Partners Group’s North Star strategy targets the often‑overlooked niche of infrastructure secondaries, a segment Esther Peiner says delivers “super interesting” risk‑adjusted returns. By aggregating fragmented stakes in mature assets, the firm aims to provide stable cash flow while limiting exposure to new‑build construction risk. The approach aligns with investors’ appetite for predictable yields amid volatile markets for investors.

Recent secondary transactions, such as Altérra’s $600m carve‑out of a Peruvian power portfolio, illustrate growing appetite for liquidity in the sector in 2026. Partners Group leverages its global platform to source deals that traditional fund‑of‑funds often miss, positioning itself as a bridge between sellers seeking exit and buyers demanding diversified exposure. This model can compress spreads and boost internal rates of return.

With capital inflows into infrastructure remaining robust, the North Star thesis could reshape secondary market dynamics, forcing competitors to enhance sourcing capabilities. Peiner’s confidence suggests the strategy will attract institutional capital seeking lower volatility than primary builds. Partners Group therefore stands to increase its assets under management by tapping this undervalued segment, reinforcing its position as a leading infra‑secondaries specialist globally.