Infrastructure

Ahead of first-half volume reports, secondaries advisers share their views on what the market can expect in H2 following the latest wave of macro volatility.

Secondaries Investor’s list of buyers’ top book and podcast recommendations offers something for everybody to enjoy on this year’s vacation.

Both Pantheon’s and Ardian’s latest flagships rank among the largest infra secondaries funds ahead of formal final closes.

Around 40% of LPs expect continuation vehicle activity to continue growing, with a number opting to take a more concentrated approach to this corner of the market, according to Coller Capital’s latest Barometer report.

The sub-asset class has been described as one of the most undercapitalised private market strategies – while estimates for future growth are high, there are structural elements to consider.

Allianz Global Investors’ co-heads of infrastructure funds and co-investments Maria Aguilar-Wittmann and Tillman Mueller have identified ‘a lot of attractive opportunities’ in the market, which grew to $20bn-$25bn of volume in 2025.

JST senior manager Keigo Yumino says the university endowment’s infrastructure portfolio is ‘fully diversified’ – but personnel shortages remain a challenge in building its direct investment capabilities.

Anton Orlich, architect of the US pension giant’s PE turnaround, will now also be responsible for its private credit, real estate, infrastructure and other alternative programmes.

While the Swedish pension fund plans to double its infrastructure allocation to $4bn via external managers, it will not be seeking out secondaries, head of alternatives Jonas Nyquist outlines.

The firm, which was founded by Mantra Investment Partners’ former head of secondaries, Fabrice Moyne, exceeded the vehicle’s target by 20%.