{"podcast":{"title":"Capital Decanted","slug":"capital-decanted-6600567","podcast_index_feed_id":6600567,"rss_url":"https://anchor.fm/s/e7ad5f9c/podcast/rss","website_url":"https://podcasters.spotify.com/pod/show/capital-decanted","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/38768991/38768991-1772486646526-6b26282e2c389.jpg","author":"John Bowman and Aaron Filbeck","episode_count":47,"summary":"Say goodbye to tired market takes and superficial sound bites. Because here, instead of skimming the surface, we dive into the heart of capital allocation — striking the perfect balance and exposing the subtleties that reveal the topic’s true essence. Prepare to have your perspectives challenged as we open up the issues that resonate with the hearts and minds of those shaping asset management.","last_synced_at":null,"page_url":"https://stenobird.com/podcast/capital-decanted-6600567"},"episode":{"title":"S3 | Episode 5: Infrastructure Investing - Aqueducts, Statecraft & the New Power Brokers","slug":"s3-episode-5-infrastructure-investing-aqueducts-statecraft-the-new-power-brokers","published_at":"2026-02-24T16:38:45+00:00","page_url":"https://stenobird.com/podcast/capital-decanted-6600567/s3-episode-5-infrastructure-investing-aqueducts-statecraft-the-new-power-brokers","show_page_url":"https://stenobird.com/podcast/capital-decanted-6600567","url":"https://podcasters.spotify.com/pod/show/capital-decanted/episodes/S3--Episode-5-Infrastructure-Investing---Aqueducts--Statecraft--the-New-Power-Brokers-e3fi09h","audio_url":"https://anchor.fm/s/e7ad5f9c/podcast/play/115982065/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-1-24%2F80c3c756-3e7e-5723-0250-493b4aa90aa1.mp3","summary":"What happens when governments can't fund infrastructure anymore? A $1.6 trillion private asset class that doesn't recognize itself in the mirror. In the 2020s, infrastructure has entered a battlefield where geopolitics, government agendas, and investor returns collide. We trace infrastructure's evolution from nation-building mechanism to one of the most integrated asset classes in modern investing. In this episode, we explore a central tension: is infrastructure still a stable, boring, income-generating asset, or has it become a bigger bet on which governments can actually execute their vision? Joined by Peter Blue of Franklin Templeton and Gautam Bhandari of I Squared, we dive into one of the oldest asset classes in human history. Guests: Peter Blue, CFA, CAIA, FRM, Head of Private Market Solutions, Franklin Templeton Gautam Bhandari, Co-Founder & Managing Partner, I Squared Capital Episode Sources (00:00) Infrastructure as an invisible but essential backbone of daily life and economic activity. (01:24)Introduction to infrastructure as a paradox: ancient in practice, modern as an institutional asset class. (03:43) The projected $100 trillion global infrastructure investment need through 2040 and the funding gap. (06:06) Infrastructure allocations remain modest despite structural tailwinds and capital demand. (10:32) Infrastructure as both inanimate and “alive” through its system-wide economic impact. (12:04) Roman publicani as early private infrastructure investors and the blending of public and private capital. (16:24) Infrastructure historically used as a tool of statecraft, control, and regime stability. (20:35) The Gilded Age, robber barons, and the rise of private capital in U.S. infrastructure development. (24:50) Australia’s superannuation system and privat…","meta_description":"What happens when governments can't fund infrastructure anymore? A $1.6 trillion private asset class that doesn't recognize itself in the mirror. In the 2…","key_points":[],"chapters":[],"topics":[],"duration_seconds":5809,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/capital-decanted-6600567/episodes/s3-episode-5-infrastructure-investing-aqueducts-statecraft-the-new-power-brokers/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/capital-decanted-6600567/s3-episode-5-infrastructure-investing-aqueducts-statecraft-the-new-power-brokers.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}