Pathways Podcast

25 Episodes

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Power struggle: Why the grid can’t keep up

2026-08-3126:59

For decades, the grid was the most boring, unseen part of the energy conversation — until now. In this episode of Pathways, Daniel McCormack, Head of Research at Macquarie Asset Management, is joined by Audrey Lee, Research Analyst and author of the paper Grid Capex in the Age of Renewables and AI, to discuss why the electricity grid has become the binding constraint on the energy transition, the AI buildout, and industrial growth. They cover the $5.9 trillion investment gap and how it plays ...

How attractive are private infrastructure valuations right now?

2026-07-2830:26

In this episode of Pathways, Daniel McCormack is joined by Aizhan Meldebek, Macquarie Asset Management’s Global Infrastructure Strategist, to unpack the findings from her updated research on private infrastructure valuation multiples. Drawing on a proprietary dataset of over 1,300 real transactions going back to 2008, they explore why infrastructure multiples have largely normalised — and now sit at a rare discount to listed equities. The conversation covers how inflation and interest rates a...

AI and infrastructure: separating the signal from the noise

2026-07-0729:44

AI dominates every conversation with infrastructure investors right now, but most of the commentary is either too breathless or too dismissive. In this episode of Pathways, Daniel McCormack, Head of Research at Macquarie Asset Management, is joined by Aizhan Meldebek, Global Infrastructure Strategist, and Anton Moldan, Head of US Digital Infrastructure at Macquarie Asset Management, to dig into where AI is actually creating value for infrastructure — and where the hype has run ahead of realit...

Infrastructure adjacencies: the specialist second layer

2026-05-2532:15

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 wh...

Private Credit at a crossroads?

2026-04-2730:22

In this episode of Pathways, Daniel McCormack is joined by Harlan Cherniak, Head of Infrastructure Debt and Co‑Head of Private Credit in the Americas at Macquarie Asset Management, to explore what’s really happening in private credit markets. They discuss emerging stress in certain sectors — particularly software — alongside more resilient opportunities in real assets and infrastructure debt. The conversation covers AI-driven disruption, structural discipline in credit underwriting, defaults,...

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