Sector Investment 3 Days

Last updated: April 20, 2026, 11:30 PM ET

Real Estate & Pension Fund Allocations

Investor mandates are shifting toward Asia-based managers, evidenced by GPIF tapping Phoenix for domestic property mandates, marking the first time the world's largest pension fund has allocated capital to an Asia-based real estate manager. This move comes as global fundraising volumes show signs of slowing in early 2026, requiring managers to be more focused during roadshows. Concurrently, managers face pressures from the fixed-income side, with the persistent Iran conflict pushing borrowing costs to the forefront, causing credit spreads to widen modestly as base rate projections become volatile. Despite these macroeconomic headwinds, specific managers are achieving milestones, such as MARK holding a first close for its third Crossbay logistics fund, which secured early backing from CBRE IM's Indirect business as it targets its largest-ever capital raise.

Infrastructure Fundraising Momentum

The infrastructure sector continues to demonstrate strong capital formation, even as broader real estate fundraising slows, with Fengate achieving a $1 billion first close for its fifth fund (Fund less than six months after launch, putting it two-thirds of the way toward its $1.5 billion target. Elsewhere in infrastructure, I Squared Capital closed a substantial $650 million deal focused on gas storage assets, while Vesper also completed its final close for its latest vehicle. Australian superannuation funds are emphasizing direct access, as seen by Colonial First State committing A$370 million to the Morrison’s Value Add Infrastructure Strategy II, specifically valuing the inclusion of a dedicated co-investment sleeve within the commitment.