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The fundamentals of infrastructure secondaries
The secondary market has been a hot topic of conversation across private markets throughout the 2020s. Continued growth in deal volumes driven by overall private markets NAV growth and the ongoing evolution of the GP-led market, along with increased activity in the secondary GP universe—through new strategy launches and M&A activity—has brought secondaries to the forefront in LP conversations.
As a less mature private market sector, infrastructure has not always been a major part of the secondaries conversation; however, this is changing. Deal volume has grown markedly in the past few years, as has the number of conversations we are having with LPs about this opportunity. While the specifics of those conversations vary from one LP to the next, they do share a common interest in understanding the fundamentals, which we explore in depth in this whitepaper.
Stepstone Group
Wednesday 20th August 2025
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