Where AI Ambition Meets Physical Ground Truth.
Capital commitments to AI infrastructure are outrunning the physical and operational capacity required to carry them. Across data centres, fibre networks, and connectivity platforms, value concentrates where demand exceeds structural supply — and in the mid-market, where those constraints are not yet priced. Assessing these assets means looking past headline market growth to what decides enterprise value: power availability, grid transmission and interconnection queue position, land access, capacity absorption, tenant concentration, and skilled-trades labour supply.
Our practice pairs ex-MBB strategic rigour with ground-truth domain authority — colocation and hyperscale commercial leadership, network operations, and workforce economics. We work with private capital sponsors buy-side and sell-side, portfolio management teams, and corporate leadership, on the assets themselves and on the deployment and skilled-trades businesses that build them. Every engagement rests on primary research, capacity modelling, and field-validated market dynamics rather than desktop synthesis or fragmented expert-network calls.
Power is the binding constraint on new builds and expansions. Grandfathered grid connections, virtual power purchase agreements, and on-site generation now carry a valuation premium of their own. Hyperscalers dominate the market for new capacity, setting terms and concentrating counterparty risk, so absorption rates, contracted demand, and tenant credit quality decide whether a build plan holds.
Capital has moved off FTTH overbuild and into wholesale and B2B routes. Distributed AI inference is making data centre interconnect the defining use case, and value now sits with high-count dark fibre corridors linking compute clusters, substations, and edge nodes — assets whose moat is permitting and right-of-way rather than technology.
The engineering, field operations, and skilled-trades businesses that build and maintain the network. Localised labour supply is the binding constraint on buildout schedules, which is why sponsors are moving from contracting crews to acquiring them. We evaluate the depth of the labour pool, replicability of the recruitment and training engine, and margin durability against wage inflation.