Private equity firms are increasingly directing capital beyond data centers and into the energy infrastructure needed to power artificial intelligence, as electricity availability emerges as one of the biggest constraints on AI development. TPG co-founder and Executive Chairman Jim Coulter told the board of the $417.3 billion California State Teachers’ Retirement System that institutional investors need to “get really curious, really fast” as AI reshapes global markets. Separately, Blackstone reported assets under management reaching $1.34 trillion, driven by artificial intelligence investments and inflows across asset classes.