Infrastructure secondaries surge as investors chase trophy assets

Jefferies Private Capital Advisory (PCA) announced that global infrastructure secondary transaction volume is expected to reach $30 billion, up from roughly $20 billion in 2025, based on its April survey of active infrastructure secondary investors.

• Market projection and survey findings:Jefferies expects global transaction volume to reach $30 billion, up from roughly $20 billion in 2025; the PCA April survey shows target net returns for infrastructure secondaries sit in the mid-teens (with 23% targeting 10–13% and 36% targeting 12–15%). Average continuation vehicle (CV) size rose from $450 million in 2023 to $650 million in 2025, and the largest single-asset CVs approached $6 billion.
• Scale, supply, and subsector detail: The secondary market closed 2025 at ~$240 billion with the GP-led segment at $115 billion; continuation vehicles now account for 14% of sponsor-backed exits. Dedicated infrastructure secondary strategies are targeting up to $20 billion in new fundraising, with ~$327 billion of dedicated secondary capital available. Subsector interest ranks power & utilities first and digital infrastructure (led by data centers) second, with 52% of respondents preferring transactions where the funded portion is <60% of total capitalization (implying near 1:1 funded-to-unfunded ratios).