Private capital secondaries have gone from a niche liquidity tool to an asset class in their own right — and within secondaries, infrastructure is the fastest-growing corner of the market. In this episode of Pathways, Daniel McCormack, Macquarie Asset Management's Head of Research, is joined by Wandy Hoh, who co-authored the team's paper on infrastructure secondaries, to unpack why.

Wandy breaks down the numbers behind the boom — a record year for secondaries volume, an infrastructure sub-sector compounding at over 25% annually, and a dry powder ratio that leaves the space meaningfully undercapitalized relative to demand.

From there, the conversation covers how discounts actually work (and why they're not the same as returns), what good underwriting looks like, whether data centres are in bubble territory, and where secondaries fit for both new and mature infrastructure investors.

For more information about this episode, including a transcript, please visit: https://www.macquarie.com/au/en/about/company/macquarie-asset-management/institutional/insights/pathways/infrastructure-secondaries-the-specialist-advantage-in-a-complex-market.html

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