Infrastructure secondaries deals have achieved strong pricing for quality assets despite being one of the most undercapitalized private market strategies, according to Macquarie’s Wandy Hoh at the PEI Group’s Infrastructure Investor Global Summit 2026. The market faces a 0.5x capital overhang, meaning available capital lags behind transaction volume, yet demand remains robust. Hoh emphasized that limited dry powder—enough to cover only one year of potential deals—hasn’t dampened investor confidence. Macquarie’s insights highlight the sector’s resilience, with high-quality infrastructure assets commanding premiums even as liquidity remains tight.

This dynamic underscores a critical tension: while capital constraints persist, pricing power endures, signaling enduring demand for stable, long-term infrastructure investments. The Wandy Hoh-led analysis suggests that despite challenges, the infrastructure secondaries market continues to attract strategic buyers, balancing scarcity with opportunity.