At the PEI Group Infrastructure Investor Global Summit 2026, LPs voiced skepticism about recent infrastructure CVs transactions. While most deals closed at or above what sellers consider fair market price, LPs argued the pricing does not reflect the maximum value achievable. They warned that complacency could erode capital efficiency across portfolios.

Panelists noted that many CVs are priced near the top of comparable peer benchmarks, yet investors believe more disciplined due‑diligence could shave several percentage points off purchase multiples. Moreover, they cited recent European toll‑road deals as examples where buyers overpaid. The sentiment reflects concerns that inflated pricing may compress future returns, especially as capital inflows into green energy and digital infrastructure intensify competition for assets.

Fund sponsors may now face tighter negotiating levers, with LPs demanding clearer justification for any premium over market comps. Those who adapt by tightening valuation models could preserve fee‑related earnings, while laggards risk heightened scrutiny during the next fundraising cycle. Expectations for transparent benchmarking will likely become a standard clause in future LP agreements, underscoring a shift toward stricter price discipline in the infrastructure market.