2026年基础设施战略报告

INFRASTRUCTURE

STRATEGY2026AYearofIncreasingScaleand

DiversificationMarch2026ByWilhelmSchmundt,AlexWright,

EmmanuelAustruy,

Benjamin

Entraygues,

Lauren

Powers,Thomas

Bumberger,

David

Parlongue,

DanielSelikowitz,

Jens

Frogner,and

JulienVialadeContents03

Introduction04TheState

of

theArt15Geographicand

SectorAnalysis24New

Assets,

New

Opportunities28A

New

LevelofDynamism29About

the

AuthorsIntroductionPrivateinfrastructureinvesting

has

recently

passedthroughtwo

challengingyears.

Fundraisingfell

by

nearly

half

in

2023androseonlya

littlein

2024,whiledeal

activitydeclined.

In

parallel,inflationary

pressuresand

higherinterest

rates,aswellastheimpactofregulatory

uncertaintyinsome

regions,

lefttheirtraces

in

portfolios.

Portfoliocompany

hold

periodsgrew

longer,andexits

tocontinuationfundsgrew

morecommon.While

returns

remained

withintheir

historical

range,volatilityincreased.Ineffect,these

resultstestedthe

basicassumption

behind

privateinfrastructureinvesting—thatit

providesconsistent,

reliable,and

reasonablyinflation-proofreturns.

Whiletheimpactof

thetwoyearscontinuesto

lingeracrosstheassetclass,the

most

recent

numbers

makeclearthatsuchinvestment

has

notonlysurvived

butisshowing

renewedstrength.

Fundraisingis

upconsiderably,

andassets

under

management(AUM)

has

reacheda

new

peak.Aftera

recentdecline,dealmakingactivity

showssignsof

stabilizing.Andinvestors

remaineven

more

bullish

onthisassetclassthanonother

kinds

ofprivate

capital.Atthesametime,the

renewedsenseof

optimism

has

primarily

benefitedthe

largestinfrastructurefunds.Limited

partners(LPs)

have

been

puttingaconsiderableportionof

theirallocationsintothe

biggestand

mostdiversifiedinvestment

managers.Thissuggeststhat

LPsareseekingassuranceofreliable

returnsand

regulardeploymentof

funds,evenasthey

move

upthe

risk

curve

insearchof

greater

upsides.

In

response,general

partners

(GPs)continuetoexpandtheirinvestment

horizon

beyond

traditionalinfrastructureassetstoincludeselectiveinvestmentsin

promising

newareas,includingservices,

agriculture,andcontract

manufacturing.Inthis,ourfifthannual

reporton

privateinfrastructureinvestingandstrategy,weanalyze

howthesetrends

haveaffectedtheinfrastructureinvestmentenvironment,where

theassetclassis

headingoverthe

nextseveralyears,and

whatitwilltakefor

bothGPsand

LPstowininthe

newera.BOSTON

CONSULTING

GROUP

INFRASTRUCTURESTRATEGY2026:

A

YEAROFINCREASINGSCALE

ANDDIVERSIFICATION3In

2023,fundraising

had

hita

lowanddeal

flow

remained

constrained.Thedifference

betweenthenand

nowisstriking,especiallywhencomparedtoother

privateinvestmentclasses.

Fundraisingincreasedsubstantially,

rewarding

LPs’ongoingsupportfortheasset

class.

Some

areevensignalinganincreased

appetitefor

higherreturns—despitetheassociated

risk.Whilechallenges

remain,thedatastronglysuggeststhatinfrastructure

investingappearsto

haveweatheredthe

recentstorm.AUMRisesasFundraisingRecoversTheamountofmoney

managed

by

privateinfrastructurefundscontinuestogrow.Withexisting

LPs’

renewedwillingnesstoallocateassetstotheclass,aswellasinvestmentsfrom

new

LPs,infrastructureAUMincreasedto

$1.6trillionthroughthefirst

half

of2025,22%greaterthan

attheendof

thesame

periodin2024.

