Now in its second year, our Rising Stars list has been handpicked by the editorial team based on evidence of leadership and innovation, combined with clear examples of outstanding achievements across dealmaking, fundraising, asset management and relationship-building.
The 20 names featured in this year’s rollcall showcase the rapidly evolving industry. Made up of managers, investors, lawyers and advisers all under the age of 40, there was a clear focus on the energy transition and digital themes. Every single individual selected had either worked across these subsectors or expected them to be hot markets in 2025.
Regardless of region or background, all the profiled potential future leaders stressed the importance of these investment opportunities. Combined, the sheer scale of capital needed to meet net-zero ambitions and global demand for data are drawing the next generation to the sector and shaping the future of the asset class.
Rising Stars 2024
Kunal Agarwal, 38
Managing director, I Squared Capital
Singapore
Kunal Agarwal leads I Squared Capital’s investment efforts for the Southeast Asia region and manages investments in the data centre sector for Asia, where he has most recently overseen the expansion of BDx, the firm’s regional data centre platform.
The 38-year-old joined ISQ in 2014 as an analyst, when the firm only had 10 employees and had not yet completed its first fundraise. He has been described by his colleagues as playing “a critical role” in building the firm’s investment portfolio across India.
As the firm has grown, Agarwal has risen rapidly through the ranks and reached managing director last year.
He has previously worked at Deutsche Bank in Singapore, Barclays Capital in Mumbai, and as a summer intern at Morgan Stanley in Delhi. He says Asia is set to be a key focal point for investors next year with its mix of developed and developing markets, adding that “South and Southeast Asia is expected to stand out”.
Dillon Anderiesz, 35
Senior vice-president, Macquarie Asset Management
London
Dillon Anderiesz is responsible for developing new private credit funds for Macquarie Asset Management’s private credit business, which has grown to A$55 billion ($36 billion; €34 billion) AUM since he joined in 2013. He was also a major contributor to the establishment of the firm’s US infrastructure debt business and set up a number of separately managed accounts.
Part of the team that won our affiliate title Private Debt Investor’s Debt Manager of the Year for Europe in 2022, Anderiesz played a key role in launching MAM’s Article 9 infrastructure debt fund. He is described as a “true leader within the team”, “an exceptional role model” and “an active ally across all aspects of diversity, equity and inclusion”. The 35-year-old is a member of MAM’s Pride committee and was recognised in 2024 by WeAreTheCity for “Men For Gender Balance”.
Before joining MAM, Anderiesz worked as a civil engineer and consultant with the Worley Parsons Group, working on rail, utilities and transport infrastructure projects.
Alex Ayscough, 37
Investment director, Morrison
Sydney
Alex Ayscough joined Morrison in 2019 and focuses on multiple sectors – including digital, utilities and transport – as investment director. She also leads Morrison’s debt relationships globally in her role as chair of the global debt committee, and is a non-executive director at Altogether Group and alternate director at Queensland Airports.
When we asked her for three words to describe a career in infrastructure, she chose “essential”, “complex” and “impactful”, and this last one is evidently a core concern. To be successful in the space, she says that you need long-term thinking and to ensure “that you are making investments into assets that are truly central to people’s lives – the assets that underpin the economic wellbeing of the communities in which they operate”.
The 37-year-old has prior experience in investment banking and was previously part of EY’s valuations and business modelling team. Outside of work, Ayscough has volunteered at the Bondi Surf Bathers Life Saving Club for 10 years, including five years as the inflatable rescue boat captain.
Emily Azer, 37
Director, GI Partners
New York
Emily Azer is a director at GI Partners, where she helped establish the Data Infrastructure strategy and was instrumental in sourcing the fund’s first investment – data centre operator DRFortress – on a proprietary basis.
Prior to joining GI Partners, Azer was a vice-president at Stonepeak Partners in New York. She also worked in the North America private equity and global infrastructure groups at KKR and was an investment banking analyst at Blackstone.
