Partners Group has raised more than $5.5bn at the final close of its infrastructure secondaries programme, marking one of the largest dedicated vehicles in the rapidly growing infrastructure secondaries market.

The programme comprises a closed-end fund at $1.7bn, complemented by bespoke mandates and co-investment vehicles that invest alongside. New clients represented more than 70 per cent of committed capital in the closed-end fund, indicating significant broadening of the investor base beyond existing Partners Group relationships. The LP base includes institutional clients across Europe, the Americas, the Middle East, and Asia Pacific, reflecting the global appetite for infrastructure secondaries exposure.

The programme invests across general partner-led transactions, limited partner-led portfolio sales, and complex situations globally, and is already over 25 per cent committed across 20 seed investments, with $2bn invested in the past 12 months. Among the most recent portfolio additions is a lead investment in a continuation vehicle for a global commercial aviation leasing portfolio encompassing 69 assets across a diversified customer base.

The fundraise brings Partners Group's combined infrastructure capital to more than $20bn across its latest directs and secondaries programmes, having recently closed its fourth direct infrastructure programme at more than $15bn. The firm, which oversees $186bn in assets under management, has positioned infrastructure secondaries as a core offering alongside its established directs franchise.

"We have one of the longest track records in the infrastructure secondaries market," said Dr. Dmitriy Antropov, head of infrastructure partnership investments at Partners Group. "Through our differentiated direct-style underwriting approach, we have been able to deliver very attractive returns across cycles. This approach positions us as a solutions provider as the infrastructure secondaries market becomes an increasingly important tool in providing liquidity to LPs and GPs alike."

The close reflects the broader maturation of infrastructure secondaries as a distinct allocation for institutional investors. As GP-led continuation vehicles become a more common liquidity tool in infrastructure — driven by long-dated asset lives and capital-intensive projects — dedicated secondaries programmes are emerging as a critical source of capital for the transition. For European LPs in particular, the growing availability of institutional-grade secondaries vehicles offers a route to deploy capital into infrastructure at a discount to primary vintages while gaining access to de-risked, cash-flowing assets.