Merger and acquisition activity among real estate and infrastructure managers increased in 2025, with 45 transactions completed, a 15 percent year-over-year rise and the highest annual total in several years, according to Hodes Weill & Associates.
Activity accelerated in the second half of the year, when 23 deals were recorded, suggesting a recovery from the market slowdown seen in 2023. Minority stake transactions accounted for 51 percent of total deal volume, reflecting continued demand for growth capital structures that allow managers to retain control. Infrastructure-focused transactions increased 31 percent year-over-year, supported by investor interest in platforms tied to the energy transition and digital infrastructure linked to artificial intelligence (AI).
Many transactions were driven by strategic recapitalizations and succession-planning initiatives aimed at supporting asset growth. Deal activity has continued into early 2026, with six transactions comp
