Mars 2025
Boston Consulting group (37 pages).
Over the past two decades, private infrastructure investment has delivered a reliable stream of steady returns and served as a major source of capital for the roads, seaports, airports, energy generation and transmission, broadband systems, data centers, and more on which our global society and global economy depend. In the past ten years alone, private infrastructure assets under management (AuM) have more than quadrupled, to $1.3 trillion.
But as this year’s report on the state of private infrastructure investing shows, while infrastructure assets under management continue to grow, deal volume declined in 2024 compared to the previous year, and fundraising is still down 43% from 2022’s peak, despite growing 14% year-over-year.
Moreover, the overall geopolitical situation remains unstable, even as interest rates have stabilized after falling from their recent peaks. The highly uncertain macroeconomic environment remains a concern as well, especially following the recent elections in the US. The new administration is engaged in a major revamping of the country’s administration and budget, which is likely to create unforeseen changes in multiple areas related to government and regulation, with as yet unclear impacts on global trade. The situation is kinetic and is generating considerable uncertainty for investors of all kinds.
Despite the headwinds, however, we believe that the near term prospects for private investment in infrastructure assets has improved since last year’s report. We see indications of further momentum in both investment and dealmaking. We also believe that high-level data does not fully reveal an underlying shift in how investors are approaching the infrastructure asset class. The industry is maturing, its mandate is changing, and both general partners (GPs) and limited partners (LPs) are responding in ways that will positively affect performance. Firms are consolidating to build scale or specialize, expanding their investment options, and improving their operational capabilities, resulting in offerings that are more carefully tuned to the current and future investment environment than ever.
In this year’s report, we provide both the data needed to better understand the current state of private infrastructure investing and an in-depth analysis of how the industry is upping its game in an increasingly complex environment.
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