The Infrastructure Investor Podcast Partners Group: ‘LPs need more regular liquidity than some historical strategies can offer’
May 21, 2025
Esther Piner, the Global Head of Infrastructure at Partners Group, dives into pressing issues surrounding energy and grid resilience. She discusses the recent Iberian blackout as a warning for preparedness, while addressing how data centers manage resilience economically. Esther also explores the impact of volatility on infrastructure investment and shifting LP sentiments due to rising inflation. Her insights reveal the delicate balance of maintaining affordability and the operational challenges that come with building resilience in today’s market.
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Tail Risks Demand Grid Resilience
- Blackouts like the Iberian event are tail risks we must quantify and plan for.
- Esther Piner says grid resilience requires assessing how "fat" those tails are and spending to mitigate them.
West London Fire Highlighted Data Center Resilience
- Esther Piner recounts the West London substation fire and contrasts Heathrow with nearby data centers.
- She notes data centers standardized triple redundancies and on-site backup as a resilience necessity.
Value Chains Price Resilience Differently
- Data centers can price resilience layers because their value depends on guaranteed availability.
- Esther Piner contrasts that with other value chains that haven't recognized or afforded the same resilience.