Impatient yacht owners are driving a new investment trend that turns the old question “Where are the customers’ yachts?” into a fresh opportunity. Last month, CVC agreed to sell marina group D‑Marin to French private‑equity firm Infra Via for around €1bn, following similar moves by Blackstone and Stonepeak. Yacht parkings are now viewed as infrastructure bets because they are lightly contested, generate steady cash, and require ongoing capital.

Marinas fit the infrastructure mold: coastlines are finite, planning permissions are tough, and the global fleet grows by about 6,500 new yachts each year while new marinas add only roughly 300 berths apiece and take five to ten years to build. This chronic berth shortage underpins dependable demand—boat owners need a slip in good times and bad, and demand even rose during Covid as affluent consumers sought water‑based escapes.

Beyond stability, marinas offer upside. Operators can squeeze extra berths, add restaurants, lounges, tiered pricing, and services like boat cleaning, and lock in revenue with subscription models that guarantee a berth across a network. Bulk purchasing of equipment such as hoists and fenders improves margins. Valuations reflect the appeal: Blackstone paid about 21 times Safe Harbor’s funds‑from‑operations, roughly double what Sun Communities paid five years earlier, and today’s marina assets trade at roughly 15 % above their levels five years ago.

Despite the buzz, the sector remains fragmented—around 95 % of the world’s marinas are still owned by individuals, families, or governments—leaving ample room for further consolidation as wealth concentrates and yachts grow larger.