Institutional investors continued to deploy capital into private infrastructure in Q1, with investment consultants playing a central role in guiding allocation size, strategy mix, and manager selection. Amid persistent inflation concerns, elevated energy transition spending, and surging demand for digital infrastructure, consultant-led activity highlights private infrastructure's growing importance as a core portfolio allocation for inflation protection, stable cash yield, and long-duration return potential.
Across the quarter, consultants steered capital toward a broad range of infrastructure strategies, including core, core plus, value-add, and global infrastructure funds, with meaningful exposure to renewables, digital infrastructure, midstream energy, and transportation assets. Large public pension systems anchored much of the activity, pairing sizable commitments to flagship platforms with targeted exposure to co-investments and sector-specialist vehicles. The data reflects a continued emphasis on manager specialization, risk-return positioning, and thematic conviction as investors navigate a more capital-intensive infrastructure cycle.
Quarter-in-Review: Consultant Influence & Allocation Activity
During Q1, consultants including Wilshire Associates, RVK, AON, StepStone Group, Verus, Albourne, Meketa Investment Group, Aksia, Marquette Associates, and Cambridge Associates collectively guided more than $4.6 billion into private infrastructure commitments. Allocation activity spanned commingled funds and co-investment vehicles, with value-add and core plus strategies capturing a significant share of capital alongside continued demand for core infrastructure and renewables-focused platforms.
For sales teams and managers tracking institutional demand, consultant-led infrastructure allocations continue to offer some of the clearest signals into how pensions are positioning portfolios for inflation resilience, income stability, and long-term growth. As consultants maintain a strong influence over pacing and portfolio construction, private infrastructure remains a key pillar within institutional private markets allocations.
Want clearer insight into how consultants and pensions are allocating private infrastructure? Book a demo of Dakota Marketplace to track consultant-led commitments and manager activity.
1. Wilshire Associates, Inc.: $1.438.6B
California Public Employees’ Retirement Systems – $1B
- Golden Maple Infrastructure Partners – Value-Add Infrastructure
New York City Police Pension Fund – $426M
- DIF Infrastructure VII SCSp – Core Plus Infrastructure
- ISQ Global Infrastructure Fund IV (UST) – Value-Add Infrastructure
- Basalt Infrastructure Partners V A L.P. – Core Plus Infrastructure
- Arcus European Infrastructure Fund 4 SCSp – Value-Add Infrastructure
- Fengate Infrastructure Fund V (U.S.) – Core Infrastructure
School Employees Retirement System of Ohio (OHSERS) – $12.6M
- IFM Green Group Data Center Co-Investment – Core Plus Infrastructure
2. RVK: $729M
New York State Common Retirement Fund – $621.5M
- CVC-DIF Infrastructure VIII – Core Plus Infrastructure
- Stonepeak Global Renewables Fund II – Core Plus Infrastructure
- Stonepeak Global Renewables Fund II Co-Investment – Core Plus Infrastructure
Los Angeles Fire & Police Pension System – $100M
- IFM Global Infrastructure Fund – Core Infrastructure
Santa Barbara County Employees’ Retirement System – $7.5M
- NOVA Infrastructure Fund II – Value-Add Infrastructure
3. AON: $650M
Teacher Retirement System of Texas – $350M
- Carlyle Global Infrastructure Opportunity Fund II, SCSp – Global Infrastructure
- ArcLight Infrastructure Partners Fund VIII-C – Value-Add Infrastructure
Teachers Retirement System of Louisiana – $150M
- LS Power Equity Partners VI – Value-Add Infrastructure
- Stonepeak Opportunities Fund II – Value-Add Infrastructure
- ECP VI – Core Plus Infrastructure
San Diego City Employees’ Retirement System – $150M
- Macquarie Global Infrastructure Fund – Core Infrastructure
- Igneo Global Diversified Infrastructure Fund – Global Infrastructure
Stay ahead of institutional infrastructure flows across core, core plus, and value-add strategies. Book a demo of Dakota Marketplace to monitor consultant-led allocation activity.
4. StepStone Group: $549M
New York City Fire Department Pension Fund – $452
- DIF Infrastructure VIII SCSp – Core Plus Infrastructure
- ISQ Global Infrastructure Fund IV (UST) – Value-Add Infrastructure
New York State Teachers Retirement System – $50M
- OIC Structured Equity Fund I – US Infrastructure
Rhode Island State Pension – $32M
- Energy Capital Partners VI – Value-Add Infrastructure
Contra Costa County Employees Retirement Association – $15M
- Tallvine Middle Market Infrastructure Fund I – Value-Add Infrastructure
5. Verus: $366.5M
South Carolina Retirement System Investment Commission (RSIC) – $200M
- Basalt Infrastructure Partners V A L.P. – Core Plus Infrastructure
New Mexico Public Employees Retirement Association – $111.5M
- IFM Global Infrastructure (US) – Core Infrastructure
- EnCap Flatrock Midstream Fund III – Private Infrastructure
Sacramento County Employees Retirement System – $55M
- I Squared Capital Global Infrastructure Fund IV – Value-Add Infrastructure
6. Albourne: $250M
Connecticut Retirement Plans and Trust Funds – $250M
- I Squared Capital Global Infrastructure Fund IV – Value-Add Infrastructure
- ISQ Growth Markets Infrastructure Fund II – Value-Add Infrastructure
7. Meketa Investment Group: $225M
Kansas Public Employees Retirement System – $150M
- IFF Hedge LP – Core Infrastructure
Orange County Employees Retirement System – $75M
- Stonepeak Opportunities Fund II – Value-Add Infrastructure
8. Aksia: $200M
Pennsylvania Public School Employees’ Retirement – $200M
- LS Power Equity Partners VI – Value-Add Infrastructure
9. Marquette Associates: $150M
Illinois Firefighters’ Pension Investment Fund – $150M
- KKR Diversified Core Infrastructure Fund – Core Infrastructure
- IFM Global Infrastructure Fund – Core Infrastructure
10. Cambridge Associates: $50M
San Francisco Employees’ Retirement System – $50M
- SDC Digital Infrastructure Opportunity Fund V – Value-Add Infrastructure
Allocation Discipline Remains Intact
Consultant-led activity in Q1 reinforced private infrastructure's role as a core allocation within institutional portfolios, particularly as investors continue to prioritize inflation protection, stable cash yield, and exposure to long-duration real assets. Across core, core plus, value-add, and sector-specialist strategies, consultants guided pension systems toward managers equipped to capitalize on the energy transition, digital infrastructure buildout, and ongoing modernization of global transportation and utility networks.
As capital flowed into established infrastructure platforms, repeat manager relationships, and targeted co-investments, a consistent theme emerged: consultants emphasized asset quality, operational expertise, and thematic positioning over broad market exposure. With billions allocated during the quarter, private infrastructure remains a strategically supported allocation, underpinned by sustained consultant confidence in the asset class's ability to deliver resilient, inflation-linked returns across market cycles.
Consultants continue to shape private infrastructure portfolios. Book a demo of Dakota Marketplace to track institutional demand and allocation trends.
