M&G, the UK life and pensions firm, is building its infrastructure secondaries exposure with a current focus on single-asset GP-led deals, according to Anish Majmudar, co-head of infrastructure funds and co-investments.

Majmudar tells Secondaries Investor that the insurer seeks to back CVs involving assets that need more time and capital to support growth, as opposed to primarily allowing a GP to hold on to a trophy asset. He notes the firm has a mid-market infra focus.

“We expect to do more infrastructure secondaries over time, but selectively [and with no set deployment target],” says Majmudar, who sees it as an early-stage market that will continue growing.

The strategy emphasizes supporting assets requiring additional capital and time rather than simply providing liquidity for trophy assets. Majmudar highlights the nascent nature of the infrastructure secondaries market, indicating M&G will increase participation selectively as the market matures.