Social Infrastructure

Ares Secondaries Infrastructure Solutions III (ASIS III) is the flagship infrastructure secondaries fund managed by Ares Management. With $5.3 billion in total commitments, ASIS III is designed to provide flexible liquidity solutions to infrastructure investors by acquiring interests in existing funds, portfolios, and assets through secondary transactions. The fund targets seasoned infrastructure assets across sectors and geographies, using strategies such as GP-led recapitalizations, LP stake purchases, and structured secondary solutions. ASIS III aims to capitalize on inefficiencies and the growing need for liquidity in the global infrastructure market, providing value to both sellers and co-investors. Through its flexible investment mandate, ASIS III can pursue a wide range of transaction types, including preferred equity, continuation vehicles, and bespoke secondary solutions. The fund focuses on creating downside-protected, yield-oriented investments with strong risk-adjusted return potential. ASIS III benefits from Ares’ global platform, deep sector expertise, and longstanding relationships across the infrastructure ecosystem. The fund seeks to deliver long-term value through diversified exposure to essential infrastructure assets with resilient cash flows and long-duration investment profiles.

Blackstone Strategic Partners Infrastructure IV is a 2024-vintage infrastructure secondaries fund managed by Blackstone, focusing on acquiring mature core and core‑plus infrastructure assets. Launched in August 2023 and activated in July 2024, Fund IV seeks discounted opportunities that offer attractive yield, NAV appreciation, and capital gains. It has already raised approximately $5 billion by July 2025 (over target of $4 billion. The fund concentrates on core and core-plus operational infrastructure across energy transition, transportation, and digital assets, with an emphasis on North America and Western Europe, complemented by selective exposure to Asia and Latin America. By targeting mature assets poised for exit, Fund IV pursues “secondary‑like returns for core‑like risks,” leveraging Blackstone’s expertise in buying at discounts from over‑hauled NAVs. With a 12‑year term (plus up to four one-year extensions), Infrastructure IV is structured to deliver 14–16% net IRR, a performance range consistent with its predecessor’s ~16% achieved returns. Institutional backing has been strong—including commitments from Arkansas Teachers (~$100 M) and San Francisco Employees’ Retirement (~$75 M).

HarbourVest Infrastructure Opportunity Fund III is an opportunistic infrastructure secondary fund designed to invest in existing infrastructure assets across North America and Western Europe. It is structured to acquire stakes via secondary market transactions, providing liquidity and access to mature infrastructure exposures. The fund leverages HarbourVest’s global platform and relationships to source differentiated opportunities. The investment strategy focuses on buying into infrastructure assets that are already operating or nearing maturity, thus reducing development risk. The fund seeks value creation through operational improvements, capital optimization, and repositioning of assets when appropriate. Risk management, ESG integration, and alignment with long‑term infrastructure trends are central to its approach. The target fund size was approximately USD 865 million, as achieved at final close. The fund is positioned to supplement HarbourVest’s previous infrastructure vehicles and intends to double down on the firm’s track record in private markets, applying lessons from prior vintages to drive performance in a dynamic macro environment. The blend of geography, structure, and asset maturity is intended to deliver resilient returns. HarbourVest intends for IOF III to act as a bridge between high-barrier infrastructure deals and institutional investors seeking exposure via secondary markets. The fund targets a diversified portfolio across sub‑sectors including energy, transport, utilities, digital infrastructure, and natural resources, with careful attention to inflation linkage, regulatory risk, and cash yield.

Keppel Education Asset Fund II (KEAF II) is a value-add real estate fund managed by Keppel, focusing on education-related assets across the Asia-Pacific region. The fund aims to capitalize on the growing demand for quality education infrastructure driven by urbanization, rising affluence, and increasing emphasis on education in the region. With an initial close of approximately $307 million, KEAF II plans to invest in a diversified portfolio that includes early learning centers, K-12 schools, higher education institutions, and student accommodation facilities. The fund leverages Keppel's extensive network and expertise to identify and enhance assets through strategic partnerships with established education operators. KEAF II integrates environmental, social, and governance (ESG) considerations into its investment strategy, promoting sustainable development and community engagement. By focusing on energy efficiency, wellness, and collaboration with reputable educational institutions, the fund seeks to deliver attractive risk-adjusted returns while contributing positively to the communities it serves.

Macquarie’s inaugural infrastructure secondaries vehicle, the Macquarie Alliance Partners Infrastructure Fund (MAPIF), reached its final close with US $711 million in commitments. Launched in August 2023 with a $750 million target, MAPIF is structured to capitalize on secondary and GP‑led infrastructure opportunities globally, drawing capital from institutional investors including pension funds, insurance companies, and family offices. The Fund is positioned in the opportunistic infrastructure secondaries segment, focusing on both LP‑led and GP‑led deals in key infrastructure sub‑sectors such as transportation, utilities, digital infrastructure, energy, and waste infrastructure. Its mandate spans multiple regions—EMEA, Asia‑Pacific, and the Americas—providing investors with diversified global infrastructure exposure via secondary market entry points. Capped at approximately US $1 billion, MAPIF targets companies with resilient cash flows, established operations, and potential for value enhancement. By acquiring secondary positions in high-quality infrastructure assets, the fund seeks to deliver attractive risk‑adjusted returns and portfolio diversification benefits for its investors.

