Global infrastructure secondaries market hits record $11.5 billion in fundraising

Global fundraising for infrastructure secondaries reached a record $11.5 billion in 2025, more than doubling the $5.6 billion raised in the previous year, according to PitchBook data. This surge in capital deployment coincides with deal values setting a new benchmark at $25 billion, a figure that more than doubled the $11 billion transacted in 2023, as reported by placement agent PJT Partners. The growth is underpinned by a structural mismatch between the long lifespans of infrastructure assets and the shorter cycles of private market funds.

The core driver of this expansion is the disparity between typical fund durations and asset development timelines. Infrastructure projects often require 10 to 15 years beyond the standard 10-year fund life to recover capital expenditure and realise value. This gap has created a robust market for secondaries, allowing investors to access assets during their operational phase rather than the initial development stage. Faraz Qureshi, head of infrastructure secondaries at BNP Paribas Asset Management, noted that these long useful lives enable further value creation well after the initial fund maturity.

Major private equity firms have led significant fund closures in this environment. Blackstone closed the largest dedicated infrastructure secondaries fund on record in September 2025 at $5.5 billion, raising 47% more than its 2020 predecessor. Paris-headquartered Ardian had secured more than $5 billion in commitments for its latest vehicle by February 2025, positioning it to surpass its 2022 fund. Additionally, Ares closed its Secondaries Infrastructure Solutions Fund III at $3.3 billion in October 2025.

New entrants are also securing capital in this niche but growing sector. BNP Paribas Asset Management closed its first infrastructure secondaries fund in March 2025 at $722 million, with 80% already committed across 14 European mid-market investments. The firm expects to launch the next iteration in the coming months, reflecting strong demand from investors seeking to diversify portfolios and access distributions that may not be available on the primary side.

GP-led transactions are expected to reach a record $14.6 billion in 2025, with the EMEA region accounting for approximately 30% of deal flow, according to Campbell Lutyens. These transactions are increasingly used to provide liquidity for limited partners and to fund growth in capital-intensive sectors such as energy transition and digital infrastructure. PJT Partners predicts the infrastructure secondaries market will almost double again to $45 billion in deal value by 2030, driven by the maturation of primary funds raised since 2017.