As an advocate of specialisation, Azer says: “When I first started in infrastructure, institutional capital allocations to the infrastructure sector were broadly increasing, and in many ways that was a rising tide that lifted all boats. Since then, the sector has matured, and different managers have developed particular strengths across specific sectors, geographies and strategies. A sector-focused approach is valuable for delivering advantaged returns and understanding the appropriate risk/reward balance for investments in a rapidly evolving space.”
Projesh Banerjea, 38
Director, KKR
Singapore
Described as “a strategic thinker” who “creates synergies across portfolio companies commercially and helps reinforce KKR’s licence to operate”, Projesh Banerjea has worked across New York, London, Abu Dhabi and Singapore. He spent a decade at sovereign wealth fund ADIA before moving to KKR in 2022 to lead the firm’s infrastructure strategy in Southeast Asia.
The 38-year-old has already led the deployment of $3.5 billion in five major transactions, including the $1.3 billion investment in ST Telemedia Global Data Centres, understood to be the region’s largest digital infrastructure investment in 2024.
He has “consciously built a team of diverse backgrounds, experiences and language capabilities across genders and levels of seniority”. Banerjea believes the secret to a successful career in infrastructure is “scrappiness”. He defines this as “a combination of determination, a strong entrepreneurial spirit and an openness to innovation”.
Cameron Bard, 37
Chief revenue officer, Madison Energy Infrastructure
Los Angeles
Cameron Bard’s belief in clean energy as a force for good has been a guiding principle for his career. In previous positions, in both the private sector and government, including in the New York State Governor’s Office, he quickly established himself as a proactive and passionate advocate for the energy transition. Since joining Madison Energy Infrastructure, he has led the expansion of the company’s portfolio of customers, partners and projects, which now totals more than half a gigawatt of clean energy assets across 26 US states.
In addition to driving growth, Bard and his team have launched innovative programmes and products, including MEI+, to help organisations achieve their ambitious sustainability and resiliency goals. “The power grid is only getting more constrained and the customer experience more challenging – we want to be part of the solution,” he explains. “Distributed generation is pre-eminently suited to meet the moment by connecting widespread demand growth with clean, local and resilient energy.”
Assia Belkahia, 37
Partner, Antin Infrastructure Partners
London
With a particular interest in finding and backing the infrastructure of tomorrow, Assia Belkahia leads Antin’s deal execution efforts across the digital and transport sectors in Europe, as well as overseeing four portfolio companies.
Those include the UK’s largest independent fibre network provider CityFibre, for which Belkahia led a £1 billion ($1.3 billion; €1.2 billion) capital raise, as well as Wildstone, a leading owner of outdoor advertising infrastructure, which she led the acquisition of in 2022. In 2023, she was also responsible for Antin’s investment into Consilium, a global leader in safety management infrastructure.
Likewise, Belkahia led the feasibility phase, preparation and launch of Antin’s NextGen strategy. The €1.2 billion strategy targets a greener, more connected future through technologies that require substantial capital to scale. “New trends and technologies are reshaping the infrastructure landscape, and the next era will be greener, smarter and more responsible,” she says.
Eddy Frances, 30
Principal, Ares Management
New York
Since joining Ares Management through its acquisition of the AMP Capital infrastructure debt platform in 2022, Eddy Frances has played a leading role in the sourcing, due diligence and execution on more than $2 billion worth of infrastructure capital commitments across the transportation, energy and digital sectors.
For instance, ahead of the firm’s IPO in June 2023, Frances oversaw a $700 million equity margin loan for a leading natural gas compression services provider. Also in that year, he led a transaction in support of a private equity investment in a natural gas liquefaction terminal on the US Gulf Coast. More recently, his work has expanded into digital infrastructure, where he led the team’s first asset-backed financing transactions for fibre-to-the-home offerings.
