Infrastructure for Intelligence: A Conversation with Blue Owl

Exploring the private capital powering AI-era digital infrastructure at global scale.

Host Greg Dowling speaks with Alexey Teplukhin of Blue Owl Capital on the rapid buildout of digital infrastructure for cloud and AI. They cover an estimated $7 trillion need, long-term leases to investment‑grade hyperscalers, and Blue Owl’s role, including a Meta joint venture in Louisiana. Topics include power access, community and regulatory dynamics, private credit’s flexibility, and why landlords hold real estate risk while tenants manage technology refresh, reducing obsolescence concerns.

Key Takeaways

- Digital infrastructure demand—driven by cloud and AI—requires roughly $7 trillion globally over five years to fund land, facilities, and equipment.

- Long, investment-grade leases yield durable, bond-like cash flows with attractive return spreads.

- Execution success depends on power access, permitting, and community alignment, while tenants assume technology refresh and power procurement responsibilities.

Disclosures

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