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Institutional investors continued to deploy capital into private infrastructure in Q2 2026, with investment consultants playing a central role in guiding allocation size, strategy mix, and manager selection. Against a backdrop of selective deal activity, tempered distributions, and ongoing portfolio rebalancing, consultant-led commitments underscore private infrastructure's enduring role as a core portfolio allocation for long-term growth, diversification, and inflation-linked income.
Across the quarter, consultants steered capital toward a broad range of private infrastructure strategies, including core, core-plus, and value-add infrastructure, global and international infrastructure funds, secondaries, and co-investments. Large public pension systems anchored much of the activity, pairing sizable commitments to flagship infrastructure funds with targeted exposure to co-investment vehicles and niche sector-focused managers. The data reflects a continued emphasis on manager selection, strategy diversification, and co-investment participation as investors navigate a more disciplined dealmaking environment.
Quarter-in-Review: Consultant Influence & Allocation Activity
During Q2 2026, consultants including Meketa Investment Group, StepStone Group, Hamilton Lane, Albourne, Grosvenor, Callan Associates, Aksia, NEPC, Mercer, and Cambridge Associates collectively guided more than $27 billion into private infrastructure commitments. Allocation activity spanned commingled funds, co-investment vehicles, and secondaries, with core and core-plus infrastructure capturing a significant share of capital alongside growing interest in digital infrastructure and GP-led secondary transactions.
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. State Street: $3.769B
New York City Employees' Retirement System – $3.769B
- KKR Global Infrastructure Investors IV – Core Plus Infrastructure
- Stonepeak Infrastructure Fund IV – Private Infrastructure
- Basalt Infrastructure Partners IV A L.P. – International Infrastructure
- Brookfield Infrastructure Fund V – Core Infrastructure
- Stonepeak Infrastructure Fund V – Value-Add Infrastructure
- Global Infrastructure Partners V-A/B – Core Plus Infrastructure
- EQT Infrastructure VI – Value-Add Infrastructure
- ASF VIII Infrastructure B – Secondaries
- BIS NYC Infrastructure Emerging Manager Opportunities Fund II, L.P. – US Infrastructure
- EQT Infrastructure V (No.2) USD SCSp – International Infrastructure
- BlackRock Global Infrastructure Fund IV – Global Infrastructure
- InfraVia European Fund V – International Infrastructure
- Global Infrastructure Partners IV-A/B – Global Infrastructure
- Basalt Infrastructure Partners III – Core Plus Infrastructure
- DIF Infrastructure Fund VII – Core Plus Infrastructure
- Actis Energy 5 – Emerging Markets Infrastructure
- EQT Infrastructure IV (No.2) USD SCSp – Core Infrastructure
- Brookfield Infrastructure Fund IV – Private Infrastructure
- Axium Infrastructure North America (2021) – Core Infrastructure
- Brookfield Infrastructure Fund III – Private Infrastructure
- KKR Global Infrastructure Investors III – Global Infrastructure
- BlackRock Global Energy & Power Infrastructure Fund III – Global Infrastructure
- KKR Global Infrastructure Investors II – Global Infrastructure
- IFM Global Infrastructure Fund – Global Infrastructure
- Brookfield Infrastructure Fund II – Core Infrastructure
- Ardian Infrastructure Fund V B – Core Plus Infrastructure
- BIS NYC Infrastructure Emerging Manager Opportunities Fund – Private Infrastructure
- Axium Infrastructure North America (2017) – Core Infrastructure
- ASF VII Infrastructure – Secondaires
- NYCRS EIG Energy Partners – Global Infrastructure
- Actis Energy 4 LP – Emerging Markets Infrastructure
- BlackRock Global Energy & Power Infrastructure Fund II – Global Infrastructure
- Stonepeak Patagonia (Co-Invest) Holdings LP (Project Panther) – Private Infrastructure
