Infrastructure Market Report 2025
We are pleased to share the Campbell Lutyens Infrastructure Market Report 2025. The report pulls together insights from 200+ LPs across every major global capital market.
The report reveals green shots in the private infrastructure market, underpinned by a critical need for essential infrastructure and digitalisation, alongside trends in AI, urbanisation and energy usage. Legislative changes in the U.S. have impacted both the attractiveness of certain sub-sectors – including traditional renewables – and regional LP sentiment.
High competition for capital
Competition for capital has softened but remains high, fuelled by a high volume of funds in the market, capital being directed towards large cap fundraises, and funds staying in market for longer.
However, capital closed this year to date by unlisted infrastructure funds ($182bn) already exceeds the total capital raised in 2024 ($99bn), demonstrating strong momentum – although still not approaching the historical highs of 2022.
Appetite to add relationships
While most survey respondents (52%) are at target for their infrastructure portfolios, a material cohort (37%) reported appetite to increase their infrastructure exposure. Appreciation and diversification have become LPs’ principal objectives for infrastructure investing.
Importantly, LPs want to build new relationships with infrastructure managers - but with a strong supply of funds in the market, we expect funds to find the bar high for re-ups, and even higher for new commitments.
Liquidity is key: the secondary market
Annual distributions across private markets have hit their lowest rate since the global financial crisis. As a result, focus has shifted from NAV growth to value crystallisation, with GPs required to demonstrate executable exit routes.
Infrastructure secondaries volumes are projected to surpass $20bn for the first time in 2025, reaching $21.5bn this year, as they continue to build on record volumes seen in 2024. The report notes a 10% year-on-year increase in LPs active in the secondary market. We also anticipate a record year for GP-led secondaries, as GPs increasingly turn to the secondary market to raise follow-on and growth capital and lock in realised returns.
Campbell Lutyens has been advising leading GPs operating in private markets for over 35 years. Please request a copy of the full report for our full research, analysis and methodology.