps to keep your edge.

For more bite-sized deals and career insights, follow @thedealontalent on Instagram and catch the latest videos.

Which topics would most support your career growth that you’d like us to feature in future videos?

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Community Poll

Last month’s poll results:

Last month’s poll asked which career move feels most urgent for mid-senior infrastructure professionals amid accelerating GP consolidation. The majority (50%) said broadening sector focus is the top priority, while others are split between waiting for the next cycle (25%) and joining a scaled, multi-strategy platform (25%).

This month’s community question:

Unlock exclusive opportunities with leading firms and ensure you're in the running for this year's top positions by submitting your resume today.

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We look forward to sharing more insights, opportunities, and success stories with you next month!

Take care,
The Tenfold Team