Continuation vehicles (CVs) in infrastructure are experiencing unprecedented growth, driven by ongoing limited partner (LP) acceptance and favorable secular tailwinds. Market participants increasingly view CVs as a viable mechanism for extending asset holding periods and unlocking value without forcing premature exits.

Recent fundraising activity underscores the momentum. NIIF secured a $2bn first close for its second infrastructure fund, backed by strong re-up commitments. EQT leveraged secondaries to establish the initial phase of its AI-focused infrastructure strategy, while Terramont targets $750m for its second vehicle. CIP reached a $3bn final close for its second growth markets renewables strategy.

Additionally, Igneo highlighted that private wealth could represent up to 20% of its ANZ open-end fund, reflecting growing demand from individual investors. Meanwhile, ECP closed its largest fund on $8.1bn, citing distribution to paid-in capital (DPI) as a key performance driver.

These developments signal deepening institutional confidence in infrastructure as an asset class, with CVs playing an increasingly central role in portfolio management and liquidity generation.