The capital surge into AI data centers has pulled investor attention away from unglamorous infrastructure, and some are now bargain-hunting in waste management, freight and rail terminals, regional airports and utilities. Partners Group managing director Nicholas Pepper said the intense focus on digital infrastructure leaves high-quality mature assets in utilities, transport and social infrastructure receiving less of the spotlight, creating attractive entry valuations. The report also notes investors have grown more selective on AI-linked assets amid construction delays, rising financing costs and regulatory blowback, while mid-market firms say bigger investors' higher minimum check sizes leave them less competition.