The Tenfold Monthly

March 2025

Author

Yinka Branco-Rhodes
March 04, 2025 • Reading Time: 10 minutes

Hello,

February was a busy month for us at Tenfold, with several active engagements nearing the offer stage. We also had a great time at MetroConnect in Fort Lauderdale, where we met with investors, operators, and advisors in the digital infrastructure space to discuss the state of the market, key investment trends, and hiring outlooks for 2025.

In the news last month, we saw:

  • Trump take aim at carried interest

  • A significant energy transition fund was raised

  • The launch of yet another competitor to OpenAI

  • And folks again pinning hopes on Nvidia’s earnings report

Explore the key stories, job opportunities, and industry insights below. Let’s dive in!

MetroConnect Coverage 

We had some great discussions centered around the return of M&A, concerns over data center overbuild, and, of course, Deepseek was still a hot topic. 

Overall, market sentiment was very positive. Investment banking groups are actively looking to expand teams to meet increasing deal flow, opportunities for M&A with service companies for the telecom sector are rapidly emerging, and capital continues to flow into critical infrastructure. The demand for power and data centers remains a central theme, driven by AI’s ever-growing compute requirements. 

That said, conference panels tend to be slightly more optimistic than private conversations, and our one-on-one meetings revealed a more cautious undercurrent. Some investors expressed concerns over tariffs, trade wars, inflation, and interest rates, stressing macroeconomic risks that could impact the space. 

One of the biggest talking points was Microsoft's cancellation of data center leases totaling several hundred megawatts. The news broke on the first day of the conference, sparking discussions on whether hyperscale demand is moving too fast and whether overbuilding could become an issue. Oh, and Deepseek. When addressing a panel, one investor described it as "just another in a long line of performance-enhancing software layers.” Despite market jitters during its launch, most in the infrastructure space see Deepseek as a positive. 

Key Takeaways: 

  • AI is pushing data center demand to new levels 

  • Hyperscalers are investing aggressively in M&A in fiber, and telecom is ramping up 

  • Capital is still flowing into critical infrastructure.

If you specialize in digital infrastructure, let’s stay connected. Reach out to explore your career trajectory or talent acquisition strategy together.

Industry Insights & News

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

  • JPMorgan sets aside $50 billion more for direct lending push (RT)

  • Meta in talks for $200 billion AI data center project, The Information reports (RT)

  • Nvidia’s Profit Jumps 80% as Company Rides Tech’s A.I. Boom (NYT)

  • Microsoft Dropped Some AI Data Center Leases, TD Cowen Says (BB)

  • Grok 3 shatters AI benchmarks as Musk’s xAI takes aim at OpenAI (CCM)

  • Trump looks to end a controversial tax loophole that has enriched Wall Street’s wealthiest for years (FTE)

Fundraising & Deal News

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

  • Blackstone Announces $5.6 Billion Final Close for Blackstone Energy Transition Partners IV at Hard Cap (BW)

  • EQT Starts Infrastructure Fund for Wealthy Individual Investors (BB)

  • KKR Reportedly Close to Raising $14B for North America Buyout Fund (M&A)

  • Oaktree Capital Closes Distressed Debt Fund at $16B (DK)

  • Stonepeak nears $10bn for Fund V - exclusive (II)

  • o15 Capital Partners Closes Debut Credit Fund at $400M (DK)

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.

Vice President, Growth Equity, Business Services
(San Diego, CA)

Join a growth-oriented lower middle market firm specializing in business, commercial, and tech-enabled services. Be the driving force for deal execution, investing in "mission critical” businesses on a promising career track.

Senior Associate/VP, Private Equity, Tech & Digital Infrastructure
(Washington DC-Baltimore Area)

Join a leading investment firm specializing in digital infrastructure, software, and enterprise IT—partner with top founders to scale innovative businesses in high-growth sectors.

Associate, Tech Growth Equity
(Immediate - Summer 2025, D.C.)

Join a top growth equity firm specializing in enterprise software and technology-enabled services, known for scaling transformative companies and fostering innovation. Work closely with visionary founders and industry leaders.

Private Equity Associate, Energy & Infrastructure (Nashville, TN)

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.

Senior Associate, Healthcare Growth Equity (San Francisco, CA)

Director of M&A and Strategic Planning, Industrial Energy Services
(San Diego, CA)

Join a fast-growing platform specializing in electric utility services, backed by private equity and positioned for long-term infrastructure investment. Drive M&A strategy, financial operations, and strategic growth alongside experienced industry leaders. Shape grid modernization efforts, support electrification trends, and capitalize on recession-resistant tailwinds in a sector primed for significant expansion.

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.

Associate, Tech Growth Equity
(Immediate - Summer 2025, Los Angeles)

Join a dynamic growth equity firm transforming middle-market technology companies. Associates drive operational improvements, collaborate with seasoned professionals, and shape strategic growth initiatives.

Associate/Senior 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.

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– Experienced Associate Placement @HealthQuest Capital (March 2025)

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

Take care,
The Tenfold Team