In this episode, Ben West speaks with Daniel Connell, Managing Director at CF Private Equity, about how LPs are reassessing energy within diversified portfolios as demand growth moves back to centre stage.
The conversation shifts from the traditional supply narrative to what is driving markets today: rising power demand, AI infrastructure build out, and increasing pressure on electricity systems. Daniel reflects on why generalist capital pulled back from upstream energy, what has changed structurally over the past decade, and why capital discipline and balance sheet strength are essential to restoring investor confidence.
They explore how energy can serve multiple purposes inside an institutional portfolio, from return generation to inflation hedging and diversification, and discuss whether private markets are adequately compensating investors for illiquidity. The episode also examines where risk adjusted opportunities look most compelling across upstream, midstream, and power, as well as the growing relevance of secondaries and shorter duration strategies.
The discussion closes with a look ahead to 2026, including continued AI driven demand growth, potential constraints in power markets, and what that could mean for capital allocation across the energy sector.