It is this crossover between old and new infrastructure ideas that is most exciting to Frances. “The nexus of opportunity lies in areas like digital infrastructure, renewable energy integration and smart cities,” he says. “These tangents are transforming the sector, creating new opportunities for innovation while still relying on the foundational principles of long-term, stable investments.”
Michael Garland, 35
Managing director, JPMorgan
New York
Promoted to head of infrastructure investment banking for North America in 2022, Michael Garland is a key touchpoint in JPMorgan’s infrastructure business, working across global infrastructure investors, sovereign and pension funds on M&A advisory, leveraged buyouts and more. He is also a key point of contact for the likes of I Squared, GIP, Carlyle and Stonepeak.
This year, his technical knowledge and strategic thinking has been on display across several major deals, including EQT’s joint venture with T-Mobile to acquire fibre-to-the-home platform Lumos, as well as Global Infrastructure Partners’ acquisition of a 50 percent portfolio stake in offshore wind assets from Eversource.
Garland has been praised as an inspiring leader, ensuring his team members feel heard while also juggling a busy workload. “Staying organised and being able to pivot between transactions for renewable developers to data centres or container terminals over the course of a week surely has its challenges, but this is also one of the most enjoyable parts of the job,” he says.
Nick Hertlein, 33
Managing director, Stonepeak
New York
Since joining Stonepeak as an associate in 2016, Nick Hertlein has progressed rapidly and established himself as an effective and pragmatic infrastructure investor, with a focus on the energy and transportation sectors.
He has played a critical role in investing in more than 3GW of clean and legacy power generation, helping to lead the deployment and management of more than $3 billion of equity and guided four successful exits for the firm.
Earlier this year, Hertlein was instrumental in the origination and execution of Stonepeak’s $300 million partnership with Ørsted, in which Stonepeak acquired 80 percent of the equity interests in a 957MW portfolio of US onshore wind farms. This came off the back of his leadership role in the $7.4 billion take-private of shipping container lessor Textainer, where he now sits on the board.
“I think the most successful investors are those who are truly passionate about the observable impact that our investing activities can have on society,” he says.
Monica Huffer, 28
Portfolio director, real assets, Texas Municipal Retirement System
Austin
Monica Huffer is the youngest to make the Rising Stars list this year. She assists in the management of TMRS’s $8.5 billion portfolio of real estate, infrastructure and natural resource investments on behalf of 250,000 Texans. Since joining TMRS, she has deployed more than $1 billion of equity commitments into power generation and storage, natural gas, mining, cold storage, logistics and waste management.
Prior to joining TMRS, Huffer provided investment guidance on real asset opportunities comprising $15 billion in total capital requirements to support the life, property and health benefits of more than 13 million active service members, veterans and their families. Huffer’s work resulted in a $2 billion increase in the United Services Automobile Association (USAA) Equity Advisors’ AUM.
Today, Monica represents TMRS on more than a dozen fund and co-investment advisory boards globally, is an advisory board member for Private Equity International and serves as a co-chair of the Financial Review Board for the women’s collective organisation Impact Austin.
Julia Holm Kosulko, 36
Senior sustainability manager, Infranode
Stockholm
Julia Holm Kosulko’s career in infrastructure has been driven by a deep sense of social and environmental responsibility. Since joining Infranode in 2021, she has been instrumental in integrating ESG policies and taxonomy reporting throughout the firm’s portfolio, ensuring regulatory compliance and high sustainability standards. She also spearheaded the firm’s internship programme aimed at improving the lives of people who have relocated to Sweden due to the war in Ukraine.
At Infranode, Kosulko has established an annual ‘ESG wheel’ for portfolio companies that comprises SFDR PAI reporting and ESG goal setting. She also leads the implementation of the firm’s net-zero strategy. Her leadership has become synonymous with Infranode’s aim to lead sustainable investment management across the Nordics.
