Infrastructure Secondaries Daily

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Infrastructure Secondaries Daily episodes

June 26Credit gates and BDC discounts put liquidity stress on tape — June 26, 2026
Apollo Debt Solutions capped redemptions after requests reached 16.8% of shares, while publicly traded BDCs sit at roughly 25% median discounts to NAV. The allocator signal is shifting from isolated withdrawals to a broader new-money strike and liquidity repricing.
In this episode
Private Credit & Alternatives - Week of June 24, 2026: The Buyer Strike Gets Louder | Matterfact Podcast Newsletter — Matterfact
# Private Credit & Alternatives - Week of June 24, 2026: The Buyer Strike Gets Louder
> Private credit and alternatives newsletter for the week of June 17–24, 2026. Apollo capped redemptions in its flagship retail credit fund and BlackRock's HLend run accelerated, but the real signal is the new-money strike: direct-lending issuance fell ~40% and listed BDCs won't rally into a roaring tape.
##…
Evaluating Private Credit Allocations Is More Nuanced Than One Might Think | The WealthAdvisor — The WealthAdvisor
Evaluating Private Credit Allocations Is More Nuanced Than One Might Think | The WealthAdvisor Skip to main content
On the surface, the opportunity appears compelling: redeem capital from a private credit fund at 100% of net asset value (NAV) and redeploy those proceeds into a comparable publicly traded business development company (BDC) available at a significant discount to NAV.
For…
Canada's CPP Investments forms joint venture with Indian data center firm CtrlS - DCD — DataCenter Dynamics
Canada's CPP Investments forms joint venture with Indian data center firm CtrlS - DCD
24 Jun 2026
# Fire at STT GDC/Tata data center in India caused "extensive damage" - report
# DCD Magazine #61 - Life and death on a tower
08 Jun 2026
16–17 September 2026
# Connect DCD Connect | London 2026
# Canada's CPP Investments forms joint venture with Indian data center firm CtrlS
Investment firm…
James Neill Pension Plan completes UK’s second ever capital-backed pension transaction - Pensions Age Magazine — Pensions Age Magazine
James Neill Pension Plan completes UK’s second ever capital-backed pension transaction - Pensions Age Magazine
#### Latest News
## James Neill Pension Plan completes UK’s second ever capital-backed pension transaction
24/6/26
The James Neill Pension Plan has completed a capital-backed investment (CBI) transaction with Portunes Pension Capital, marking the second capital-backed funding deal in…
Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email [email protected].
8 min
June 25IFM tops 50% in Atlas Arteria; PSERS shifts $20B to BNY — June 25, 2026
IFM Investors crossed majority control of Atlas Arteria after lifting its $5.10-a-security bid, giving listed toll roads a live valuation signal for infra secondaries. Railpen’s rejected IP Group approach and PSERS’s $20 billion BNY outsourcing add pension-capital pressure around discounts and mandates.
In this episode
IFM builds Atlas Arteria stake to majority | Financial Standard — Financial Standard
IFM builds Atlas Arteria stake to majority | Financial Standard
The latest issue of Financial Standard now available as an e-newspaper
READ NOW
| https://www.financialstandard.com.au/section/investment |
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## Investment
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# IFM builds Atlas Arteria stake to majority
BY RIDDHIMA TALWANI| WEDNESDAY, 24 JUN 2026 11:53AM
IFM Investors has been slowly creeping control over…
Step Back — If today's concrete signal is IFM moving to majority control of listed toll-road operator Atlas Arteria, how should we read that for private infrastructure secondaries — is a public share price a cleaner benchmark than a fund NAV, or just a different kind of messy signal?Background sources
IFM builds Atlas Arteria stake to majority | Financial Standard — Financial Standard
Atlas Arteria valuation by Kroll finds toll road group worth at least $1b more than IFM offer — Simon Evans
Atlas Arteria takeover: IFM Investors labels independent valuation unbalanced and misleading — Simon Evans
IFM Investors launches $6.9 billion hostile bid for Atlas Arteria — Jenny Wiggins
IFM raises Atlas Arteria's bid, urges shareholders to accept | Financial Standard — Financial Standard
IFM bid undercuts Atlas Arteria value by $1bn: Independent expert | Financial Standard — Financial Standard
IP Group rejects Railpen bid to make it a venture capital manager for pension schemes - QuotedData — QuotedData
IP Group rejects Railpen bid to make it a venture capital manager for pension schemes - QuotedData
## News
- Home
- IP Group rejects Railpen bid to make it a venture capital manager for pension schemes
# IP Group rejects Railpen bid to make it a venture capital manager for pension schemes
###### Sectors
IP Group (IPO), the £581m early-stage investor in university spin-off companies, has…
PSERS outsources $20 billion in investments to BNY Investments Mellon — The Philadelphia Inquirer
PSERS outsources $20 billion in investments to BNY Investments Mellon
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Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts. Feedback? Email [email protected].
