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The time for infra secondaries is now. We believe infrastructure secondaries reaching new heights in the coming years.
We explore how secondary investors may be presented with opportunities that are interesting from both a risk-adjusted return and a portfolio construction perspective.
Infrastructure secondaries not only provide the traditional benefits of secondary investments, but may also offer additional distinct benefits specific to the infrastructure asset class.
Attractive pricing: Transacted infrastructure market pricing
Source
BlackRock, Campbell Lutyens Infrastructure Market Report H2 2023 and H1 2024 Secondary Market Overview, Evercore Private Capital Advisory H1 2024 Secondary Market Review, as of August 2024.
The formation and development of a secondary marketplace is a natural progression for illiquid asset classes, as seen in private equity and real estate. Over the past decade, Limited Partner (LP)-leds and General Partner (GP)-leds have each accounted for about half of transactions. LP-led secondary investments are typically acquired at a discount to NAV (Net Asset Value), driving immediate uplift. Pricing is often based on a historical reference date valuation, which may be stale at acquisition, potentially resulting in an effective discount higher than the optical discount, further enhanced through deferred payments.
Infrastructure secondaries can play a variety of roles within a portfolio, for both new and existing infrastructure investors alike.
As infrastructure secondary penetration rates begin to catch up to the levels seen in private equity in the early 2000s, transaction volumes are expected to ascend to new heights in the coming years. As these conditions persist, we anticipate buyers could be presented with attractive investments at compelling prices. The time is now.
There are several ways for investors to engage with infrastructure secondaries. Institutional & high-net-worth investors can access infrastructure secondaries opportunities via LP-led, GP-led secondaries or bespoke structured solutions, through private funds and separately managed accounts.
There is no guarantee that any forecasts made will come to pass.
Sources: BlackRock, as of August 2024.
1) Campbell Lutyens – Infrastructure Market Report H2 2023, CBRE, 2023.
2) Inframation – Infrastructure M&A transaction; Campbell Lutyens – Infrastructure Secondary Volume. All figures in USD unless otherwise stated.
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