The Tenfold Monthly

Hello,

One thing has become clear in recent years: the GP landscape is shifting fast.

Over the past year, we’ve seen a wave of acquisitions among infrastructure managers: Apollo acquiring Argo and BlackRock taking over GIP. These aren’t isolated moves. They mark a broader power shift as platforms race to scale and LPs consolidate their commitments into fewer, more diversified hands.

Infrastructure Investor reported that the top 10 managers now control 65% of total capital raised in the past five years. The middle of the market is getting squeezed. For firms, that means scaling or specializing. For talent, it means aligning yourself with platforms built for the next cycle, not the last one.

How much more consolidation will we see over the next 6–12 months?

It’s a question we’ve been thinking a lot about, especially given what we’ve been hearing from mid-senior level talent. We’ve had a noticeable uptick in conversations with talented Director-level professionals across infra equity and credit who aren’t experiencing the same volume of inbound opportunities as previous years. The market at that level has been very slow. If you’ve been struggling to get traction or momentum, you’re not alone.

If more consolidation occurs, it will further reduce the number of independent firms and the number of senior-level opportunities.

To mitigate some of this risk, don’t just focus on the role—be strategic about platform fit. Don’t just chase a title or compensation. Evaluate the firm’s funding model, strategy, and how your skill set fits into the platform’s growth direction.

Upskilling is also essential. If you’re pigeonholed in one vertical (e.g., midstream, data centers, etc.), learn about adjacent sectors. If you’re in digital infrastructure, understand the energy transition. If you’re in equity, get comfortable with debt structuring.

Much of the hiring we are seeing is coming from scaled platforms raising their next fund, building new verticals, or repositioning for the next cycle.

We’re also tracking digital infrastructure and energy transition platforms, building out their teams and raising capital despite broader market hesitancy. In April, we saw strategic hires at Fengate, I Squared Capital, and Houlihan Lokey, along with a fresh wave of fund closes—including Andros Capital’s and Excelsior's $1B raise, and ARA Partners’ infrastructure debut.

Below are the latest stories, open roles, and industry insights to help guide your next steps. If you're exploring a move or hiring for your team, reach out. We’d be happy to support you.

Let’s dive in!

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Community Poll

Last month’s poll results:

Most of our readers see macro headlines—trade policy, tariffs, and rate moves—as the real swing factors this quarter. Transaction flow and sector growth matter, but they’ll take a back seat until the geopolitical picture clears.

This month’s community question:

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Take care,
The Tenfold Team