Sector Investment 3 Hours

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 1. 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 2. 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 3.