As partner John Klauberg explains in Law360, one standout M&A trend this year that resulted in major energy deal-making was the attention that private equity and infrastructure funds put toward energy transition, leading to billion-dollar utilities sales within the power sector. Backed oftentimes by pension funds or institutional investors, many infrastructure funds have low costs of capital and are thus able to pay higher prices, John shared—adding that regulated power assets are also an attractive target because these funds tend to be long-term investors. “Some of the pension funds have long-lived obligations, and they're trying to match it up with long-lived assets,” he said.