英文_GIIA_2025年第二季度脉搏调查揭示了核心市场对投资者吸引力的最新趋势_10页_3mb

Report Content Summary

Introduction & Overview

• The Infrastructure Pulse survey (Q2 2025) assesses global infrastructure investor sentiment amid ongoing uncertainty.
• Key challenges include political transitions, trade tariffs, and market volatility.
• Overall sentiment is "treading carefully," with slight improvements noted in some regions.

Global Fundraising Trends

• Fundraising remains challenging due to higher interest rates, geopolitical tensions, and liquidity constraints.
• North America shows marginal improvement but is hampered by US tariffs. Australia experienced uncertainty from elections but expectations improved post-election.
• Private infrastructure is viewed as inflation protection despite short-term pauses in new funds due to tariffs.

Capital Deployment

• Anticipated capital deployment has decreased due to valuation gaps between buyers and sellers.
• Transaction delays are common as market participants await clarification on tariffs and regulatory changes.
• Deployment is expected to stabilize once trade uncertainty decreases.

Net Zero Transition

• Net zero investments are declining, particularly in Europe and Australia.
• Renewables face grid capacity issues, leading to increased permitting delays and curtailments.
• Resilient base-load power and newer technologies (like SMRs) are needed alongside intermittent renewables.

Regional Outlooks

• North America: Hindered by Trump administration's tariff policies.
• Europe: Showing improved sentiment, particularly in the Nordics.
• UK: Outlook remains cautious due to regulatory uncertainty and potential US trade impacts.
• Australia: Tight election outcomes delayed investments, but confidence returned following outcomes.

Sector Outlooks

• Digital infrastructure remains highly favored.
• Sustainable generation outlook is asymmetrical—unfavorable in North America due to policy uncertainty, improving in Europe.
• Transportation sectors (ports, rail) are adversely affected by global trade curtailments.
• Data centers and fiber show strong prospects.

Barriers to Investment

• Political instability (especially in the US under Trump administration) is the primary concern.
• Cross-border trade tariffs, restricted investment regimes, and unclear regulatory environments hinder investment.
• Uncertainty about future policy changes continues to affect investor confidence.

About the Organizations

• GIIA: Represents leading infrastructure investors with ~$2T in AUM across 68 countries.
• Alvarez & Marsal: Global infrastructure advisory firm supporting fund structuring, transactions, and portfolio management.