Carlyle Co-Founder Bill Conway Launches Norway-Based AI Infrastructure Venture

Bill Conway, the co-founder of the Carlyle Group, is expanding his investment footprint into the artificial intelligence infrastructure space through the launch of Kitebrook Infra. Partnering with real estate developer Byrne Murphy, the new venture focuses on the strategic acquisition of land and power resources in Norway. These assets are intended for eventual sale to technology firms and data center developers seeking to scale their computing capabilities. The move comes amid a global race to secure the physical requirements—specifically energy and space—needed to support the massive power demands of AI workloads. Norway's geography and energy profile make it an attractive hub for these energy-intensive operations. By securing the necessary land and power permits upfront, Kitebrook Infra positions itself as a critical intermediary in the AI supply chain. While the venture is a private initiative, it underscores the intensifying competition among private equity and real estate players to secure critical infrastructure. This trend highlights a broader market shift from software-centric AI investment toward the underlying physical layer of the AI economy.