In a market shaped by slower exits and macro uncertainty, infrastructure secondaries is increasingly viewed as a defensive investment strategy as LPs seek stable cashflows and downside protection.

Infrastructure secondaries saw approximately $9.5 billion of deployment in 2025, including around $5.5 billion across LP-led transactions, according to Evercore's 2025 Secondary Market Report. Among non-buyout strategies, only credit secondaries saw higher deployment volumes at roughly $20 billion last year.

In this episode, Americas correspondent Hannah Zhang is joined by Wandy Hoh, head of secondaries and co-investments at Macquarie Asset Management, and Jeremy Duksin, co-head of the GP Solutions Group at Baird.

The discussion explores the forces behind the rise of infrastructure secondaries, including LPs' growing demand for defensive assets, the expansion of GP-led transactions, and the favourable dry powder dynamics fuelling the market's continued growth.