> **来源：[研报客](https://pc.yanbaoke.cn)** # **INFRASTRUCTURE STRATEGY 2026 Summary** ## **Core Content** This report outlines the evolving landscape of private infrastructure investing, highlighting its resilience and renewed strength despite recent challenges. It emphasizes the role of infrastructure in delivering stable, reliable returns and its increasing importance in the broader private capital ecosystem. ## **Main Trends and Developments** ### **Fundraising Recovery and AUM Growth** - **Fundraising increased by 60% in 2025**, reaching \$211 billion, signaling a strong recovery from the previous two years of decline. - **Assets under management (AUM)** reached \$1.6 trillion by mid-2025, up 22% from the first half of 2024 and 11% annually since 2020. - Infrastructure now accounts for **10% of all private market assets**, indicating its growing significance in the alternative investment space. ### **Shift in Fund Allocation** - **Large funds dominate fundraising**, with the top 50 infrastructure funds capturing nearly 75% of the capital, and the top five funds taking in almost 50%. - This trend reflects **investor confidence in large, diversified managers** who offer more stable returns and better risk management. ### **Deal Flow and Exit Activity** - **Deal activity in 2025 was 6% lower** than the previous year but showed signs of stabilization, particularly among the top 50 funds. - **Exit activity increased**, with many companies being sold to continuation funds and open-ended funds, suggesting a shift toward longer hold periods. - The **average holding period for portfolio companies** increased from 6.1 years in 2021 to 7.6 years in 2025, driven by the popularity of open-ended funds. ### **Volatility and Returns** - Infrastructure returns have remained **within historical ranges**, with the most recent vintage achieving an IRR of over 11%. - **Operational value creation** has become more important than multiple expansion, with **margin improvement** playing a key role in generating returns. - **Smaller funds** tend to deliver higher IRRs but also face greater volatility, suggesting a trade-off between risk and reward. ### **Regulatory Risk and Market Shifts** - **Regulatory uncertainty** has impacted key sectors, including toll roads, grid companies, and renewable energy. - **Renewable energy deals declined** in 2025, particularly in the US, due to reduced subsidies and shifting political support. - **Grid modernization and energy storage** are becoming critical as demand for electricity grows and regulatory frameworks evolve. ### **Digital and Social Infrastructure** - **Digital infrastructure** is the fastest-growing sector, now comprising nearly 20% of all portfolio companies. - **Data centers** lead in growth, driven by the rise of AI and digital transformation. - **Digital tools** such as AI and simulation software are becoming essential for optimizing both capex and opex in infrastructure projects. ### **Geographic Concentration** - Most infrastructure investments are still **concentrated in Europe and North America**, with two-thirds of the top 50 funds’ portfolio companies located in these regions. - **Energy and environment** remains the largest sector, with almost 50% of AUM, followed by digital infrastructure. ## **Key Insights and Strategic Outlook** - **Infrastructure investing is on the brink of a new era**, with increased fundraising and a growing share of LP allocations despite recent volatility. - **LPs are more bullish on infrastructure** than on other private capital types, with 40% indicating an increase in allocation in 2025. - The **barbell structure** is expected to become more pronounced, with mega-platforms consolidating and specialists focusing on niche markets. - **Operational excellence** is now a critical factor for success, requiring a consistent approach across the investment cycle and strong management teams. - **Decarbonization and digitization** are key drivers of future demand, particularly in energy and transport sectors. - **Geopolitical and economic factors** are reshaping infrastructure investment, with a focus on supply chain resilience, energy security, and regional development. ## **Conclusion** Private infrastructure investing has demonstrated resilience and adaptability in the face of economic and regulatory challenges. While the sector has faced headwinds in recent years, it is now showing signs of recovery and renewed investor interest. The shift toward operational value creation, the growth of digital infrastructure, and the increasing importance of regulatory stability are shaping the future of the industry. As the demand for infrastructure continues to rise due to demographic, environmental, and technological trends, the sector is poised for long-term growth and innovation.