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The region has seen $5.9bn of GP-led volume in 2026 to date, which could potentially reach $8bn by year-end, Campbell Lutyens partner Aiva Sperberga tells PEI Secondaries Investor.

Investors are putting more resources towards shorter hold secondaries and co-investments, according to Mercer’s head of European infrastructure Julia Schiffer.

While the region has seen growing secondaries appetite in the past few years, executed deals remain far and few between, market participants tell PEI Secondaries Investor.

Norway’s $2trn-odd state fund is ‘wildly underallocated’ to property, to which it has a $60bn allocation, says real estate head Alex Knapp.

While there have been instances of controversial GP-leds moving through the market, advisers continue to work in real time to improves practices, conference attendees at IPEM Global heard.

Focus is key when considering software exposure across both LP-leds and GP-leds, as valuations and exits for the sector remain uncertain, panellists said at the UK Private Capital Summit 2026.

Thanks to ongoing LP acceptance and secular tailwinds, continuation vehicles in infrastructure are getting a new lease of life.

A total of 66 CVs were known to have closed in the first half of 2026, up significantly from the 40 logged during the same period last year.

New market entrants are seeking to pre-empt auction processes to ‘differentiate themselves’, according to Lazard’s Kevan Comstock.

The GP stakes giant is ‘excited’ at the prospect of working with the tail-end specialist to grow it into ‘one of the premier operators in this market’, founding partner and chief executive John Carter tells Secondaries Investor.