In many ways, today’s infrastructure investment market is similar to the market of 2005 to 2007. A lot of capital is being raised by closed-end funds, and the asset class is attracting interest from investors who are new to the market. But one aspect of today’s market that was missing 10 years ago is there are more clear paths not only to exit investments but also extend those investments in order to continue to benefit from a yielding portfolio of mature assets.

Today, in addition to the traditional exit at the typical 10- to 12-year life of a closed-end fund, investors are better able to sell their interest in a fund to another limited partner investor in the secondary market, or even participate in a secondary transaction to extend the life of a fund.

“We are witnessing an increasing trend toward active portfolio management across all private markets, and the secondary market is simply a tool that investors can utilize to implement these strategic changes in a