Infrastructure

Secondaries Investor’s latest CV deal log shows activity broadening across segments, transaction types and asset classes.

In this edition of Secondaries Investor’s Second Thoughts podcast, Macquarie Asset Management’s Wandy Hoh and Baird’s Jeremy Duksin discuss the rapid evolution of infra secondaries and share their expectations for future growth across both the LP-led and GP-led markets.

Q1 saw 27 CVs close, with nine involving asset classes beyond private equity.

The senior managing director is Evercore’s latest joiner, with the investment bank also building a credit secondaries team in Europe and hiring an APAC head earlier this year.

The $575m deal will create a specialised private capital advisory platform, Lazard CL, with Holcombe Green and Gordon Bajnai named as co-CEOs.

Rising retail flows offer a new exit route for infra assets, but they also create their own issues, infrastructure fund investment head Kate Roscoe tells Secondaries Investor.

Four debut strategies – including three focused on single-asset CV investments – ranked among the top 10 fundraises in Q1 2026. As LPs seek diversification, expect to see more of these funds drive figures.

Pantheon has been given the regulatory green light for its evergreen Global Infrastructure Secondaries Fund, while Ardian has launched an evergreen feeder fund to tap Australian wholesale investors.

The secondaries market is poised for continued growth and innovation, as well as increased regulatory scrutiny.

Our inaugural survey takes the temperature of LP, GP, buyer and provider attitudes towards this fast-growing market.