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 second half 2025, with 23 deals recorded, signaling a recovery from the market slowdown seen in 2023. Minority stake transactions accounted for 51 percent of total deal volume, reflecting 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).
Buyers are favoring managers with institutional governance, diversified product capabilities and strong investor relationships. Firms with track records across multiple market cycles are viewed as better positioned to scale assets under
