波士顿咨询（BCG）：2026年基础设施战略：规模与多元化并进之年研究报告（英文版）（32页）.pdf

1、INFRASTRUCTURE STRATEGY 2026A Year of Increasing Scale and DiversificationMarch 2026 By Wilhelm Schmundt,Alex Wright,Emmanuel Austruy,Benjamin Entraygues,Lauren Powers,Thomas Bumberger,David Parlongue,Daniel Selikowitz,Jens Frogner,and Julien VialadeContents03 Introduction04 The State of the Art15 G

2、eographic and Sector Analysis24 New Assets,New Opportunities28 A New Level of Dynamism29 About the AuthorsBOSTON CONSULTING GROUPINFRASTRUCTURE STRATEGY 2026:A YEAR OF INCREASING SCALE AND DIVERSIFICATION 3Private infrastructure investing has recently passed through two challenging years.Fundraising

3、 fell by nearly half in 2023 and rose only a little in 2024,while deal activity declined.In parallel,inflationary pressures and higher interest rates,as well as the impact of regulatory uncertainty in some regions,left their traces in portfolios.Portfolio company hold periods grew longer,and exits t

4、o continuation funds grew more common.While returns remained within their historical range,volatility increased.In effect,these results tested the basic assumption behind private infrastructure investingthat it provides consistent,reliable,and reasonably inflation-proof returns.While the impact of t

5、he two years continues to linger across the asset class,the most recent numbers make clear that such investment has not only survived but is showing renewed strength.Fundraising is up considerably,and assets under management(AUM)has reached a new peak.After a recent decline,dealmaking activity shows

6、 signs of stabilizing.And investors remain even more bullish on this asset class than on other kinds of private capital.At the same time,the renewed sense of optimism has primarily benefited the largest infrastructure funds.Limited partners(LPs)have been putting a considerable portion of their alloc