The capital requirements to fund the infrastructure buildout driven by the global energy transformation and digitalization will be unprecedented in scale and urgency of deployment. Historically, infrastructure financing has largely been provided by banks and the investment-grade debt market. Increased regulatory pressures have caused banks to retreat from lending, while infrastructure spending has experienced tremendous growth due to these two megatrends.
We believe noninvestment-grade private debt capital can help fill this void by providing flexible and bespoke financing solutions. This opportunity is comparable to the disintermediation of the leverage finance markets by private credit throughout the past decade. This emerging private credit asset class offers investors an attractive