While digital infrastructure may be in the ascendancy, Kosulko says that decarbonisation and energy transition deserve more attention: “Infrastructure is undergoing a tectonic shift from being a source of pollution to becoming a key enabler of society’s decarbonisation.”
Patrick Langan, 35
Managing director, infrastructure, Partners Group
New York
Patrick Langan draws on a decade of experience working at Switzerland-based private equity firm Partners Group. Since joining the manager, he has worked on 15 closed transactions representing more than $3.5 billion in equity, and overseen clean power investments representing over 2GW of operating renewable energy.
Langan has sourced and led several notable investments including the acquisition of Dimension Energy, a community solar platform. Langan also steered the control investment in renewables asset management firm Exus, as well as Budderfly, the fastest growing energy-as-a-service provider in the US. Partners Group committed $500 million of growth capital and supported Budderfly in raising a $400 million senior debt facility.
Langan says passion for infrastructure alone does not necessarily translate into making good investments. “It is important to balance the excitement around new opportunities and market tailwinds with a sceptical filter to find the ones that best fit your investment strategy and provide appropriate downside mitigation,” he explains.
Cassel Lessinger, 38
Managing director, Blackstone
New York
Since joining Blackstone in 2020, Cassel Lessinger has played an integral role in establishing Blackstone’s infrastructure franchise, reaching $53 billion in AUM earlier this year.
He has also been involved in many of Blackstone Infrastructure’s most notable investments, with data centres a particularly strong focus. Lessinger helped execute several of the firm’s most high-profile digital infrastructure transactions, including Blackstone’s acquisition of AirTrunk, the largest data centre platform in the Asia-Pacific region, for A$24 billion ($16.10 billion; €14.83 billion).
Similarly, Lessinger helped execute Blackstone’s $7 billion data centre development joint venture with Digital Realty, and the firm’s $10 billion acquisition of QTS Realty Trust, the now largest data centre provider in the US.
“Digital infrastructure has dominated the headlines, and I don’t see interest waning in 2025,” he says. “We think this demand makes for very exciting long-term opportunities in the sector both in the US and globally.”
Carlo Maddalena, 37
Senior portfolio manager, APG
Amsterdam
Since joining APG in 2016, Carlo Maddalena has played a key role in originating, structuring and executing transactions, as well as pivoting the pension fund to direct deals. During that period, he led many major acquisitions, including stakes in European toll road platform Brisa; energy providers Stockholm Exergi and Exolum; European rolling-stock leasing firm Alpha Trains; Dutch energy infrastructure firm Kenter; and Brussels Airport.
Maddalena also spearheaded the launch of APG’s Smart City Infrastructure Fund (SCIF), which now reports more than €1 billion in commitments. Launched as a small-scale project, SCIF has since invested in around 10 projects globally, enhancing urban resilience to climate change.
Maddalena is APG’s theme lead for transport with a portfolio worth over €12 billion. He is tasked with driving impact in a sector that is expected to be among the slowest to decarbonise, and believes that “transport infrastructure will be the hottest market in 2025 – following a strong recovery post-covid lockdowns – where key trends like continued expansion of e-commerce, decarbonisation of society and increasing mobility will drive investment”.
Tim Power, 38
Partner, Ancala
London
Boasting more than 15 years’ experience in infrastructure across a range of sectors, Tim Power currently serves as partner at Ancala. Since joining in 2015, he has played a significant role in helping build the firm and its portfolio of assets, as well as growing the team. During that period, Ancala’s AUM has grown by over 13 times, from €300 million to over €4.2 billion.
Power also helps lead Ancala’s investment activity and has worked directly on 10 investments, deploying almost €1bn in equity. This includes leading investments in Norwegian supply base Fjord Base, German smart metre operators Hausheld and Solandeo, last-mile network utility operator Leep Utilities and Liverpool John Lennon Airport. He also supported Ancala’s 2024 exit from Dragon LNG.
“Success in infrastructure investing requires a balance of conservatism in wanting to invest in stable assets with the instinct and entrepreneurialism needed to navigate and deliver the deal to start with,” says Power.
