Institutional investors continued to allocate meaningfully to private infrastructure in Q4 2025, reinforcing the asset class’s role as a durable source of income and downside protection amid ongoing macro uncertainty. As interest rate expectations stabilized and geopolitical risk remained elevated, consultants played a central role in directing capital toward infrastructure strategies offering long-term cash flow visibility and inflation resilience.
Throughout the quarter, consultant-led activity highlighted continued conviction in core and core-plus infrastructure, with selective exposure to value-add strategies across transportation, energy transition, and essential services assets. The data underscores infrastructure’s position as a stabilizing allocation within institutional portfolios, and the sustained influence of consultants in shaping capital deployment across global real assets markets.
Quarter-in-Review: Consultant Influence & Allocation Activity
During Q4 2025, consultants including Callan Associates, RVK, StepStone Group, Meketa Investment Group, and others guided more than $3.6 billion in infrastructure commitments. Capital was largely concentrated in core and core-plus vehicles, with targeted allocations to value-add strategies tied to global transportation networks, energy transition platforms, and critical infrastructure assets.
Large public pension plans remained the primary drivers of activity, frequently pairing commingled fund commitments with co-investment and sidecar structures to enhance portfolio efficiency and control. Across consultants, the quarter reflected a consistent emphasis on resilience, inflation protection, and long-duration cash flows.
For sales teams and managers tracking institutional demand, consultant-led allocations continue to provide some of the clearest signals into where capital is actively moving.
Book a demo of Dakota Marketplace to track consultant-led infrastructure allocations by pension plan, strategy, and fund in real time.
1. Callan Associates: $725M
Public Employees’ Retirement System of Mississippi – $150M
- JPM Global Transport Income Fund – Core Infrastructure
- EQT Active Core Infrastructure (No.2) LP – Core Infrastructure
- Brookfield Super-Core Infrastructure Partners – Core Infrastructure
- Blackstone Infrastructure Partners – Core Infrastructure
New Hampshire Retirement System – $100M
- KKR Global Infrastructure Investors V – Global Infrastructure
Illinois Municipal Retirement Fund – $25M
- Partners Group Direct Infrastructure Fund IV – Value-Add Infrastructure
2. RVK: $710M
New Mexico State Investment Council – $535M
- CVC-DIF Infrastructure VIII – Core Plus Infrastructure
- CVC Capital Value Add Fund IV Co-Investment – Value-Add Infrastructure
- CVC Capital Value Add Fund IV – Value-Add Infrastructure
Montana Board of Investments – $100M
- CBRE Musselshell Infrastructure Investments – Global Infrastructure
Los Angeles Fire & Police Pension System – $60M
- Meridiam Infrastructure North America Fund IV – Value-Add Infrastructure
Santa Barbara County Employees' Retirement System – $15M
- NOVA Infrastructure Fund II – Value-Add Infrastructure
- Arcus European Infrastructure Fund 4 SCSp – Value-Add Infrastructure
3. StepStone Group: $705.6M
New York City Fire Department Pension Fund – $488.3M
- DIF Infrastructure VIII SCSp – Core Plus Infrastructure
- ISQ Global Infrastructure Fund IV (UST) – Value-Add Infrastructure
- ICG Infrastructure Fund II – Core Plus Infrastructure
- Colossus Co-Invest Sidecar LP – Core Plus Infrastructure
New York City Employees' Retirement System – $139M
- ICG Infrastructure Fund II – Core Plus Infrastructure
- Colossus Co-Invest Sidecar LP – Core Infrastructure
New York City Police Pension Fund – $78.3M
- ICG Infrastructure Fund II – Core Plus Infrastructure
- Colossus Co-Invest Sidecar LP – Core Infrastructure
Want to see allocations by consultant, allocator, and strategy across every quarter? Book a demo of Dakota Marketplace to access!
4. Meketa Investment Group: $460M
New Mexico Public Employees Retirement Association – $150M
- KKR Diversified Core Infrastructure Fund – Core Infrastructure
San Joaquin County Employees Retirement Association – $100M
- GIP Mid-Market Fund V D, L.P. – Core Plus Infrastructure
Orange County Employees Retirement System – $100M
- I Squared Capital Global Infrastructure Fund IV – Value-Add Infrastructure
District of Columbia Retirement Board – $100M
- I Squared Capital Global Infrastructure Fund IV – Value-Add Infrastructure
Louisiana State Police Retirement System – $10M
- IFM Global Infrastructure Fund – Core Infrastructure
5. AON: $325M
Teacher Retirement System of Texas – $225M
- Carlyle Global Infrastructure Opportunity Fund II, S.C.Sp. – Global Infrastructure
- Tailwater Infrastructure CV I LP – Core Infrastructure
Arkansas Teacher Retirement System – $100M
- I Squared Capital Global Infrastructure Fund IV – Value-Add Infrastructure
6. Wilshire Associates, Inc: $180M
School Employees Retirement System of Ohio (OHSERS) – $100M
- KKR Diversified Core Infrastructure Fund – Core Infrastructure
Ohio Police and Fire Pension Fund – $80M
- Meridiam Infrastructure North America Fund IV – Value-Add Infrastructure
7. Mercer Investment Consulting: $150M
Florida State Board of Administration – $150M
- Asterion Industrial Infra Fund III – Value-Add Infrastructure
8. Marquette Associates: $147M
Illinois Firefighters' Pension Investment Fund – $107M
- Stonepeak Infrastructure Fund V – Core Plus Infrastructure
- Global Infrastructure Partners Fund V – Core Plus Infrastructure
- I Squared Capital Global Infrastructure Fund IV – Value-Add Infrastructure
Chicago Metropolitan Water Reclamation District Retirement Fund – $40M
- IFM Global Infrastructure Fund – Core Infrastructure
9. NEPC: $135M
Alameda County Employees' Retirement Association – $85M
- Ares Secondaries Infrastructure Solutions Fund III – Value-Add Infrastructure
- Brookfield Global Transition Fund II-B – Global Infrastructure
San Antonio Fire & Police Pension Fund – $50M
- Pantheon Global Infrastructure Fund V – Global Infrastructure
- Ares Secondaries Infrastructure Solutions Fund III – Value-Add Infrastructure
10. Albourne: $130M
Texas Municipal Retirement System – $130M
- ERA Blade Continuation Fund LP – Global Infrastructure
Allocation Discipline Remains Intact
Consultant-led activity in Q4 2025 reinforced the central role private infrastructure continues to play in institutional portfolios. Across core, core-plus, and value-add strategies, consultants guided pension systems toward assets designed to deliver stability, predictable cash flow, and inflation protection.
As capital flowed into energy, digital, and transportation platforms, one theme remained consistent: consultants prioritized resilience, long-term value creation, and diversification within essential global infrastructure sectors. With billions allocated during the quarter, infrastructure remains a cornerstone allocation supported by sustained consultant conviction.
To explore consultant-led infrastructure allocations by quarter, allocator, strategy, and fund… and to monitor activity as it unfolds… book a demo of Dakota Marketplace!
