Telecommunications infrastructure—anchored by towers and fiber networks—has long been a cornerstone of digital connectivity and a resilient investment class. Today both asset types face a shared inflection point: Traditional growth engines are slowing, even as demand for connectivity accelerates and diversifies, driven by data-intensive applications and new compute architectures. Over the past two decades, telecommunications towers (which provide the physical locations for radio equipment that enables mobile connectivity) have benefited from rapid mobile adoption, network densification, and growing tenancy. Fiber networks, which form the backbone of fixed broadband, mobile backhaul, enterprise connectivity, and long-haul connectivity, have replaced copper as the future-proof wireline technology, delivering stable, infrastructure-like returns. As coverage has expanded and markets mature, however, both towers and fiber face slower rollout and challenges to maintain utilization growth.…