"Global Asset Managers to Focus on Infrastructure Market in 2026"

Major GPs Focus on Both Growth-Oriented and Traditional Infrastructure

On December 15, NH Investment & Securities analyzed that global asset management firms (GPs) are focusing on investment opportunities in both the growth-oriented and traditional infrastructure sectors for 2026.

Jung Yeonwoo, a researcher at NH Investment & Securities, stated, "With mega-trends such as digitalization and decarbonization accelerating, major GPs including BlackRock and Macquarie are maintaining an optimistic outlook on the infrastructure market for 2026."

Jung explained, "After passing through a contraction phase caused by the sharp rise in market interest rates in 2022 and 2023, fundraising and deal activity are resuming. There is a shared focus on the high investment appeal of both mega-trend sectors with growth potential and traditional infrastructure sectors supported by stability."

However, he noted that as investment opportunities related to mega-trends with clear demand growth increase, a more selective approach will become increasingly important.

Jung further commented, "There is growing attention on assets within digital infrastructure, particularly data centers, as well as power infrastructure sectors, which has also sparked debates over high valuations. While there is an investment boom aimed at meeting rapidly increasing demand, for greenfield assets, it is necessary to monitor risks such as project delays or rising costs, as supply is unable to keep up with demand."

Jung also believes that interest in the traditional infrastructure sector remains valid. He said, "As investment demand concentrates on sectors with strong long-term growth potential such as digital and renewable energy, the valuation attractiveness of traditional infrastructure sectors has increased. Considering the expanded volatility in growth-oriented infrastructure sectors and persistently high inflation compared to the past, the role of core infrastructure-such as utilities, transportation, and waste management, which provide stable returns based on regulated tariffs or long-term contracts-remains important."

Jung advised that, next year, a strategy of pursuing structural growth in growth-oriented infrastructure sectors such as data centers and renewable energy, while simultaneously securing stable income and defensiveness through core infrastructure like regulated utilities and transportation, will be effective.

He explained, "This is because not only the expected profit growth from growth-oriented infrastructure exposed to mega-trends such as AI and energy transition, but also the income generated from core infrastructure, serve as key factors determining the performance of long-term infrastructure portfolios."