Inall,infrastructure

AUMgrew11%annuallysince2020

and

now

accounts

forfully10%of

allalternativeassets(see

Exhibit1).Someof

theincreasecan

beattributedtothe

significant

recoveryinfundraising.

Infrastructurefunds

raised$211billionin

2025,

up60%fromthe

previousyearand

an

11%

increaseover

2022,whenfundraising

last

reacheda

peak.

Thegreat

majorityof

thefundscamefrominvestorsinEuropeand

NorthAmerica,indicatingtheir

renewed

confidenceintheassetclass.Investorsincreasinglyfavoredfunds

pursuingcore-plusand

value-addedstrategies,whichtogethercapturedalmost70%of

total

newfunds(see

Exhibit2).Thisindicatesa

somewhatincreasedappetitefor

risk—furthersignaling

investors’

renewedfaithin

privateinfrastructure—and

could

pushGPstoseekout

newsources

ofassetswith

greater

returns.Dry

Powder

DeclinesMeanwhile,thetwoyearsof

weakfundraising

ledtoadeclineintheamountof

dry

powderavailablefor

investing

since

2023,as

morefunds

putthecapitalthey

hadtowork

overthe

periodanddealsizeincreasedsubstantially(see

Exhibit3).Asfundraisingcontinuesto

recover,thisis

likely

to

rebound.These

resultsstandinsharpcontrasttothefundraisingfortunesof

other

privateassetclasses,whicharesuffering

tovaryingdegreesfrom

lackluster

returnscomparedtobooming

publicequity

markets.After

reachingits

peakin

2021,fundraisingfor

privateequity

hasfallenconsiderably

and

hasyetto

recover.

Fundraisingforothertypesofprivateassetclasses

reachedits

peakayearearlier

(see

Exhibit4).Thisisaclearsignof

the

renewedwillingness

onthe

partof

investorsto

puttheirfaithininfrastructure

investment’sstableand

reliable

returns.The

State

ofthe

ArtBOSTON

CONSULTING

GROUP

INFRASTRUCTURESTRATEGY2026:

A

YEAROFINCREASINGSCALE

ANDDIVERSIFICATION4Sources:

Preqin;

BCGanalysis.Note:AUM=assets

under

management;VC=venture

capital.1Includescore,core-plus,value-add,andopportunistic

strategies.EXHIBIT2Fundraising

RoseAlmost60%in

2025,

Hittinga

New

RecordEXHIBIT1InfrastructureAssets

Under

Management

Reached$1.6Trillionin

2025and

Now

Represent

10%of

All

Private

MarketAssetsPrivatemarketsAUMbyassetclass($trillions)CAGR2015−2020(%)CAGR2020−2025(%)

Infrastructure11911

Privatedebt1610

Realestate98

VC279

Privateequity1610179 North

America

Europe

Asia

Australasia

Other

Core

Core-plus

Value-add

Opportunistic

DebtSources:

Preqin;

BCGanalysis.Globalinfrastructurefundraisingbyfundstrategy($billions)20616.1

15.410.0%43.8%17%8.57.26.45.4BOSTON

CONSULTING

GROUP

INFRASTRUCTURESTRATEGY2026:

A

YEAROFINCREASINGSCALE

ANDDIVERSIFICATION516814134%17%23%43%31%16%9%14.913.913.22015201620172018201920202021202220232024H1

2025Globalinfrastructurefundraisingbyregion($billions)’15

’16

’17

’18

19’20’21

’22

’23’24’25’15’16’17’18’19

’20’21’22’23

’24’2527%43%24%14225%42%15%12113%56%11%13028%32%25%4.78.8%45.6%13032%13%47%11414%47%24%999%55%14%8524%29%27%32%99114aa43%50%36%36%32%40%48%12%43%40%34%42%18923%38%53%42%19%27%34%29%20%27%25%27%35%10.39.5%30%10%12%6%43.2%7%+58%

4%

1%

52%+9%55%41%18920613016813014114212185Sources:

Preqin;

BCGanalysis.Note:

