SHEEPHILL GROUP

Infrastructure & Real Assets Advisory

Cross-sector transaction expertise. Networks that unlock value where institutional capital isn't structured to execute.

Cross-Sector
Beyond Siloed Mandates
Principal Alignment
We Invest Alongside
Deep Networks
Unlocking Access

Transactions at the Intersections

Institutional capital is siloed. Infrastructure funds don't touch real estate. PE firms miss companies whose value lies in regulated utility customers. Real estate investors overlook assets with infrastructure characteristics. These gaps create opportunity.

We specialize in transactions that span traditional allocation boundaries: hyperscale data centers that are both real estate and infrastructure investments, equipment manufacturers serving utility and infrastructure customers, assets that fall through the cracks of institutional mandates.

The Institutional Gap

When a deal doesn't fit cleanly into an allocation bucket, most firms pass. By the time committees secure exceptions, the window of opportunity has passed. Our cross-sector networks and principal flexibility allow us to act where traditional advisors cannot.

Four Pillars of Value Creation

These are the lenses through which we evaluate every transaction. Deals that exhibit these characteristics are systematically overlooked by traditional allocators. They fall through the cracks of institutional mandates, creating persistent value gaps we are positioned to capture.

Regulatory Risk Arbitrage

Identifying "friction points" where policy mandates conflict with economic reality. ESG requirements may restrict investment in commodity inputs while simultaneously incentivizing demand growth for those same commodities.

Valuation Framework Arbitrage

Applying option pricing frameworks to assets where traditional investors see only risk. We identify value in merchant power volatility and extreme weather events that bond-like utility investors fail to capture.

Geopolitical Risk Premia

Capitalizing on the market's tendency to misprice geopolitical risk. Most securities analysts lack backgrounds in global security dynamics, leading to erratic reactions and inefficient pricing around major events.

Embedded Optionality

Prioritizing assets with multiple paths to value. Coal equity positions providing dividend yields and "repurpose" potential long before institutions recognized their value as AI data center sites.

Research

In-depth analysis on infrastructure, energy, and strategic investment themes.

April 2026

Return on Capital Employed: One of the Most Overlooked Metrics in Finance

Why ROCE remains the most honest measure of management quality in capital-intensive businesses, and how to apply it to today's hyperscalers.

March 2026

Bloom Energy (BE): Valuation & Trade Structure

Detailed valuation analysis and recommended trade structure for Bloom Energy, including entry points, position sizing, and risk management.

March 2026

Bloom Energy (BE): Initiating Coverage

Deep-dive analysis on Bloom Energy's fuel cell technology, hyperscaler data center opportunity, and valuation framework for the stock.

March 2026

Hyperscale Power Project Finance: The Integrated Major Advantage

Why integrated oil majors with existing CCGT portfolios hold structural advantages in hyperscale power project financing over independent developers.

March 2026

The Problem with Renewable-Only Power Procurement for AI Infrastructure

Why hyperscalers planning renewable-only power strategies face reliability challenges, and why behind-the-meter gas with CCS may be the operationally superior alternative.

January 2026

AI Infrastructure: Power, Bottlenecks & Investment Implications

Analysis of the structural power demand surge from AI data centers and the investment opportunities emerging across the energy infrastructure value chain.

Additional research and commentary available on Substack

Our Team

Brian McGoldrick

Brian McGoldrick

Founder & Portfolio Manager

The Sheephill Group is led by Brian McGoldrick, an institutional investment professional with 10 years of experience navigating complex private markets in energy, critical infrastructure, and energy transition commodities. Prior to founding The Sheephill Group, Brian held investment roles with GE Capital Energy Financial Services, APG Asset Management and CIM Group.