Pathways Podcast
Conversations and innovative insights about real assets, private markets and macroeconomics, intended for global institutional investors. Brought to you by Macquarie Asset Management (MAM), the asset management division of Macquarie Group Limited. This material is for information purposes only and should not be construed as, an advertisement, an invitation, an offer, a solicitation of an offer or a recommendation to participate in any investment strategy or take any other action, including to buy or sell any product or security or offer any banking or financial service or facility in any jurisdiction where it would be unlawful to do so. The views expressed are as of the date of publication and are subject to change. All third-party marks cited are the property of their respective owners. All audio, artwork, episode descriptions and notes are the property of MAM, for Pathways, and published with permission by Buzzsprout. ©2025 Macquarie Group Limited [4356838]
Pathways Podcast
How attractive are private infrastructure valuations right now?
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In this episode of Pathways, Daniel McCormack is joined by Aizhan Meldebek, Macquarie Asset Management’s Global Infrastructure Strategist, to unpack the findings from her updated research on private infrastructure valuation multiples. Drawing on a proprietary dataset of over 1,300 real transactions going back to 2008, they explore why infrastructure multiples have largely normalised — and now sit at a rare discount to listed equities. The conversation covers how inflation and interest rates are the primary macro drivers of entry multiples, why the widely-held concern about dry powder pushing up valuations isn't supported by the data, and how sector dynamics play out across digital infrastructure, transport, utilities, and renewables. The episode closes with a forward-looking scenario analysis: what the current macro environment — higher inflation, steady-to-rising rates — could mean for infrastructure multiples ahead.
For more information about this episode, including a transcript, and to explore Macquarie's multi-asset capabilities:
https://www.macquarie.com/about/company/macquarie-asset-management/institutional/insights/pathways/infrastructure-valuations.html
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