10 min
June 24Global secondaries hit $240B as infra activity accelerates — June 24, 2026
Jefferies pegs 2025 global secondaries volume at $240 billion, up 48%, as stalled exits and 10% NAV distributions push LPs and GPs toward repeat sales, including faster-growing infrastructure secondaries.
In this episode
[PDF] Thriving on volatility - Debevoise — Private Equity International
Analysis R O U N D T A B L E 58 Private Equity International • May 2026 The world may be reeling from geopolitical shock after geopolitical shock, but this uncertainty is only fuelling record-breaking secondaries activity, write Amy Carroll and Madeleine Farman Thriving on volatility A ccording to data from Jefferies, the global secondaries market reached $240 billion in transaction volume in…
Step Back — If the headline today is another H1 secondary-market volume number, who’s actually buying all these infrastructure stakes — dedicated secondaries funds, pensions, sovereign wealth funds — and why would they prefer someone else’s partly seasoned fund interest over just making a fresh investment?Background sources
Infrastructure secondaries | Allianz Global Investors — Allianz Global Investors
Inside Ares' Bold Pivot Into Infrastructure Secondaries - Propmodo — Franco Faraudo
Case for Secondary Exposure in Mature Private Asset Portfolios - HarbourVest — Harbourvest
Infrastructure Secondaries Are Becoming Structural: Why Operational Execution Is Now the Deciding Factor - Alter Domus — Alterdomus
What’s Behind the Continued Growth in Private Markets Secondaries? - CAIS — Caisgroup
Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts. Feedback? Email [email protected].
6 min
June 23LP Secondaries Hit $87B, Pricing Rises to 89% of NAV — June 23, 2026
LP secondaries reached $87 billion of volume in 2024, with average pricing rising to 89% of NAV, while Setter, Macquarie, ILPA and Preqin frame the next pressure point: infra specialization, GP-led governance, and buyer capital capacity.
In this episode
[PDF] Volume Report H1 2025 - Setter Capital — Setter Capital
Setter Capital Volume Report 1 First in the secondary market. . Volume Report H1 2025 25th Edition Setter Capital Volume Report 2 Highlights The Setter Volume Report analyzes global secondary market activity in H1 2025 and covers the following topics: › Total Volume of Secondary Deals › Breakdown of Volume between Funds and Directs › Breakdown of Volume by Type of Assets Purchased › Breakdown of…
[PDF] Perspectives - Infrastructure secondaries specialisation can unlock ... — Macquarie Asset Management
MACQUARIE ASSET MANAGEMENT Perspectives Infrastructure secondaries specialisation can unlock opportunities Infrastructure Secondaries | April 2025 Wandy Hoh | Head of Infrastructure Secondaries Christian Simmons | Infrastructure Secondaries Investment Associate Aizhan Meldebek | Global Infrastructure Strategist Executive summary • Sourcing and identifying attractive opportunities in the private…
[PDF] GP-led Secondary Fund Restructurings | ILPA — Institutional Limited Partners Association
. GP-led Secondary Fund Restructurings Considerations for Limited and General Partners April 2019 © 2019 Institutional Limited Partners Association. All rights reserved. 2 Table of Contents Overview and Summary Recommendations 3 General Partner-led Restructurings Defined 4 Considerations and Recommended Best Practices Limited Partner Engagement and the Role of the LPAC 5 Disclosures 6 Structure…
[PDF] Blossoming New Era of Secondaries | Commonfund — Commonfund
The Secondary market vaulted to a record year in 2024 and is poised for another record-breaking year in 2025. Secondary market growth is constrained by both a lack of investable and human capital. The rise of the ‘40 Act funds, the increase in GP-led funds, and the robust LP market are driving volume increases.
Blossoming New Era of Secondaries by Lawrence Shoykhet 1 Blossoming New Era of…
[PDF] Secondaries in 2025 — Preqin
Secondaries in 2025 > Since 2022, the soft exit environment has been a boon to the secondaries market. We expect the LP-led market to deepen, and GP-led secondaries are set to benefit from further growth > Continuation funds have become mainstream in private equity, representing almost half of the secondaries market > Although private equity secondaries dominate by share of AUM, infrastructure…
Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts. Feedback? Email [email protected].
