Infrastructure

Exit volumes will move assets’ cashflows forward allowing secondaries buyers to offer higher prices, which in turn should pull sellers into the market, Blackstone’s global head of Strategic Partners said at Nexus 2026.

The structure will consist of a portfolio of 22 infrastructure assets that are held by the firm’s legacy funds.

The vehicle is expected to be $2bn in size once it is formally established, with room to get larger over time, Secondaries Investor understands.

The vehicle includes 22 infra assets, spanning highways, high-speed rail, hospitals, university accommodation and low-carbon solutions.

In this edition of Secondaries Investor’s Second Thoughts podcast, Evercore’s global head of private capital advisory Nigel Dawn discusses the outlook for activity in 2026 and the key trends shaping the capitalisation of the market over the longer term.

Narrow discounts mean infrastructure remains a first port of call for secondaries sellers.

StepStone’s live secondaries fundraising also includes vehicles dedicated to infra and VC, executives said on the firm’s recent earnings call.

Strong investor demand has already propelled the fund beyond its predecessor’s $5.2bn final close.

Hamilton Lane’s Infrastructure Opportunities Fund II exceeded its $1.25bn target and tripled the size of its predecessor.