Prasit photo/Getty Images Partners Group has closed its infrastructure secondaries program at more than $5.5 billion—on the bet that value creation, not entry-price discounts, will drive returns.
LPs increasingly turn to secondaries as a liquidity release valve for a market with a structural mismatch: infrastructure assets routinely outlive the closed-end funds built to hold them
As more capital chases that gap, competition for the best-positioned deals is pushing firms to compete on underwriting depth rather than on how steep a discount they can extract from a seller. The program comprises a $1.7 billion closed-end fund alongside bespoke mandates and other vehicles that invest in parallel, with new clients accounting for more than 70% of committed capital. The capital pool, which comprises GP-led transactions and LP-led portfolios, is already over 25% committed across 20 seed investments.
It also includes a lead investment in a continuation vehicle for a global commercial aviation leasing portfolio comprising 69 assets across a diversified customer base. Sign up for The Europe Pitch Get our daily digest of private capital markets in the EMEA region. Partners Group has closed more than 70 investments globally since 2006, delivering fully realized returns of 18% net IRR over the period.