10 min
June 22Jefferies puts H1 secondary volume at $103B — June 22, 2026
Jefferies H1 2025 secondary market review puts global volume at $103 billion and average LP-portfolio pricing at 90% of NAV, with Morgan Lewis and StepStone context on GP-led continuation vehicles and infrastructure secondaries.
In this episode
[PDF] H1 2025 Global Secondary Market Review - Jefferies — Jefferies
PRIVATE CAPITAL ADVISORY H1 2025 Global Secondary Market Review JULY 2025 2 GLOBAL SECONDARY MARKET REVIEW | JULY 2025 H1 2025 Highlights ▪Global secondary market volume of $103 billion increased 51% from $68 billion in H1 2024. This represents the largest year-over-year H1 volume increase and the most active 6-month period in market history. Market volume was driven by multiple tailwinds,…
campbell-lutyens-1h-2025-secondary-market-overview-report.pdf — Campbell Lutyens
Strictly private & confidential
## 1H 2025
# Secondary Market
# Overview Report Campbell Lutyens ΙStrictly private & confidential
Transaction pricing analysis Transaction pricing analysis
Transaction
pricing analysis
Highlights Highlights
Highlights
Geographical dispersion of activity Geographical dispersion of activity
Geographical
dispersion of activity
LP-led…
Continuation Vehicles and Coinvestments — Morgan, Lewis & Bockius LLP
© 2025 Morgan, Lewis & Bockius LLP June 10, 2025 NEW YORK Continuation Vehicles and Co-Investments Speakers Aaron D. Suh +1.215.963.5742 aaron.suh@ morganlewis.com Joseph D. Zargari +1.212.309.7020 (+joseph.zargari@ morganlewis.com Continuation Vehicles $10 $18 $21 $25 $74 $20 $18 $21 $20 $79 $2 $2 $3 $5 $12 $32 $38 $45 $50 $165 – $20 $40 $60 $80 $100 $120 $140 $160 Q1 Q2 Q3 Q4 FY 2024 GP-Led…
[PDF] Impact of New SEC Rule on Valuation & Conflicts of Interest — Standards Board for Alternative Investments
1 STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS GP-Led Secondaries: Impact of New SEC Rule on Valuation & Conflicts of Interest 1. Introduction On 23 August 2023, the Securities and Exchange Commission (SEC) introduced new rules and changes under the Investment Adviser Act of 1940 to bolster regulation of private fund advisers. These rules aim to protect investors in private funds by enhancing…
[PDF] Fundamentals of infrastructure secondaries - FS Super — FS Super
THE JOURNAL OF SUPERANNUATION MANAGEMENT • FS Super www.fssuper.com.au June | 2025 Fundamentals of infrastructure secondaries Stepstone T he secondary market has been a hot topic of conversation across private markets throughout the 2020s. Continued growth in deal volumes driven by overall private markets net asset value (NAV) growth and the ongoing evolution of the general partner (GP)-led…
Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts. Feedback? Email [email protected].
12 min
June 19GCP Infrastructure’s RCF drops to £10m as discount narrows — June 19, 2026
GCP Infrastructure is using capital recycling to narrow its discount, targeting £150m of disposals, at least £50m returned to shareholders, and an RCF balance reduced to £10m.
In this episode
GCP Infrastructure - Substantive progress - QuotedData — QuotedData
![Quoted Data Logo](/wp-content/themes/quoteddata/images/logo-white.png)
##### Search
##### Account
##### Menu
# GCP Infrastructure – Substantive progress
###### Sectors
## Substantive progress
Since interest rates began to rise to tackle inflation, GCP Infrastructure (GCP) has, like many similar investment companies, been afflicted by a wide share price discount to net asset value (NAV).…
Step Back — When someone says an infrastructure stake sold at, say, a 10% discount to NAV, what is that NAV actually based on in a private fund — and how much confidence should we have in it when the roads, data centers, or power assets aren’t trading every day?Background sources
Infrastructure valuation: a checklist for sponsors - Gridlines — Gridlines
Infrastructure valuations | UBS United States of America — UBS United States of America
Can You Trust the NAV of a Private Credit Fund? — Owners
The Surprising Math of Secondary Fund Returns — Richard Baker
Pricing in LP Secondary Sales — Joran Partners — Written By Tanmay Annachhatre
Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts. Feedback? Email [email protected].
7 min
June 18GP-led continuation funds hit $108B as fairness checks face scrutiny — June 18, 2026
Coller Capital says GP-led continuation-fund volume reached $108 billion in 2025, up from $77 billion, while the governance question remains whether fairness opinions, LPAC review, and buyer pricing really protect selling LPs.
