DCD Zero Downtime: The Bi-Weekly Data Center Show Bonus episode - The world of data center funding with Brian Pryor, Houlihan Lokey
Dec 4, 2025
Brian Pryor, an investment banker with 16 years at Houlihan Lokey, dives into the rapidly evolving data center market. He discusses the shift from TMT to digital infrastructure, emphasizing the impact of AI on demand. Pryor highlights the urgency behind development timelines due to supply-chain constraints and regulatory hurdles. He evaluates the potential AI bubble and stresses the importance of established operators amidst industry consolidation. By analyzing notable deals and financial interconnections, Pryor paints a vivid picture of the sector's challenges and opportunities.
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Episode notes
Firm Without A Balance Sheet
- Houlihan Lokey defines itself as middle market but covers a wide deal size range, even advising on a $10bn sale.
- The firm avoids using its own balance sheet to prevent conflicts and acts purely as an adviser.
Proactively Cultivate Industry Networks
- Build deep sector relationships and stay in regular communication to spot and win deals.
- Use a global firm network to plug into opportunities that land across offices and product groups.
Historic AI-Led Infrastructure Boom
- The AI boom since late 2022 transformed supply-demand and created a historic infrastructure build wave.
- Project finance topped about $60bn last year, driving new financing markets to meet massive capital needs.