全球投资者正日益将目光投向亚洲的私募市场，以期把握人工智能热潮所带来的机遇。随着对计算能力、电力及数据基础设施的需求不断攀升，这一趋势又与供应链、人口结构及产业产能的广泛变革相互交织。
Global investors are increasingly turning to Asia’s private markets to capture opportunities created by the artificial intelligence boom, as rising demand for computing, power and data infrastructure converges with broader shifts in supply chains, demographics and industrial capacity.
如今，亚洲已不再仅仅被视为全球投资者的多元化投资目的地；各种结构性变化更创造了大量融资机遇，助力企业实现增长并从中获益。
The region is increasingly being viewed as more than a diversification destination by global investors, with structural changes creating opportunities to finance growth and invest in businesses benefitting from it.
“过去，我们视亚洲为实现投资组合多元化的选择；如今，它正逐渐被视为创造价值的沃土，”普徕仕资产管理公司全球首席策略师西玛·沙赫在米尔肯研究所亚洲峰会的圆桌讨论会上说道。
“Earlier, we would look at Asia as a diversification play, but increasingly you’re seeing it as a creation of value,” said Seema Shah, chief global strategist at Principal Asset Management, during a panel discussion at the Milken Institute Asia Summit.
沙赫指出，亚洲正处于全球人工智能资本支出周期的核心地带，相关机遇不仅存在于芯片制造领域，还延伸至满足计算需求所需的各类基础设施，包括数据中心与冷却系统。
Shah said Asia is sitting at the heart of the global AI capital expenditure cycle, with opportunities extending beyond chipmakers to the broader infrastructure needed to support computing demand, including data centres and cooling systems.
阿波罗投资管理公司也看到了为这些基础设施建设提供融资的良机。作为这家私募市场机构的亚太区负责人，合伙人上田英二表示，市场对数据中心及计算能力的需求正飞速增长，而芯片、能源与发电设施也日益成为基础设施体系中的重要组成部分。
Apollo is seeing opportunities to finance that build-out. Eiji Ueda, partner and head of Asia Pacific at the private markets firm, said demand for data centres and computing capacity is growing rapidly, with chips, energy and power generation becoming increasingly important parts of the infrastructure.
“如今新建的数据中心所产生的价值，很大一部分源自芯片；而能源与发电厂同样是其中不可或缺的一环，”上田说道。他特别指出芯片产业融资是一项全新的融资机遇，并表示阿波罗正积极探索创新方式，以满足人工智能产业发展所需的资金需求。
“If we look at the data centres built these days, a lot of value is coming from chips, and also energy and power plants are a very important part of it,” Ueda said. He highlighted chip finance as a new financing opportunity and said Apollo is looking to be creative in supporting the capital needs associated with the AI build-out.
上田还补充道，阿波罗长期看好人工智能将推动各行业生产力提升并引发产业格局的重大变革。
Apollo also has a long-term view that AI will drive productivity gains across businesses and significantly disrupt industries, Ueda added.
对于Hostplus这类投资者而言，这并不一定意味着要费力去判断哪家人工智能企业最终能脱颖而出。
For investors such as Hostplus, that does not necessarily mean trying to identify which AI company will emerge as the winner.
澳大利亚养老基金首席执行官大卫·埃利亚表示，该基金专注于长期结构性主题，并不试图预测市场周期。人工智能和数字化转型是这些主题之一，此外还包括能源电气化、供应链多元化以及人口结构变化。
David Elia, CEO of the Australian pension fund, said it focuses on long-term structural themes and does not try to time market cycles. AI and digital transformation are among those themes, alongside energy electrification, supply-chain diversification and demographic change.
埃利亚表示：“我们的任务不是试图挑选谁会在人工智能竞赛中胜出，但我们知道，该特定领域正获得大量投资。”
“Our job is not to try and pick who’s going to win the AI race, but we know that there is a significant level of investment being made into that particular sector,” Elia said.
他使用“镐和铲子”的比喻来描述这一机遇，指出数据中心、半导体、能源和电气化是支撑人工智能投资周期的基础设施。
He described the opportunity using the “picks and shovels” analogy, pointing to data centres, semiconductors, energy and electrification as the infrastructure underpinning the AI investment cycle.
Hostplus 也正在超越其作为资本配置者的传统角色，与阿波罗等投资管理人合作，围绕这些主题开发业务和投资机会。埃利亚表示：“我们不再仅仅是一个资本配置者。”
Hostplus is also moving beyond its traditional role as a capital allocator, partnering with investment managers such as Apollo to develop businesses and investment opportunities around those themes. “We’re no longer just an allocator of capital per se,” Elia said.
淡马锡旗下的资产管理平台 Seviora Holdings 正通过私募信贷寻找进入结构性变革的另一条路径。
Seviora Holdings, Temasek’s asset-management platform, is finding another route into the structural shifts through private credit.
Seviora 首席执行官林加百列表示，随着资本流动、公司治理实践和法律框架的演变，该公司在东南亚地区能够更有效地发起和构建私募信贷投资。
Gabriel Lim, CEO of Seviora, said the firm has been able to originate and structure private-credit investments more effectively in Southeast Asia as capital flows, corporate governance practices and legal frameworks evolve.
林表示：“随着资本流动和投资的变化，我们能够在动荡中更好地发起投资。”
“We’ve been able to originate better through disruptions as capital flows are changing, as investments are changing,” Lim said.
他表示，虽然 Seviora 对人工智能技术栈的大部分没有直接敞口，但其提供贷款或投资的公司中的许多家将受到该技术的影响。“我们如何思考未来的商业模式，如何思考我们承保的回报以及未来五到七年我们承保的运营模式，这是我们非常仔细审视的问题。”
While Seviora does not have direct exposure to much of the AI stack, many of the companies it lends to or invests in will be affected by the technology, he said. “How we think about the future business model, how we think about the returns we are underwriting and the operating model we are underwriting over the next five or seven years is something that we look at very carefully.”
日本可能为私人资本提供另一条途径。植田和男表示，该国人口老龄化和人口减少意味着必须提高生产率以维持经济增长，从而增加了采用人工智能的重要性。
Japan could provide another avenue for private capital. Ueda said the country’s ageing and declining population means productivity must rise to sustain economic growth, increasing the importance of AI adoption.
与此同时，日本对银行的过度依赖可能为私人信贷创造空间。植田表示，历史上约有80%的企业融资来自银行贷款，而美国这一比例约为30%；同时，存款增速放缓可能会增加企业对替代融资渠道的需求。
At the same time, Japan’s heavy reliance on banks could create room for private credit. About 80% of corporate financing has historically come through bank loans, compared with about 30% in the US, while slowing deposit growth could increase demand for alternative sources of corporate finance, Ueda said.