In this episode
GP-Led secondaries in 2025: A record-breaking year — Coller Capital
# GP-Led secondaries in 2025: A record-breaking year
## Coller Capital
764 subscribers
### Description
14 views
Posted: 26 May 2026
Paul Lanna, Partner, Investment at Coller Capital, on the state of the GP-led market and where a scaled buyer finds its edge.
### Transcript:
2025 was another record-breaking year for GPLEDs, uh, specifically continuation funds. There was $108 billion of…
Step Back — When a GP-led continuation vehicle lets fund investors either cash out or roll over, who actually checks that the price is fair — and what keeps it from becoming a case of the manager grading its own homework?Background sources
Continuation Funds: Ethics in Private Markets, Part I — Cfainstitute
Managing Economics and Conflicts in GP-Led Real Estate Continuation Vehicles | Insights & Resources | Goodwin — Goodwin
Mainstream, Not Marginal: What’s Next for Continuation Funds | Skadden, Arps, Slate, Meagher & Flom LLP — Skadden, Arps, Slate, Meagher & Flom LLP
Source — Sacrs
Fund-of-funds doing secondaries adds conflict on top of conflict - PitchBook — Pitchbook
Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts. Feedback? Email [email protected].
8 min
June 16LP Secondaries Hit $87B as Pricing Climbs to 89% of NAV — June 16, 2026
Commonfund’s secondaries paper cites $87 billion of 2024 LP secondary volume and average pricing at 89% of NAV, while Setter and ILPA materials frame the harder question for infrastructure desks: how private-market volume is counted, and where GP-led conflicts sit.
In this episode
[PDF] Volume Report H1 2025 - Setter Capital — Setter Capital
Setter Capital Volume Report 1 First in the secondary market. . Volume Report H1 2025 25th Edition Setter Capital Volume Report 2 Highlights The Setter Volume Report analyzes global secondary market activity in H1 2025 and covers the following topics: › Total Volume of Secondary Deals › Breakdown of Volume between Funds and Directs › Breakdown of Volume by Type of Assets Purchased › Breakdown of…
Step Back — When a Jefferies, Setter or Campbell Lutyens report says infrastructure secondaries traded at a certain volume or discount, how are those private deals actually being counted — and why might the headline numbers differ from one report to another?Background sources
H1 2025 Global Secondary Market Review — Jefferies
Infrastructure secondaries | Allianz Global Investors — Allianz Global Investors
Secondaries Q1 2026 Update | Insights | Ropes & Gray LLP — Ropes & Gray LLP
Secondaries Q1 2026 Update - Lexology — Lexology
[PDF] GP-led Secondary Fund Restructurings | ILPA — Institutional Limited Partners Association
. GP-led Secondary Fund Restructurings Considerations for Limited and General Partners April 2019 © 2019 Institutional Limited Partners Association. All rights reserved. 2 Table of Contents Overview and Summary Recommendations 3 General Partner-led Restructurings Defined 4 Considerations and Recommended Best Practices Limited Partner Engagement and the Role of the LPAC 5 Disclosures 6 Structure…
[PDF] Blossoming New Era of Secondaries | Commonfund — Commonfund
The Secondary market vaulted to a record year in 2024 and is poised for another record-breaking year in 2025. Secondary market growth is constrained by both a lack of investable and human capital. The rise of the ‘40 Act funds, the increase in GP-led funds, and the robust LP market are driving volume increases.
Blossoming New Era of Secondaries by Lawrence Shoykhet 1 Blossoming New Era of…
[PDF] Private equity secondaries market set for more growth after record year — Pantheon
PRIVATE AND CONFIDENTIAL APRIL 2025 FROM STRENGTH TO STRENGTH: PRIVATE EQUITY SECONDARIES MARKET SET FOR MORE GROWTH AFTER RECORD YEAR 2 From strength to strength: Private equity secondaries market set for more growth after record year Conditions for private equity secondaries continue to be supportive, leading to a growing interest in the market from both General Partners (GPs) and Limited…
Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily wherever you listen. Feedback? Email [email protected].
17 min
June 15Jefferies: Secondaries Hit $103B, LP Pricing at 90% of NAV — June 15, 2026
Jefferies’ H1 2025 Global Secondary Market Review puts first-half volume at $103 billion, up 51% year over year, with LP portfolios averaging 90% of NAV. The through-line: liquidity demand kept rising while GP-led continuation vehicles scaled across private markets.
