Dry Powder: The Private Equity Podcast
Previously on Dry Powder, Michael Dorrell, chairman, CEO, and cofounder of Stonepeak, walked us through the infrastructure undergirding AI and his unique framework for data center investments.
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Today on the show, we dive deeper into the energy implications of the AI boom. I ask Mike how surging demand is reshaping power markets and whether it could complicate—or even accelerate—the broader energy transition.
“You’re going to have this really interesting collision,” Mike says, “between the desire to have more AI and all of the national security that comes with it, the desire of the tech companies to have more AI, the desire of politicians to get power prices down. Then you’ve got permitting reform and all of that. It’s a fascinating collision of all these pretty powerful forces coming together, and I think we’re watching that in real time.”
We then turn to global supply chains and logistics, where Mike sees some of today’s most compelling—and under-the-radar—investment opportunities. In an era of friendshoring, onshoring, and deglobalization, demand for trade infrastructure is likely to rise.
“ That’s by definition making trade less efficient,” Mike says. “Instead of coming directly from China, it’s going through a circuitous route. If you’ve got a given volume of trade, and you’re making it less efficient … you need more infrastructure to support it.”
The Private Equity Podcast
In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.