As fundraising slows, LPs are switching up their favoured strategies – value-add and debt are on the rise, while core infrastructure has lost some of its appeal. Value-add strategies are gaining momentum as investors seek higher returns in a constrained capital environment. Debt investments are strengthening, offering more attractive risk-adjusted returns compared to traditional core holdings.

Secondaries activity is also reshaping the market, providing liquidity and enabling portfolio rebalancing. This shift reflects a broader trend where LPs prioritize yield and flexibility over stable, low-return core assets. The changing dynamics are driven by macroeconomic pressures and evolving risk appetites across the infrastructure investment landscape.