2025 is set to be a more positive year for the unlisted infrastructure market, in our opinion, although 2024 laid much of the groundwork for a recovery to fully take hold.

Valuations have remained robust for the market as a whole, and those sectors that have experienced repricing — namely, those with high capital expenditure profiles — have now settled and are beginning to attract investor attention. As confidence (and the need to divest) builds, transactions activity likely will tick upward, releasing liquidity into the fundraising market, satisfying a continued demand from investors to allocate higher levels of capital to the strong-performing infrastructure asset class.

Focus shifts to trade and growth

With the infrastructure asset class having performed well during the past few years of macroeconomic volatility, the prospect of more uncertainty in the global economy is not necessarily a threat to that continuing. However, as seen in the