Jon Saelinger, 35
Managing director and investment principal, OIC
Houston
Jon Saelinger joined OIC from Goldman Sachs in early 2020 and focuses on investing in mid-market infrastructure and energy businesses in North America. Since joining, OIC has grown from $1 billion to $5 billion in AUM, and expanded its strategy to include structured credit and equity products for companies at various stages. Among his many achievements, Saelinger led two pivotal investments in US-based solar component production facilities and was integral to OIC’s investment in a small-scale LNG production business. Saelinger also spearheaded the firm’s investment in the first domestic glove manufacturing facility in the US, reshoring a critical industry.
“When you start in the industry as a junior team member, your role is very black and white in that you are assigned certain tasks to complete,” he says. “As you progress, you find yourself living in the grey area where risk judgment and risk management are the core job functions. These skills are never fully mastered and require constant focus, humility and grit to develop.”
Benjamin Shenwick, 30
Vice-president, PSIC
Miami
As a founding member of the Power Sustainable Infrastructure Credit (PSIC) team, Benjamin Shenwick understands only too well the importance of net zero. Since helping launch the platform in 2023, he has played a crucial role in defining the investment strategy, drafting investment documents and securing anchor commitments.
Shenwick’s expertise in structuring innovative financing solutions has been demonstrated through key deals, including financing for Vantage’s hyperscale data centre portfolio and closing on a synthetic revolver construction facility for US-based solar assets.
With a career spanning Deutsche Bank and I Squared Capital, he has already structured and closed more than $7 billion in credit financing opportunities. Beyond his investment acumen, Shenwick is also committed to philanthropy, chairing PSIC’s initiatives focused on financial literacy in the local community. He says that strong mentorship and industry relationships are vital for success in infrastructure, and sees a bright future for projects in renewable natural gas and climate resiliency.
Emily Simmons, 33
Managing associate, Linklaters
London
Emily Simmons has rapidly established herself as a leading figure in the European infrastructure debt practice at Linklaters. Since joining the firm in 2014, she has played a pivotal role in advising top-tier clients like Macquarie Asset Management and QIC on their infrastructure debt platforms.
Simmons’ expertise shines through in her long-standing relationship with Macquarie, where she recently completed a rotation as the sole legal counsel for fund formation, successfully navigating 10 funds. She also advises private wealth clients, sponsors and cornerstone investors.
Known for her solutions-orientated approach, Emily prioritises her clients’ commercial goals, enabling them to expand into new markets and strategies. Her comprehensive understanding of the infrastructure debt landscape – including regulatory developments across the US and Asia – sets her apart. Passionate about diversity and inclusion, she actively participates in mentorship programmes and initiatives supporting social mobility. Simmons was also included in affiliate title Private Debt Investor’s Rising Stars 2024 list for her impact on the private credit space.
Eric Wittleder, 39
Managing director, Brookfield Asset Management
New York
Eric Wittleder is a managing director in Brookfield’s Credit Group, where he serves as deputy chief investment officer of its infrastructure high-yield debt strategy. Since joining in 2017, Wittleder has played a vital role in overseeing global credit investment opportunities, contributing to the success of Brookfield’s recent $6 billion fund – the largest of its kind.
Under his guidance, the fund focuses on defensive investments with stable, regulated cashflows and is already 70 percent deployed. More than $3 billion was invested last year alone across key sectors, including renewable power and data infrastructure. He also played an important role in the debt financing of Energos Infrastructure’s $2 billion acquisition of 11 liquefied natural gas infrastructure vessels.
“We see a lot of opportunity being driven by the three Ds: digitalisation, decarbonisation and deglobalisation. The amount of capital required to build the necessary infrastructure to address these mega-trends is astounding and will largely consist of credit.” He also volunteers as a basketball coach and is involved with the South Mountain Conservancy in New Jersey.