Future Standard Takes Minority Stake in Infrastructure Developer KDC

Future Standard, a $94 billion global alternative asset manager, has closed a strategic investment in KDC, launching a partnership with the specialised infrastructure development and execution firm. Future Standard has acquired a minority stake in KDC and holds an option to acquire control in the future. KDC was co-founded by Future Standard CEO Edwin Conway and the Kamine family, whose principals have spent decades developing, financing, constructing and operating infrastructure businesses. The partnership targets capital-intensive projects tied to rising demand for data, energy security, advanced manufacturing and critical minerals, and is aimed at institutional and private wealth clients.

Filling the 'missing middle' of infrastructure

KDC describes its focus as the "missing middle" of infrastructure investing: projects beyond the scale of venture capital but often too early-stage, technical or operationally intensive for traditional infrastructure investors. By combining development, engineering, construction, operations, and capital structuring and raising within one platform, KDC seeks to make such projects financeable, executable and scalable. Hal Kamine, Co-Founder of KDC, said the platform's background includes "over 40 years of developing, building and owning assets across traditional and renewable power plants, a nationwide data and telecom platform and other manufacturing technologies."

Michael Forman, Co-Founder and Executive Chairman of Future Standard, said the firm was founded "to identify durable areas of growth early, shape emerging markets as they develop and create responsible ways for clients to access opportunities that have historically been difficult to reach," adding that KDC's principals brought "operating credibility" that "matters, as true value in the middle market is typically driven by hands-on, active engagement by managers." Edwin Conway said the aim was to offer clients "access to opportunities, and alpha, that are often hard to find and even harder to execute."

Building on prior acquisitions

The relationship builds on capabilities Future Standard added through its 2025 acquisition of Post Road Group, which brought digital infrastructure and asset-backed investment expertise. The firm has also expanded through the acquisition of Portfolio Advisors, broadened its footprint with new offices in Asia and the Middle East, and opened a new headquarters in Philadelphia. Future Standard describes itself as a global alternative asset manager serving institutional and private wealth clients across private equity, credit and real estate, with a 30-plus year track record and $94 billion in assets under management as of 30 June 2026.

Why it matters for private wealth

For private wealth channels, the deal is another example of an alternative asset manager building direct origination capability in infrastructure rather than relying solely on co-investment or fund-of-funds structures, potentially widening the set of differentiated direct infrastructure opportunities offered to wealth clients.