Crossroads: The Infrastructure Podcast Blackstone's Rob Horn discusses private credit in infrastructure
Nov 4, 2025
Rob Horn, Global Head of Infrastructure and Asset-Based Credit at Blackstone, manages over $100 billion in capital. He delves into the booming private credit market, particularly for data centers and renewables, driven by strong demand and AI's impact. Horn highlights the essential role of natural gas in a balanced energy grid and discusses Blackstone's strategic investments in LNG. He emphasizes the flexibility of private capital solutions for companies, predicting a shift towards private markets for large-scale financing.
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Scale And Breadth Of Blackstone Credit
- Blackstone's infrastructure and asset-based credit business manages over $100 billion across many real-assets credit markets.
- The team offers both investment-grade and non-investment solutions across capital structures for deals from $100M to $10B+.
Career Start During Energy Distress
- Rob Horn started in infrastructure credit in 2003 at Credit Suisse amid energy-sector distress and Enron-era bankruptcies.
- He joined Blackstone in 2005 and grew their real-assets credit activities since then.
Why Private Credit Is Booming
- Private credit has surged because infrastructure needs bespoke, large-scale capital as banks pull back and public markets offer standardized solutions.
- Private lenders provide speed, certainty, delay-draw CapEx funding, and investment-grade to non-investment-grade solutions directly to borrowers.