In this episode, editor-in-chief Bruno Alves sits down with Blackstone global head of infrastructure Sean Klimczak. Infrastructure was Blackstone’s best-performing asset class in 2024, generating a gross return of 21 percent, according to the firm’s Q4 results. Blackstone is also one of the few industry titans fully committed to investing in the asset class through an open-ended strategy. Unsurprisingly, a big part of our conversation focuses on what’s underpinning that strong performance – including the three pillars that make a “classic Blackstone infrastructure deal”, as Klimczak put it – as well as Blackstone’s blockbuster acquisition of pan-Asian data centre business AirTrunk, why Klimczak continues to be bullish on the AI infrastructure opportunity, the enduring appeal of transportation, and the advantages of building a portfolio within an open-ended framework.