Future Standard buys minority stake in infrastructure firm KDC, eyes control
What's the deal? Future Standard, a $94 billion global alternative asset manager, has acquired a minority stake in KDCDealroom has a profile for this one. Try Dealroom →, a specialised infrastructure development and execution firm. The deal, announced August 18, 2026, includes an option to acquire control in the future.
Who's involved? KDC was co-founded by Future Standard chief executive officer Edwin Conway and the Kamine family, whose principals have spent decades developing, financing, constructing, and operating infrastructure businesses.
What's the endgame? KDC targets what it calls the "missing middle" of infrastructure investing — projects too large for venture capital but too early-stage or operationally intensive for traditional infrastructure investors. It bundles development, engineering, construction, operations, and capital raising into one platform to make promising projects financeable and scalable.
The firm focuses on capital-intensive projects tied to rising demand for data, energy security, advanced manufacturing, and critical minerals.
Why the pairing? The partnership joins KDC's project execution with Future Standard's ability to raise capital and reach institutional and private wealth clients. The firms aim to bridge a market gap: projects with strong demand and technical expertise that still need specialised operating support and sophisticated capital.
"The best infrastructure opportunities are rarely created by capital alone," said Conway. "They require technical judgement, operating discipline and the ability to bring the right partners together."
The bigger picture: The deal builds on capabilities from Future Standard's 2025 acquisition of Post Road GroupDealroom has a profile for this one. Try Dealroom →, which added digital infrastructure and asset-backed investment expertise.
"KDC reflects that same pioneering mindset," said Michael Forman, co-founder and executive chairman of Future Standard. "We believe this partnership will give investors access to compelling direct investment opportunities at the leading edge of infrastructure."
The signal: Alternative asset managers are moving deeper into hands-on infrastructure, betting that a more digital, electrified, and resilient economy will drive demand for capital-intensive projects. By taking a stake now with an option to control later, Future Standard is positioning to own execution capability — not just deploy capital — across the infrastructure value chain.
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