Pathways
Conversations and innovative insights about real assets, private markets and macroeconomics, intended for global institutional investors. Brought to you by Macquarie Asset Management (MAM), the asset management division of Macquarie Group Limited. This material is for information purposes only and should not be construed as, an advertisement, an invitation, an offer, a solicitation of an offer or a recommendation to participate in any investment strategy or take any other action, including to buy or sell any product or security or offer any banking or financial service or facility in any jurisdiction where it would be unlawful to do so. The views expressed are as of the date of publication and are subject to change. All third-party marks cited are the property of their respective owners. All audio, artwork, episode descriptions and notes are the property of MAM, for Pathways, and published with permission by Buzzsprout. ©2025 Macquarie Group Limited [4356838]
Pathways
Infrastructure adjacencies: the specialist second layer
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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.
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