The IMAS Foundation, the Dutch institution established by IKEA founder Ingvar Kamprad, is steering clear of large infrastructure general partners and expressing caution toward what it views as erratic US policy, according to the fund's head of unlisted equities Willem Huidekoper.

Huidekoper indicated that the investor prefers to avoid the largest GPs in the infrastructure space, citing concerns over alignment and fee structures. The foundation also remains wary of policy unpredictability emanating from the United States, which could impact regulatory frameworks and investment returns across the sector.

Additionally, the Dutch investor is sceptical of what it perceives as hype surrounding certain infrastructure asset classes. Huidekoper suggested that inflated valuations and herd behaviour in popular sub-sectors pose risks to long-term returns, reinforcing IMAS's disciplined approach to asset selection and manager due diligence.

The strategy reflects a broader caution among European institutional investors navigating volatile macro environments. IMAS Foundation continues to prioritize stability and transparency in its unlisted equity allocations, favoring specialized managers over platform-scale firms.