Cranes for unloading shipping containers stand at the Port of Los Angeles in San Pedro, California.
Patrick T. Fallon | Bloomberg | Getty Images
Biden is set to meet with bipartisan members of Congress to sell his infrastructure plan. The plan would inject money into building bridges, airports, broadband, electric vehicles, housing and job training, while hiking the corporate tax rate.
Rishi Kapoor, co-chief executive at Investcorp, said there appears to be “bipartisan acceptance” in the U.S. for an upgrade of the country’s infrastructure, although there are disagreements on how to finance the spending.
Still, the U.S. looks set to make up for the shortfall in infrastructure spending over the last decade, Kapoor told CNBC’s “Capital Connection” on Monday.
“The reality is that there has been a consistent underspend relative to what the needs of the economy are. Just over the last decade there’s about an $835 billion shortfall in expenditure,” he said.
“And it’s really now, we feel, time when there is bipartisan acceptance and acknowledgement of the need to both upgrade and play catch up on U.S. infrastructure,” he added.
Investcorp on Monday announced an investment related to U.S. infrastructure. The company said it is partnering with private equity firm Trilantic North America to buy RoadSafe Traffic Systems.
RoadSafe is a Chicago-based traffic safety company. The value of the transaction was not revealed.
Kapoor said the deal could pave the way for Investcorp to invest in more U.S. infrastructure projects in the future.
“What we look to build upon from here is direct pure infrastructure investing in ports and roads and toll roads, utilities etc. in the U.S.,” he said.