Numbers

may

notsumdueto

rounding.1Q3data

available

only

as

of

February

2026.EXHIBIT4InvestorsAreShowing

Renewed

Faithin

Infrastructure

EvenasOther

PrivateAssetClassesStruggleto

Raise

FundsDry

Powder

Further

Declines,

but

Is

Expectedto

RiseAgainas

Fundraising

IncreasesOpportunistic–8Value-added7Core9Core-plus7Global

fundraising

by

other

asset

classes1Index(2015

=

100)BOSTON

CONSULTING

GROUP

INFRASTRUCTURESTRATEGY2026:

A

YEAROFINCREASINGSCALE

ANDDIVERSIFICATION6Index(2015

=

100)+44%GlobalprivateequityfundraisingIndex(2015

=

100)20152016201720182019202020212022202320242025Q31222198117–8%171149122

126–14%214183159Sources:

Preqin;

BCGanalysis.1Includes

realestateand

private

debt.+6%298197275133384211051021562421533721988108159338168999135329209980130CAGR2015−2025(%)167

165153142Globalinfrastructurefundraising25510707997266216558122’

15’

16’

17’

18’

19’

20’

21’

22’

23’

24’25’15

’

16’

17’

18’

19’

20’

21’

22’

23’

24’25’15

’

16’

17’18

’

19’

20’

21’

22’

23’

24’252403046561092242455568919214419922395484196

194172EXHIBIT3EXHIBIT3138223632481331001771576($billions)135124245235115104100100Deal

FlowStabilizesDealactivity

remained

below

historical

peaksin

2025,with

6%fewerdealsthaninthe

previousyear.Yetdealmakingis

showingsignsofrecovery,driven

largely

byincreaseindeal

activityamongthetop50funds,withthe

greatestincrease

intheenergyandenvironmentsector(see

Exhibit6).Atthesametime,theaverage

holding

periodfor

portfolio

companiesowned

bythetop50GPs

has

increasedsubstantiallyinthe

pastfiveyears,from6.1yearsin

2021

toacurrent7.6years.The

average

numberof

companies

held

byinfrastructurefundsalsocontinuestogrow,

from

1,123in

2021to

1,639in

2025.Andeventhoughthenumberof

exitsis

higherthanit’s

beeninthe

pasttwo

years,

manyinvolvedsalestocontinuationvehiclesand

open-endedfunds(see

Exhibit7).The

longer

hold

periodsarealsothe

resultof

theincreasing

popularityof

open-endedfundsamong

bothGPsand

LPs.Theseallowfund

managersto

holdontoinvestments

longer,

withthe

potentialtofully

realizethevalueof

thetypesofinfrastructureassetstheyinvestin(see

Exhibit8).Large

Funds

BenefitAsfundraising

recoveredin

2025,

LPs

putanincreasingshareof

theirallocationsintothe

largest50infrastructure

funds—almostthree-quarters—whilethetopfivefundsalonetookincloseto50%(see

Exhibit5).Thisis

likely

notonlythe

resultof

the

largerfunds’well-trainedfundraising

muscle

butalsoofa

relativelystrongertrack

recordin

recentyearsfordeployingcapitaland

providing

lessvolatile

returns.Weexpecttheindustrytoevolveinto

a

more

pronounced

barbellstructure.Ononeend,

mega-platformswillcontinuetoconsolidateshare,

leveragingscale,sectorspecialization,integratedoperationalcapabilities,andmulti-assetsolutionstowin

larger

mandates.Ontheother,

asubsetofhighlyfocusedspecialistswillcarve

outdefensible

positions,oftentailoredtospecificsubsectors,

strategies,and

marketsegments.18916812111440%

51%

9947%

........................................................................................................63%..........................39%68%59%49%

61%35%

38%EXHIBIT5The50

Largest

Infrastructure

Investors

BroughtinAlmostThree-QuartersofCapitalAllocatedto

Infrastructurein

2025Globalinfrastructurefundraisingbyinfrastructurefunds($billions)

Top50GPsOtherGPsSources:

Preqin;

BCGanalysis.Note:GP=

general

partner.BOSTON

CONSULTING

GROUP

INFRASTRUCTURESTRATEGY2026:

