🎥 I Squared’s Dr. Sadek Wahba - it’s time to “Build”

Welcome back to the Alt Goes Mainstream podcast.We went to Miami to sit down with the professor of infrastructure investing and Founder, Chairman, and Managing Partner of I Squared, Dr. Sadek Wahba.Sadek has blended academic knowledge and a practical approach to infrastructure investing to build I Squared into a $60B infrastructure investment firm in 14 years, some of which he has adroitly distilled into the 2024 book that he authored, Build: Investing in America’s Infrastructure.We had such a fascinating and wide-ranging discussion that I’ve decided to break down our conversation into chapters.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Welcome to Alt Goes Mainstream at I Squared in Miami01:39 A Message From Our Sponsor, Ultimus Fund Solutions02:41 Meet Dr. Sadek Wahba03:18 Career Path Origins03:59 World Bank Lessons07:36 Private Sector Contrast08:55 I Squared Focus Model10:22 Platform Playbook13:02 Dr. Wahba’s Book14:35 AI Infrastructure Wave16:19 No Free Lunch: Ownership and Regulation16:58 Politics And History19:57 Municipal Debt Funding21:55 User Fees Reality25:55 Ownership Management Regulation29:57 Incentives32:40 If It Sounds Too Good To Be True33:57 I Squared Investing Approach37:29 Risk Return Discipline39:17 Building Durable Infrastructure40:37 Regulation Risk Reality42:27 Balancing Risk Return43:50 Why Middle Market Wins45:14 Great Management Traits46:22 Infra Tech And AI49:51 Platform Building Playbook52:59 Capital Flows And Competition57:57 Democratizing Infrastructure Ownership01:04:11 Privatization And Listed Airports01:07:42 Retirement Accounts For Infrastructure01:09:28 Nearshoring And National Security01:16:02 Investor Skillset And Edge01:18:01 What Drives The MissionJoin over 17,300 Substack subscribers & followers, 46,000 LinkedIn and podcast followers, and syndication to the 330,000 Bloomberg Terminal userswho are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com