Global infrastructure secondaries fundraising surged to $11.5 billion last year, more than doubling 2023’s $5.6 billion total.
Global infrastructure secondaries fundraising reached a record $11.5 billion in 2024, up from $5.6 billion the prior year, as investors capitalized on mismatches between fund cycles and asset lifespans. The strategy remains niche, with only five fund closures, but marked the highest number in a decade.
Blackstone closed the largest dedicated fund at $5.5 billion in September, surpassing its 2020 predecessor by 47%. Ardian is on track to exceed its 2022 record of $5.25 billion, having secured over $5 billion in commitments. Deal value also doubled to $25 billion from $11 billion in 2023.
The growth reflects rising demand for liquidity solutions in private infrastructure markets, though the sector’s long-term trajectory remains tied to broader economic conditions.