A

YEAROFINCREASINGSCALE

ANDDIVERSIFICATION720152016201720182019202020212022202320242025

85

65%

62%52%

avg.

share,comment

top50

GPs32%41%65%35%#

offundsTop50

GPsOtherGPs37%53%60%28%72%183184206177197130130191154142141214201121122383838883432302329232524

EmerginginfrastructureSocialinfrastructureTransport&

logisticsDigitalinfrastructureEnergy&environmentSources:

Preqin;

BCGanalysis.Note:GP=general

partner;only

includes

acquisitions

made

by

investors;

corporate

and

strategic

deals

are

not

included;

numbers

may

not

sum

due

to

rounding.EXHIBIT7The

NumberofInfrastructure

Exits

Increasedin2025,with

MostCompaniesGoingtoOther

Funds,andtheAverage

DealSize

IncreasedAllglobalinfrastructureexitsbybuyertype(#of

deals)202020212022202320242025162628132217

Avg.dealsize($millions)1Fund-aquiredexitsCorporate-acquiredexitsOtherexits855932671550DealActivityOverall

Remains

Low,

buttheTop50

Funds

Made

More

DealsThanThey

Haveinthe

PreviousTwoYearsSources:

Preqin;

BCGanalysis.1Calculated

based

on

a

subset

of30%of

global

deals,

per

available

data.BOSTON

CONSULTING

GROUP

INFRASTRUCTURESTRATEGY2026:

A

YEAROFINCREASINGSCALE

ANDDIVERSIFICATION8399

12

154233271140

140283

12

1161553811%9%22%15%54%3832%7%17%17%57%3191%11%12%16%60%3322%8%19%18%53%3362%8%16%12%62%8941%10%13%75%1,2394%14%11%71%1,2275%15%11%69%Top50infrastructureGPsdealsbysector(#of

deals)1,1988%11%10%71%Allglobalinfrastructuredealsbysector(#of

deals)

9

1142020

2021202220232024202520202021

20222023

20242025#of

$1

billion+exitdeals-34%

+8%3693312021614%17%58%8302%10%14%7631%10%12%2982013874%

77%EXHIBIT62,298−38%−12%665−8%+1%2903%8%A

key

reasonforinvestors’faithininfrastructureistheassetclass’sabilityto

maintainstable

returns.The

latest

availabledataoninternal

ratesofreturn(IRR)suggeststhatinfrastructure

returns

remainwithintheir

historicalrange.The

most

recentvintageof

infrastructurefundssaw

an

IRRofmorethan

11%,andthetrendis

upward.

Forthe

2021vintage,infrastructureevenoutperformed

privateequityinayearwherethe

performanceofbothasset

classes

hita

multiyear

low(see

Exhibit9).Froma

risk

perspective,

returnsfrominfrastructurefunds

have

beenconsiderably

lessvolatilethanthoseofprivate

equityfunds(see

Exhibit10),althoughthe

lastcoupleof

yearssawvolatilityincreasesomewhat.The

largerfunds

offer

lessvolatile

returns,amongthe

reasonstheyareattractinganincreasingly

largeshareof

capital,yetthe

smallestfunds

boastthe

highestaverage

returns(see

Exhibit11).The

pasttwoyearsofaverage

returnsand

highervolatility

were

likelythe

resultof

the

recentchallengestheassetclassfaced,

notablytheinflationaryenvironmentcombined

with

highinterest

rates,aswellasa

greater

degree

ofregulatory

uncertaintyandgeopoliticalinstabilityimpactingbothdealflowand

returns(seethesidebar“The

Riseof

Regulatory

Risk”).Theimpactonthevalueof

all

kindsof

infrastructureassetswassignificant.

Between

2015and2020,theincreaseinenterprisevaluewas

largelyafunctionofhigher

multiples;sincethen,

however,

EBITDA

expansion

hasaccountedforafar

larger

proportion

ofenterprisevalue(see

Exhibit12).Clearly,operationalvaluecreation

has

becomeanincreasinglyimportantfactor

ingeneratingconsistent

returnsevenininfrastructureinvestments(seethesidebar“Bettingonthe

Bottom

Line.”)Takentogether,thesetrends

makeclearthat

privateinfrastructureinvestingisonthe

brinkof

a

newera.