Macquarie Asset Management’s Macquarie Infrastructure Partners VI (MIP VI), a 2022‑vintage core‑plus infrastructure fund, achieved a final close at approximately $6.8 billion, with a hard cap targeting $7–8 billion—anchored by ~70 % re‑investment from existing LPs and North American investors. The fund focuses on transportation, digital infrastructure, utilities, energy, waste and social infrastructure across the Americas. Its core-plus approach emphasizes stable, income-generating assets with inflation linkage, high barriers to entry, and structural, contracted characteristics. MIP VI has deployed capital into several landmark assets, including a 40 % stake in Dow-linked US utility infrastructure, Montreal Met Airport, SwyftFiber, and Brazil’s Monte Rodovias toll roads. It aims for a 10–12 % net IRR and 4–6 % annual cash yield, investing $50–125 million per project.

Meridiam Infrastructure North America Fund IV (MINA IV) is the fourth-generation infrastructure vehicle targeting North America, structured to deliver long-term, resilient returns through a build-to-core, contractually backed approach. The fund successfully closed on October 2, 2025, raising over US$1.8 billion, surpassing its initial US$1.7 billion goal. MINA IV seeks to invest in infrastructure sectors across energy, mobility (transportation and toll roads), and critical public services, leveraging Meridiam’s experience in public-private partnerships. Assets are intended to generate revenue through a mix of availability / take-or-pay contracts and demand-based income, blending downside protection with upside leverage. The fund follows a greenfield / development-to-core strategy: it designs, builds, finances, operates, and maintains infrastructure assets over their full life cycle. The fund’s lifespan is 25 years (with the option to extend another 15 years), reflecting the long-term nature of infrastructure investments rather than relying heavily on short-term exits. Because of its structure, distributions to LPs are expected to be modest during the early construction years, with cash flows ramping up in later stages. MINA IV is thus less dependent on asset sales to generate returns; instead, it focuses on stable operating cash flows and contractual income.

Partners Group Direct Infrastructure IV is an infrastructure value added fund managed by Swiss private equity investor Partners Group. The fund was launched in 2023 and it has a fundraising target of around $8 billion. Its predecessor was called Partners Group Direct Infrastructure 2020, which closed at $6.4 billion in 2022. Partners Group Direct Infrastructure IV seeks ESG investment. This fund is an article 8 under EU SFDR. Partners Group invests in the following themes around infrastructure: - Decarbonization & Sustainability: clean power, low carbon fuel, carbon management, water sustainability and circular economy. - New living: new mobility, social infrastructure and critical supply chain. - Digitization & Automation: data transmission and data storage and services.

Stonepeak Infrastructure Fund V is a core-plus infrastructure fund launched in September 2023 by Stonepeak Partners LP. The fund aims to invest in high-quality infrastructure assets that provide essential services and have strong growth potential. With a focus on North America, the fund seeks opportunities in sectors such as digital infrastructure, energy and energy transition, transportation and logistics, and social infrastructure. The fund has a target size of $15 billion and has already secured significant commitments from institutional investors. As of January 2025, the fund had raised $7.29 billion from 98 investors, with additional commitments expected to bring the total closer to its target. Notable commitments include $350 million from the Oregon State Treasury and $300 million from the New York State Common Retirement Fund. Stonepeak's investment strategy emphasizes value creation through active asset management and operational improvements. The firm's experienced team leverages deep sector expertise and a hands-on approach to drive performance across its portfolio. Stonepeak Infrastructure Fund V continues this approach, aiming to deliver attractive risk-adjusted returns to its investors.

iCON Infrastructure Partners VII (“iCON VII”) is the seventh flagship infrastructure fund managed by iCON Infrastructure. Registered in the United Kingdom in February 2025, the fund successfully closed in mid‑2025, raising approximately USD 3.7 billion— a testament to iCON’s solid track record and institutional investor trust. The fund adheres to a core‑plus investment strategy, seeking long‑term equity stakes in privately held, mid‑market infrastructure businesses. With an expected investment horizon of six to ten years and a plan to execute around 15 transactions, iCON VII is poised to balance stable returns with value‑addition opportunities. iCON VII targets infrastructure sectors that underpin essential services and societal needs, including transport, utilities, telecoms, energy & environment, and social infrastructure, with added emphasis on renewable energy and waste management. The fund’s strategic approach leverages iCON’s deep sector expertise and commitment to environmental, social, and governance (ESG) principles. Geographically, iCON VII focuses on mid‑market opportunities in Europe and North America, continuing iCON’s successful regional deployment strategy. The fund’s structure, performance credentials, and investor backing position it to deliver resilient infrastructure solutions while generating attractive long‑term returns for its stakeholders.