US investors displayed a home bias in their commitments during the first half of the year, most of which went to North America-focused funds. This trend highlights a continued underallocation to infrastructure even as global markets pivot toward high‑growth sectors.

Temasek plans a significant increase in AI‑related exposure, while BNPP AM Alts’ Prime seeks new infra partners. In Southeast Asia, INA is drawing investors into the ‘Indonesian nexus’. Partners Group has raised $15bn for its fourth direct infra programme, and EQT secured $9.4bn for an AI fund, signalling cross‑sector appetite.

GIP’s record‑busy year and IFM’s $2bn value‑add target further illustrate the breadth of activity. Despite these deals, the overall allocation to infrastructure remains below historical averages, suggesting investors still view the sector as less attractive compared to tech and growth assets.

The persistence of underallocation underscores the need for infrastructure funds to demonstrate resilience, stable cash flows, and strategic positioning to win investor confidence in a shifting capital landscape.