From
The Field.

Family offices are moving aggressively into AI infrastructure — and most are applying frameworks built for real estate or private equity. The risk profile, the timeline, and the tenant demand picture are all different from what they expect.

Most site assessments evaluate power, land, and fiber. They skip the political layer. Jurisdictional alignment — zoning, EDC relationships, local government posture — is often what separates a site that closes from one that doesn't.

The AI infrastructure market has more capital chasing sites than ever. Qualified sites still fail to close. The problem isn't the site — it's the gap between what developers present and what institutional capital needs to underwrite.