Allianz Global Investors, part of German insurer Allianz, signals a surge in infrastructure secondaries. Co‑heads Maria Aguilar‑Wittman and Tillman Mueller point to a buyer’s market, noting a projected $20bn–$25bn volume in 2025. Their €12 billion infra‑funds platform already digs into secondaries to widen sector exposure. They focus on assets priced below market averages to unlock hidden value.

Infrastructure spending has climbed as governments chase climate targets, pushing asset managers toward secondaries for quicker deployment. Allianz’s strategy leverages its €12 billion platform to source deals that traditional primary funds miss. The upside comes from lower entry prices and accelerated cash flows, offering risk‑adjusted gains that appeal to pension‑fund mandates in a liquidity environment.

Secondaries also sidestep the long lock‑in of primary projects, enabling Allianz to rebalance portfolios amid policy shifts. The firm has already closed deals worth millions, signaling confidence in the sector’s resilience. Investors watching may view Allianz’s moves as a bellwether for broader institutional interest in infra secondaries as they seek higher yield dynamics in today.

With a projected $20bn–$25bn flow next year, Allianz’s infra secondaries push could reshape allocation patterns across Europe. The €12 billion platform’s aggressive stance signals that institutional investors will increasingly look for secondary avenues to gain exposure. The strategy underscores a shift toward faster, more flexible infrastructure investing in the mid‑term horizon for portfolio diversification and risk.