November 3, 2026
Bloomberg Deals: Sadek Wahba on Infrastructure Credit and the Opportunity Beyond AI
Following the close of I Squared’s second infrastructure credit fund, Sadek Wahba discusses global investment needs, data center risks, and the evolving infrastructure landscape with Bloomberg TV’s Dani Burger.
Following the close of I Squared Capital’s second infrastructure credit fund, Chairman and Managing Partner Sadek Wahba joined Bloomberg to discuss the demand for infrastructure financing and the breadth of opportunities across the asset class. The conversation explored the investment needs behind that demand, the risks of concentrated exposure to AI, and the importance of understanding the businesses behind an investment.
Looking across the infrastructure landscape
Sadek linked growing interest in infrastructure credit to investment needs across the U.S., Europe, and Asia. While AI is contributing to that demand, he pointed to renewables, power generation, transmission, and logistics as areas requiring substantial investment.
The infrastructure opportunity, in his view, extends well beyond the AI buildout. Asked whether financing demand from large technology companies could leave private investors overexposed to data centers, Sadek emphasized the range of opportunities available across other sectors. He highlighted I Squared’s investments in aircraft leasing and environmental infrastructure as examples of that broader landscape.
Maintaining discipline in AI financing
The discussion also addressed the risks of financing AI data centers with debt. Sadek acknowledged concerns that lenders may be taking on equity-like risks without the corresponding potential upside, particularly where rapid technological change creates uncertainty about an asset’s future use.
While recognizing AI’s potential to reshape everyday work and drive demand for supporting infrastructure, he cautioned against allowing enthusiasm for the technology to lead to concentrated exposures. He also raised questions about how changing computing requirements could affect the size of data center facilities needed in the future.
Understanding what makes an investment infrastructure
As the asset class evolves, Sadek emphasized the importance of looking closely at the underlying business. For I Squared, that assessment includes the quality of cash flows, the strength of counterparties, and the competitive advantages supporting an investment.
He also explained that investors should first understand the role they want infrastructure to play in their portfolios. Objectives around inflation exposure and investment duration should inform how they assess the assets and businesses they own. The starting point is understanding how an investment’s characteristics align with its intended purpose in a portfolio.
Bringing public and private capital together
The conversation concluded with the role of government in financing infrastructure. Sadek argued that public funding alone cannot meet the scale of investment required over the coming decade. He called for a framework in which governments and private investors can work together, with conditions that make infrastructure investment viable for both.
That need for cooperation extends across the infrastructure landscape. In Sadek’s view, private capital has an important role to play in financing the broader systems and services that economies depend on, alongside the infrastructure supporting AI.
Watch the full conversation for Sadek’s perspective on infrastructure credit and the investment landscape beyond AI.
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