Despite

the

present—but

likelytemporary—slowdownindealactivity,theincreaseinfundraisingshows

just

howcritical

infrastructure

has

becomein

LPs’investmentstrategies.Whilethey

remaincautiousoverall,

LPssaytheywillcontinuetoinvestinthisarea,evenassupportforothertypesofprivateinvestmentiscurrentlyonthedecline.

Inarecent

Preqinsurvey,40%ofLPssaidtheywill

likelyincrease

theirallocationtoinfrastructure.That’ssomewhat

lowerthaninthe

prioryear’ssurvey—nosurprisegiven

how

much

moneythey’ve

recentlyallocatedtotheassetclass—butstill

significantly

higherthantheircommitmenttootherformsof

privateinvestment(See

Exhibit13.)28626825119291%95%

93%

92%93%97%3%

4%

6%

7%

5%

7%8%10%

9%

10%TheShareofOpen-Ended

Funds

Has

Increasedfrom3%to

10%over

the

Past

DecadeShareofInfrastructureopen-endedvs.allactivefundsbyvintageyear(#of

funds)318

Open-ended

OtherSources:

Preqin;

BCGanalysis.Returns

Remain

SolidBOSTON

CONSULTING

GROUP

INFRASTRUCTURESTRATEGY2026:

A

YEAROFINCREASINGSCALE

ANDDIVERSIFICATION92015

2016

2017

2018

2019

2020

2021

2022

2023

20245

11

18

17

15

19

22

30

29

2890%

90%#of

open-endedfundsEXHIBIT8EXHIBIT896%94%278263283278280Sources:

Preqin;

BCGanalysis.Note:

IRR=internal

rateofreturn;samplecalculatedwith

598

infrastructurefunds

and

1,620

private

equity

funds.1Weighted

average

net

IRR.EXHIBIT10Between

2012and

2022,

Infrastructure

Returns

Have

Been

Lower

Comparedto

Private

Equity,

butSo

HasVolatilityInfrastructure

Funds

Have

ProvidedConsistent

ReturnsAcross

MoreThana

DecadeNet

IRR

by

vintage

year

for

infrastructure

vs.private

equity

funds,2012−2022(%)116.211.4Infrastructure

funds

PrivateequitybuyoutfundsTopquartileIRR

(%)Bottomquartile

IRR

(%)142496Sources:

Preqin;

BCGanalysis.Note:

IRR=internal

rate

of

return;sample

of

462

infrastructure

buyout

funds

and

1,512

private

equity

buyout

funds

with

vintage/inception

year

2012−2022.

1Weightedaverage

net

IRR.24%16%9%equity

buyoutfundsBottomquartileInfrastructurevs.privateequitybuyoutfunds,

(net

IRR,

%)1Infrastructurevs.privateequitybuyoutfunds

(net

IRRdistribution,

%)BOSTON

CONSULTING

GROUP

INFRASTRUCTURESTRATEGY2026:

A

YEAROFINCREASINGSCALE

ANDDIVERSIFICATION

10Net

IRR(%)

1005014%11%0

6%11.4%2012−2022vintagesinfrastructure16.2%2012−2022vintages

privateequity2012

201320142015201620172018201920202021202219.514.212.015.912.710.612.39.96.317.114.711.8InfrastructurefundsPrivateequityfunds16.710.4

TopquartileAverage

14.311.512.6

11.1InfrastructurefundsEXHIBIT

9Net

IRRPrivate10.610.628.6−10020.0Sources:

Preqin;

BCGanalysis.Note:

IRR=internal

rateofreturn;sampleof

434infrastructure

funds

withvintage/inception

year

2012−2022.1Weightedaverage

net

IRR.EXHIBIT12Operational

Metrics

Have

Replaced

Multipleasthe

KeytoValue

Creation,

but

Margin

Increases

Remain

UnderutilizedEnterprise

value

Revenue(incl.M&A)Margin

Multiple

Enterprise

valueatentry

atexitSources:CEPRES;

