Allianz Global Investors is intensifying its focus on infrastructure secondary markets, identifying a surge of opportunities as the sector reaches a $20B-$25B valuation in 2025. Co-heads Maria Aguilar-Wittmann and Tillman Mueller highlight the sector’s growing liquidity and shifting investor appetite, positioning secondaries as a strategic pivot amid volatile primary markets.

The move aligns with broader trends in infrastructure finance, where $1.2 trillion in fundraising has rebounded post-2023 downturns. This resurgence is driven by AI-driven capital expenditure forecasts and geopolitical shifts, creating demand for alternative financing models. Secondary markets allow investors to bypass lengthy primary market negotiations, offering faster access to assets like utilities and energy infrastructure.

The strategy reflects AllianzGI’s broader diversification efforts, with energy and utilities emerging as focal areas. As global markets prioritize physical economy rebuilding, secondaries provide a hedge against traditional market volatility. Investors are increasingly scrutinizing deal structures and regulatory frameworks to navigate this evolving landscape.

$20B-$25B valuation underscores the sector’s maturity, while AI capex and geopolitical risks shape future opportunities. AllianzGI’s focus signals confidence in infrastructure’s resilience, though challenges in deal execution persist.