Private capital is reshaping the energy transition. Once a niche corner of finance, private markets now manage tens of trillions of dollars globally, with a growing share directed toward clean energy strategies What sets this capital apart is not just scale, but structure: real assets such as wind, solar, grids and storage dominate, reflecting a preference for infrastructure-style returns and contracted cash flows. Dedicated transition funds have surged over the past decade, yet billions still sit as “dry powder,” committed but not yet deployed. So how does private capital influence where megawatts get built, and what does its rapid growth signal about the next phase of energy transition investment? On today’s show, Tom Rowlands-Rees is joined by Ryan Loughead, a senior associate from BNEF’s technology and innovations team, to review findings from the note “Private Markets Primer: Mega Funds to Megawatts.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEFGO on the Bloomberg Terminal or on bnef.com (https://www.bnef.com/) Links to research notes from this episode: Private Markets Primer: Mega Funds to Megawatts - https://www.bnef.com/insights/38547 (https://www.bnef.com/insights/38547) See omnystudio.com/listener (https://omnystudio.com/listener) for privacy information. The future of energy, transport, sustainability and more, as told by BNEF analysts. Each week, Dana Perkins and Tom Rowlands-Rees sit down with BloombergNEF (BNEF) analysts to uncover the key findings and stories behind their latest research. Check out more episodes: https://www.youtube.com/playlist?list=PLe4PRejZgr0O1zx-dJnH-YQw7APqnHLcm Watch video podcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Visit us: https://www.bloomberg.com/podcasts #energy #sustainability #podcast