Data-center demand driven by AI training and inference workloads continues to dominate institutional and family-office capital flows in the alternatives bucket.

Northern Virginia, Phoenix, Dallas and Columbus remain the most-discussed metros, with power availability now the binding constraint on supply growth.

Family offices are participating as GP-equity partners alongside specialist developers, recycling capital out of underperforming traditional commercial exposure.

Underwriting is increasingly focused on utility interconnect timing and long-duration power purchase agreements.