M&A activity among real estate and infrastructure investment managers strengthened materially in 2025, reaching a multiyear high, according to Hodes Weill Securities. The firm’s 2025 M&A Market Review: Real Estate & Infrastructure Investment and Funds Management reports that the market recorded 45 transactions during the year, representing a 15 percent increase year-over-year and the highest annual level in several years. Momentum accelerated in the second half of the year, with 23 deals completed, signaling a sustained recovery in activity following the trough observed in 2023.
Minority stake sales remained the dominant transaction structure. These transactions represented 51 percent of total 2025 deal volume, underscoring continued demand for alignment-oriented capital solutions that allow managers to raise growth capital while retaining operational control. Such structures have remained attractive for both sellers seeking liquidity and strategic part
