Investors have long flagged the infrastructure secondaries niche as the most under‑funded slice of private markets. Sparse capital limits sellers’ ability to exit legacy projects and constrains buyers seeking diversified, assets. As green infrastructure pipelines swell, the gap between demand and supply widens, prompting a push for more liquidity. Regulators are also monitoring the shortfall, fearing that stalled exits could dampen infrastructure rollout.

The latest Campbell Lutyens year‑end review shows infrastructure secondaries volume expanding at a 11% compound annual growth rate through 2025. That trajectory translates into billions of dollars of new trading activity, yet the market’s capital base remains thin. Existing funds scramble to raise commitments, while sponsors eye secondary transactions to unlock balance‑sheet capacity. Such inflow also pressures pricing, compressing spreads for seasoned investors.

With capital constraints tightening, firms that allocate fresh money to the secondary lane stand to capture higher yields and lower construction risk. The sector’s scaling will likely reshape deal structures, driving more bespoke financing and secondary‑focused funds. Investors must broaden exposure now to benefit from the emerging liquidity premium. Consequently, asset managers are carving out teams to source and underwrite secondary deals, accelerating market maturation.