This year’s report is an evolution of the Energy Transition Report published in 2025, to reflect the evolution of the energy infrastructure market towards an investment thesis that includes transition themes within a wider model of global energy security and electrification. While capital continues to flow into decarbonisation, sub-sectors that underpin supply in a more volatile and increasingly data-reliant world are attractive. 

Key takeaways from the report include:

• Investors remain committed to decarbonisation as part of a wider view: Capital is increasingly flowing into power generation, grids, storage and flexible assets that underpin reliability of supply, with more realism on timelines, greater selectivity, and a clear preference for contracted revenues and long‑term cash‑flow visibility.
• Fundraising across energy infrastructure remains selective, but active: LPs continue to back experienced GPs with strong track records, differentiated platforms and a disciplined approach to risk.
• Secondaries are playing a greater role: In a slower fundraising environment, secondaries are now a strategic tool for both LPs and GPs, energy secondaries are playing a larger role—providing liquidity, portfolio rebalancing and access to mature, system‑critical assets.

Subsectors to watch: 

• Natural gas, LNG and midstream are repositioned as transition assets: Despite ESG pressure, LPs increasingly view midstream/downstream gas, LNG and nuclear as essential to meeting demand and stabilizing grids.
• Battery storage has become core grid infrastructure: Battery Energy Storage Systems (BESS) have moved from niche to essential, supporting renewables, managing volatility and improving reliability.
• Powered land and behind‑the‑meter power are reshaping data centres: Power availability, not land, is the bottleneck for digital infrastructure growth. Investors are backing on‑site and behind‑the‑meter power solutions.
• Energy efficiency is high conviction but under‑delivered: Energy efficiency is one of the most attractive and underexploited transition themes, particularly in industrial and commercial sectors.

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