Infrastructure

The single-asset secondaries market within infrastructure is blooming. However, discipline, alignment and entry valuations remain critical to ensuring buyers bag a good deal, writes Stafford’s William Greene.

The Danish retirement scheme favours indirect over direct investment in secondaries and has made commitments to all five infra secondaries vehicles managed by Pantheon, infrastructure funds head Mikkel Kjaersgaard tells Secondaries Investor.

The firm, which is also planning to launch its first infra secondaries vehicle, has raised $9.3bn to date for Fund VI, according to its H1 2026 results.

The modular buildings provider, which is part owned by MML, raised £360m from a group of European infrastructure investors.

AI disruption ‘reverberated’ across both the LP-led and GP-led markets in the first half of the year, according to Campbell Lutyens’ Gerald Cooper.

The capital comprises $1.7bn for a fund – exceeding a $750m – as well as $3.8bn raised in bespoke mandates.

‘The last several years have been very volatile… The fact that we still saw this record volume is remarkable,’ Jefferies’ Scott Beckelman tells Secondaries Investor.

Secondaries fundraising saw its second-strongest first six months across a six-year period, with Q1 accounting for the bulk of activity.

The UK life insurer seeks to back CVs involving assets that need more time and capital to support growth, as opposed to primarily allowing a GP to hold on to a trophy asset, infrastructure funds co-head Anish Majmudar tells Secondaries Investor.

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