At the PEI Group Infrastructure Investor Global Summit in Berlin, investors highlighted the growing allure of infrastructure secondaries. Henry Willans, head of infrastructure secondaries at Goldman Sachs Asset Management, said buyers can tap assets that are rarely available in primary deals. Such “unique” holdings often carry long‑term return profiles that are hard to duplicate.

These assets typically surface through the continuation fund market, where sponsors create vehicles to retain high‑quality projects or to package “unique” assets that general partners would struggle to replace after exit. Investors value the scarcity and the predictable cash flows, which can smooth portfolio volatility amid tightening capital markets.

The panel warned that as primary pipelines dry up, demand for these secondary opportunities will intensify, driving up pricing and competition among funds. Managers who can source and lock in such assets now stand to enhance returns and differentiate their portfolios in a market where fresh deals are increasingly elusive.

For investors, the takeaway is clear: securing a slice of these hard‑to‑replicate projects can provide a defensive edge and a source of stable income. Firms that build dedicated infrastructure‑secondaries teams now are better positioned to capture the premium pricing that the scarcity premium commands.