Private Credit Moves Into Banks’ Infrastructure Lending Turf (1)

Global demand for new infrastructure to service everything from clean energy to data has created a lucrative new market for some of the biggest names in private credit.

Investors including Blackstone Inc, Brookfield Asset Management Ltd and Ares Management Corp raised almost $9 billion last year for funds that will be used to finance infrastructure projects. The market has the potential to grow to $1.5 trillion, according to a white paper published by Ares on Tuesday based on an extrapolation of 2022 data over a five-year time horizon.

The pairing is unusual given that private credit investors typically lend ...