Future Standard Backs KDC in Minority Deal Targeting ‘Missing Middle’ Infrastructure
Future Standard has acquired a minority interest in infrastructure developer KDC, creating a partnership intended to move complex, capital-intensive projects from early development toward institutional financing and construction. Financial terms and conditions under which Future Standard may exercise its option to acquire control were not disclosed.
KDC was co-founded by Future Standard CEO Edwin Conway and members of the Kamine family, whose businesses have developed and operated infrastructure across telecommunications, renewable energy, agriculture and waste management.
The firm targets what it calls the infrastructure “missing middle”: companies that have moved beyond venture-capital financing but remain too early, technically complex or operationally intensive for traditional infrastructure investors.
KDC combines project development, engineering, permitting, construction, operations and capital structuring. Its focus includes data infrastructure, energy security, advanced manufacturing and critical-minerals projects.
“The best infrastructure opportunities are rarely created by capital alone,” Conway said. “They require technical judgment, operating discipline and the ability to bring the right partners together.”
Future Standard could provide KDC-supported projects with access to institutional and private wealth capital. The Philadelphia-based alts manager oversaw $94 billion as of June 30.
The deal follows Future Standard’s 2023 combination with Portfolio Advisors and its acquisition of Post Road Group’s digital-infrastructure and asset-based finance teams. The Post Road digital platform managed more than $2 billion across data centers, fiber networks and cloud-connectivity investments.
Future Standard has also added offices in Asia and the Middle East and opened a new Philadelphia headquarters.
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