Ontario Municipal Employees' Retirement System reported a 6 percent net return for infrastructure in 2025, trailing behind real estate at 5.1 percent and significantly underperforming its 10-year average of 9.4 percent. The pension fund's performance was hampered by operational headwinds in European and renewable energy assets, despite stronger results from regulated infrastructure platforms boosted by regulatory outcomes and refinancing activities.

In contrast, Norway's Government Pension Fund Global delivered an impressive 18.1 percent return on unlisted renewables last year, more than tripling its capital commitment to NKr91.3 billion from NKr25 billion in 2024. The fund made its first investments in an electricity grid with a €4.5 billion stake in TenneT Germany and entered its inaugural energy transition fund, Brookfield Global Transition Fund II. Renewables now represent 0.4 percent of the fund's NKr21.3 trillion total assets under management, with plans to gradually increase exposure through direct and indirect investments.

Meanwhile, infrastructure investment activity continues across the sector. F2i reached a €460 million first close for its second infrastructure credit fund, targeting €1 billion, while NOVA Infrastructure raised nearly $1 billion for its mid-market-focused second vintage. These fundraising successes, alongside strategic hires like Quinbrook's appointment of Tim Horneman as Australia managing director, signal ongoing investor confidence in infrastructure despite mixed performance metrics from major pension funds.