Sector Investment 3h Briefing

Last updated: April 2, 2026, 8:30 AM ET

Private Markets & Capital Flows

Attendance at the Global Summit revealed that infrastructure secondaries face a liquidity crunch, with current dry powder insufficient to cover even one year of potential transaction volume due to modest capital overhang. This cash constraint contrasts with broader private market deal-making, as Ares Management closed its latest value-add vehicles in the U.S. and Europe, with the U.S. XI fund marking the firm’s largest-ever closed-end real estate capital raise. Meanwhile, geopolitical instability is prompting a philosophical shift in infrastructure investing, as the ongoing conflict in Iran compels a re-evaluation of energy transition mandates toward explicit energy security narratives that may soon be reflected in fund naming conventions.