Normalised Alpha / The Investment Layer The Investment Layer The three downside cases 16 August 2026 · 20 min read · Updated 6 Oct 2026 Share on LinkedIn Respond via email More on Sovereign capital and industrial policy 17 Aug 2026 · 24 min read Underwriting AI infrastructure debt 15 Aug 2026 · 20 min read The PE playbook, layer by layer 14 Aug 2026 · 21 min read ← Previous Underwriting AI infrastructure debt Next → Sovereign capital and industrial policy Continue reading The AI Power Chain essays + companions · the physical infrastructure of AI compute The Investment Layer essays · how the AI buildout is financed Due Diligence for the AI Buildout essays + supplements · how to run DD for AI infrastructure and industrial technology deals