Stonepeak Credit's Ryan Roberge on Building an Infrastructure Credit Strategy

The partner and senior managing director discusses the specialized, capital-intensive world of infrastructure credit investing.

Apr. 8, 2026 at 1:53pm

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In this episode of the Alt Goes Mainstream podcast, host Michael sits down with Ryan Roberge, Partner and Senior Managing Director at Stonepeak Credit, to discuss the emerging world of infrastructure credit investing. Roberge shares his diverse background in energy investment banking, private equity, and distressed credit, and how that experience informs Stonepeak's approach to underwriting infrastructure assets like data centers, mobile power, and fiber-to-home networks. They also cover the macro tailwinds driving infrastructure investment, the differences between infrastructure credit and traditional direct lending, and the key risks and underwriting considerations in this specialized field.

Why it matters

Infrastructure credit is a growing area of alternative investing that offers diversification and attractive risk-adjusted returns, but requires specialized expertise to navigate the capital-intensive nature of the sector and the unique underwriting considerations around assets like data centers and power generation. Roberge's insights shed light on how a dedicated infrastructure credit platform can help investors access this opportunity.

The details

Roberge brings a diverse set of experiences to Stonepeak's infrastructure credit business, having previously covered the energy and infrastructure sectors at the hedge fund King Street and worked in the Energy group at private equity firm TPG Capital. He started his career in Credit Suisse's Energy Investment Banking Group. Roberge explains that infrastructure credit is a specialized strategy that requires in-depth asset-level underwriting, a long-term ownership mindset, and a focus on downside protection. The team looks across three core infrastructure sectors - energy, transportation, and communications - seeking to provide senior secured financing to middle-market projects and platforms. Compared to traditional direct lending, infrastructure credit offers higher, more capital-intensive returns by taking a more active, owner-operator approach to the assets. Roberge highlights key macro tailwinds like the infrastructure funding gap and the rise of alternative capital sources that are driving demand for this strategy.

  • Roberge previously covered the energy and infrastructure sectors at King Street, a New York-based hedge fund.
  • Prior to King Street, Roberge worked in the Energy group at TPG Capital, a large global alternative asset manager.
  • Roberge started his career in Credit Suisse's Energy Investment Banking Group.

The players

Ryan Roberge

Partner and Senior Managing Director at Stonepeak Credit, with a diverse background in energy investment banking, private equity, and distressed credit investing.

Stonepeak Credit

The infrastructure credit investment platform of Stonepeak, a leading alternative asset manager focused on infrastructure and real assets.

King Street

A New York-based hedge fund focused on distressed, special situations, and event driven credit investing.

TPG Capital

A large global alternative asset manager with a focus on the energy sector.

Credit Suisse

A major global investment bank where Roberge started his career in the Energy Investment Banking Group.

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What they’re saying

“We covered how Ryan's background across energy investment banking, energy private equity, and distressed and special situations energy and infrastructure investing all help when investing in infrastructure credit.”

— Michael, Podcast Host

“We also discussed why infrastructure credit is a specialized, capital-intensive strategy, and how to underwrite data center risk.”

— Michael, Podcast Host

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This episode provides valuable insights into the emerging world of infrastructure credit investing, highlighting the specialized expertise and long-term, owner-operator mindset required to successfully navigate this capital-intensive sector and capitalize on the growing funding gap and alternative capital trends.