Editor-in-chief Bruno Alves sits down with Petya Nikolova, deputy CIO and head of infrastructure at the Office of the New York City Comptroller’s Bureau of Asset Management. The Bureau oversees the investments of the five New York City retirement systems, which have a collective $280 billion of assets under management, with $8.4 billion invested in infrastructure as of December 2024. Nikolova has led the infrastructure programme since inception and has now had the opportunity to see it perform in an inflationary environment. That performance has confirmed the asset class’s peerless inflation passthrough capabilities. In a wide-ranging discussion, Nikolova tackles infrastructure’s role as a diversifier in the systems’ portfolios, how to thoughtfully manage exposure to the mega-trends of digital infrastructure and the energy transition, and whether infrastructure as an asset class is climbing up the risk curve. To hear more of our episodes, head to infrastructureinvestor.com/podcast or you can search and subscribe to The Infrastructure Investor Podcast wherever you like to listen.