In this episode, editor-in-chief Bruno Alves sits down with Andrea Echberg, global head of Pantheon’s infrastructure team.

Echberg is a veteran of the infrastructure secondaries market, and the discussion traces the evolution of secondaries from a niche strategy to a core part of institutional portfolios. It also explores the impact of higher interest rates and liquidity constraints on deal activity on the sector, why investor appetite for infrastructure secondaries continues to grow, and how pricing, fundraising and competition are shaping the market.

The discussion also touches on what Echberg calls “the good, the bad and the ugly” of continuation vehicles; the opportunities created by long-term themes like digital infrastructure and the energy transition; non-GP sources of assets; and what the next phase of growth could look like as the market becomes increasingly institutionalised.