We believe each holding in BUIL aims to own or solve a capacity-constrained demand in the physical rebuilding of America's infrastructure — demand for capacity that has outpaced supply, in companies positioned to capture the gap. Those demands show up across energy infrastructure, power generation and transmission, data centers and digital infrastructure, construction and engineering, and industrial materials and equipment.
We aim to design the portfolio in three passes. First, a quality and valuation screen on free cash flow, growth, and margin durability1. Second, we examine how directly each company benefits from infrastructure spending, and how durable that revenue is likely to be. Third, we track how pricing power, supply, and ownership are shifting across the value chain, so we can rotate as demands ease in one place and emerge in another.
This approach leads us to a concentrated portfolio of 15–25 companies that we believe own or solve the most pressing demands of today's infrastructure buildout.