In this episode
H1 2025 Global Secondary Market Review - Jefferies.com — Jefferies
PRIVATE CAPITAL ADVISORY H1 2025 Global Secondary Market Review JULY 2025 2 GLOBAL SECONDARY MARKET REVIEW | JULY 2025 H1 2025 Highlights ▪Global secondary market volume of $103 billion increased 51% from $68 billion in H1 2024. This represents the largest year-over-year H1 volume increase and the most active 6-month period in market history. Market volume was driven by multiple tailwinds,…
[PDF] Global Secondary Market Review - Jefferies — Jefferies
PRIVATE CAPITAL ADVISORY Global Secondary Market Review JANUARY 2025 2 GLOBAL SECONDARY MARKET REVIEW | JANUARY 2025 2024 Highlights ▪Global secondary market transaction volume rose to $162 billion, marking a 45% increase from $112 billion in 2023 and surpassing the previous record of $132 billion in 2021. Aggregate H2 2024 volume of $94 billion was 38% higher than H1 2024, with an 18% increase…
[PDF] Continuation Vehicles and Coinvestments - Morgan Lewis — Morgan Lewis & Bockius LLP
© 2025 Morgan, Lewis & Bockius LLP June 10, 2025 NEW YORK Continuation Vehicles and Co-Investments Speakers Aaron D. Suh +1.215.963.5742 aaron.suh@ morganlewis.com Joseph D. Zargari +1.212.309.7020 (+joseph.zargari@ morganlewis.com Continuation Vehicles $10 $18 $21 $25 $74 $20 $18 $21 $20 $79 $2 $2 $3 $5 $12 $32 $38 $45 $50 $165 – $20 $40 $60 $80 $100 $120 $140 $160 Q1 Q2 Q3 Q4 FY 2024 GP-Led…
[PDF] Fundamentals of infrastructure secondaries - FS Super — FS Super
THE JOURNAL OF SUPERANNUATION MANAGEMENT • FS Super www.fssuper.com.au June | 2025 Fundamentals of infrastructure secondaries Stepstone T he secondary market has been a hot topic of conversation across private markets throughout the 2020s. Continued growth in deal volumes driven by overall private markets net asset value (NAV) growth and the ongoing evolution of the general partner (GP)-led…
[PDF] Impact of New SEC Rule on Valuation & Conflicts of Interest — Standards Board for Alternative Investments
1 STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS GP-Led Secondaries: Impact of New SEC Rule on Valuation & Conflicts of Interest 1. Introduction On 23 August 2023, the Securities and Exchange Commission (SEC) introduced new rules and changes under the Investment Adviser Act of 1940 to bolster regulation of private fund advisers. These rules aim to protect investors in private funds by enhancing…
Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily wherever you listen. Feedback? Email [email protected].
11 min
June 12Partners Group Hits $650M First Close for Real Estate Secondaries — June 12, 2026
Partners Group secured $650 million for its fifth real estate secondaries strategy, targeting $1.5 billion across a closed-end fund, bespoke mandates and related vehicles as real estate LP liquidity remains tight.
In this episode
Partners Group secures $650m for new real estate secondaries strategy | News | Real Assets — IPE staff 11 June 2026
Partners Group Holds $650 Million First Close for Fifth Real Estate Secondaries Program | MarketScreener Australia
PARTNERS GROUP HOLDING AG
Add to a list PDF Report
# Partners Group Holding AG
## Stocks
## PGHN
## CH0024608827
## Investment Management & Fund Operators
Market Closed - Swiss Exchange
| 01:30:08 12/06/26 am AEST | 5-day change | 1st Jan Change |
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Step Back — When a firm says it’s raising a real-assets or infrastructure “secondaries” fund, what is it actually buying — LP stakes, continuation-vehicle interests, direct asset exposure — and why does that mix change what listeners should infer from a headline fundraising number?Background sources
Secondaries 101 | Research & Insights — [email protected]
Infrastructure Secondaries Are Becoming Structural: Why Operational Execution Is Now the Deciding Factor - Alter Domus — Alterdomus
From Last Resort to First Choice: How Real Assets Secondaries Are Powering Liquidity and Strategy | Jefferies.com — csullivan
PE Secondary Transactions and GP-Led Continuation Vehicles: 2026 Legal Guide | Acquisition Stars — Acquisition Stars
Infrastructure secondaries | Allianz Global Investors — Allianz Global Investors
Enhancing Diversified Secondaries with a Complementary Allocation to GP-led Single-Asset Funds - HarbourVest — Harbourvest
Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily wherever you listen. Feedback? Email [email protected].
9 min

About Infrastructure Secondaries Daily

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Infrastructure Secondaries Daily is the only daily briefing built around the secondary market for infrastructure fund interests — LP stake sales, GP-led continuation vehicles, strip sales, and…

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