Building Scale in Wireless Towers, Fiber and Data Centers

A conversation with Omar Jaffrey, founder of digital infrastructure private capital firm Palistar Capital, which is currently investing from a $1.9 billion fund.

Jaffrey gives a grand tour through the digital infrastructure investment opportunity, in which he says builders of scale will have advantages in winning customers. He cautions that some investors confuse the full stack of technology, services and human capital involved in the telecommunications industry with core infrastructure, the later of which has a history of more consistent performance.

Among other topics, Jaffrey also makes the case for the long-term durability of infrastructure hard assets, comments on the pressures faced by potential sellers of wireless rooftop and tower assets, and explains the many options for revenue streams that owners of many towers can realize.

Chapters:
1:50 Data consumption is a bullish sign
2:53 'Biggest delta' in demand for digital infrastructure
4:35 Why institutional investors want digital infrastructure
6:57 What makes digital hard assets 'uber durable'
9:48 Distinguishing hard assets from services
12:09 Macro themes: 'decentralization and densification'
13:28 Buying versus building infra assets
15:30 Who's selling wireless towers?
17:03 Selecting sites for towers
18:31 Fiber-izing 'mobile backhaul'
19:45 Digital infra as a social good
21:13 Small-fund deal flow is surging
22:53 New LP and GP market entrants
25:57 Towers moving toward 'the edge'
29:30 'Choke points' in the supply chain
32:34 Investment portfolio 'buckets'

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