BCGanalysis.Note:

Realized

global

Infrastructure

deals

with

EBITDA

when

bought

greater

than

$20

million2020−2025;

N

=

319.Smaller

Infrastructure

FundsOffer

Higher

Returns

butAlso

IncreasedVolatilityInfrastructurefundsbysize(net

IRR,

%)10(-1%)2079%1006(23%)126Very

large(>$10B)Large(>$5B−$10B)Medium($1B−$5B)

Small(<$1B)BOSTON

CONSULTING

GROUP

INFRASTRUCTURESTRATEGY2026:

A

YEAROFINCREASINGSCALE

ANDDIVERSIFICATION

1113

12

14

16977610.79.6Bottom

quartile

IRR

(%)Shareof

core/

core+

(%)Top

quartileIRR

(%)EXHIBIT114713.510.3634944Amongthe

reasonsinvestors

have

beenattractedtoinfrastructureisits

promiseof

stable,

predictable,

low-risk

returns,oftendependenton

highly

regulated,

long-termcontractual

revenuesandfeedeals.

Inthe

pastfewyears,

however,increasing

regulatory

uncertainty

hasimpacted

several

keyinfrastructuresectorsfor

botheconomicand

political

reasons,includinggeopoliticaltensionsandthe

shifting

politicsaroundsustainability.Toll

roadoperatorsin

Franceandthe

US,forexample,

are

facingchecksontheirabilityto

raise

feesin

line

withinflation.Otherexamplesincludethetighteningof

tariffsforgridcompanies,changesto

portconcessions,

andfailureto

meetcontractedindexation

mechanisms.Thevalueof

the

renewableenergyfedintoelectricalgridsisdeclining(dueto

marketconditionsaswell

as

changingregulations).Subsidiesfor

renewablesareendinginthe

US,

whilethecompletionof

some

renewable

power

projectsis

often

uncertainduetochangesin

politicalsupport.Asa

result,investorsare

paying

moreattentiontothestabilityand

predictabilityofregulatory

protectionsforallkindsof

infrastructureinvestments—andseekingout

newareasthatdepend

lesson

regulationsand

moreon

market-

based

barrierstoentry.Atthesametime,itisincumbenton

governmentstoestablishand

maintain

reasonablystableregulatoryframeworksif

theywishtocontinuetoattract

privatecapitaltotheirinfrastructure

projectsandenable

investorstoearnafair

returnontheircostof

capital.The

RiseofRegulatory

RiskBOSTON

CONSULTING

GROUP

INFRASTRUCTURE

STRATEGY2026:

A

YEAR

OF

INCREASING

SCALE

AND

DIVERSIFICATION

12Historically,

manyinfrastructurefunds

havefocusedonmultipleexpansionand

revenuegrowthasthe

primarymeansof

creatingvalueintheir

portfoliocompanies,andsomecontinuetodoso.Yetoverthe

pastfiveyears,maintaining—andideallyimproving—margins

has

become

aconsiderably

moreimportantfactorincreatingvalue.From2020to2025,thetopquartileof

dealswith

thegreatestinternal

rateofreturncreated14%of

theirvaluethrough

marginexpansion,comparedwith

just1%foralldealsduringthe

period.

Researchshowsthat

pricing,commercial

rigor,andoperationalimprovements,including

theadoptionof

AI,arethe

mostimportant

margin

leversapplied

by

private-equity-ownedinfrastructurecompanies.These

resultssuggest

just

howimportantoperationalexcellencecontinuesto

be.As

notedinour2024report,

the

keytooperationalexcellence

liesindevelopingaconsistentapproachacrosstheentireinvestmentcyclethat

takesintoaccountthefull

rangeof

valuecreation

levers.A

clearvaluecreationagendathatisdevelopedearly—during

theduediligence—andacoherentstrategy

have

becomecritical.These

must

be

backed

up

by

buildingthecombinationofportfoliocompany

managementteamsand