Schroders Greencoat Infrastructure Lens Q2 2025

The Schroders Greencoat Infrastructure Lens provides a data-driven guide to the global private infrastructure equity market each quarter, covering fundraising, deal activity and performance trends, as well as key updates on the renewables and energy transition segments.

Key takeaways from the Q2 2025 Infrastructure Lens are:

• There has been a  slowdown in fundraising  that is largely attributable to the heightened interest rate environment, with European and Core/Core+ fundraising proving to be the most robust.

• Overall  weak deal volumes continued in 2024 , with sellers holding out for higher prices and buyers waiting for cheaper debt.

• Renewable energy benefits from decarbonisation and energy security, and is further supported by AI advances.  Renewables are increasingly seen as the most cost-effective option  for electricity production amid global affordability issues.

• There has been a  significant and consistent build out of renewables across Europe . Meanwhile in the US, and despite Trump rhetoric, fundamentals remain strong and legislation has received longstanding bipartisan support.

• Infrastructure shifted to a buyers’ market in 2024 , with recalibrated expected equity returns due to higher interest rates and reduced dry powder. The current environment remains attractive for Core/Core+ strategies, with equity returns up by over 200bps since the beginning of 2023.

• The market has seen steady infrastructure returns over the past decade, with  strong performance in particular for Core strategies  over the past one-to-three years.

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