- Stonepeak Tiger (Co-Invest) Holdings (I-B) LP – Private Infrastructure
- Ardian Infra Fund V Co-Invest Eden – Core Plus Infrastructure
- Artemis Co-Invest Sidecar L.P. – Private Infrastructure
- Ardian Infra Fund V Co-Invest Lemon – Private Infrastructure
- BIP III Ride Co-Investment L.P. (Project Ride) – Private Infrastructure
- NYCRS EIG Energy Partners Co-Investment – Global Infrastructure
- EQT Infrastructure IV Co-Investment (F) SCSp (Connect) – Private Infrastructure
- EQT Infrastructure IV Co-Investment (G) SCSp (Lightspeed) – Private Infrastructure
- EQT Infrastructure IV Co-Investment (D) (Saber) – Private Infrastructure
2. Wilshire Associates, Inc.: $2.25B
California Public Employees’ Retirement Systems – $2.15B
- GIP Redwood Co-Investment Fund – Global Infrastructure
- Harbert Power Fund VII, LP – Value-Add Infrastructure
Kentucky Public Pensions Authority – $100M
- ITE Rail Fund – Private Infrastructure
3. Meketa Investment Group: $1.466B
District of Columbia Retirement Board – $795M
- IFM Global Infra (US) – Global Infrastructure
- GIP Mid-Market Fund V – Value-Add Infrastructure
- BlackRock Global Infrastructure Fund IV D, L.P. – Global Infrastructure
- Hull Street Energy Partners III — US Infrastructure
- Tiger Infrastructure Partners Fund III – Private Infrastructure
- SteelRiver Infrastructure Fund North America – US Infrastructure
- Macquarie Infrastructure Partners II – Private Infrastructure
- Tiger Infrastructure Partners Fund II – Private Infrastructure
- EnCap Flatrock Midstream IV – Private Infrastructure
- EnCap Flatrock Midstream Fund III – Private Infrastructure
Kansas Public Employees Retirement System – $150M
- Brookfield Super-Core Infrastructure Partners – Core Infrastructure
Connecticut Retirement Plans and Trust Funds – $150M
- AxInfra NA II LP – Core Plus Infrastructure
San Joaquin County Employees Retirement Association – $100M
- I Squared Capital Global Infrastructure Fund IV – Global Infrastructure
Orange County Employees Retirement System – $75M
- EnCap Energy Transition Fund III-A, L.P. – Core Infrastructure
Illinois Firefighters' Pension Investment Fund – $67M
- Global Infrastructure Partners V – Global Infrastructure
- ISQ Global Infrastructure Fund IV (UST) – Global Infrastructure
Plymouth County Retirement Association – $43M
- Grain Communications Opportunity Fund IV – Private Infrastructure
- JPM Maritime Fund, LP – Global Infrastructure
- GIP Mid-Market Fund V D, L.P. – Global Infrastructure
- BlackRock Global Infrastructure Fund IV – Global Infrastructure
Austin Firefighters Relief & Retirement Fund – $40M
- IFM Global Infrastructure Fund – Global Infrastructure
California Public Employees' Retirement Systems – $27M
- EII-C SPV – Emerging Markets Infrastructure
Louisiana School Employees' Retirement System – $10M
- SDC Digital Infrastructure Opportunity Fund V – US Infrastructure
Fairfax County Educational Employees' Supplementary Retirement System – $9M
- SDC Digital Infrastructure Opportunity Fund V – US Infrastructure
- GIP Mid-Market Fund V A, L.P. – Core Plus Infrastructure
Stay ahead of institutional private infrastructure flows across core, core-plus, and value-add strategies, global infrastructure, and co-investments. Book a demo of Dakota Marketplace to monitor consultant-led allocation activity.
4. Callan Associates: $871.679M
Chicago Teachers' Pension Fund – $471.679
- JP Morgan Infrastructure Fund – Core Infrastructure
- Macquarie Infrastructure Partners II – Private Infrastructure
- Brookfield Infrastructure Fund III – Private Infrastructure
- Macquarie European Infrastructure Fund – Global Infrastructure
- IFM Global Infrastructure Fund – Global Infrastructure
- Macquarie Infrastructure Partners V – Global Infrastructure
- Brookfield Infrastructure Fund V – Core Infrastructure
- Brookfield Infrastructure Fund IV – Private Infrastructure
- ULLICO Infrastructure Fund – Private Infrastructure
- JLC Infrastructure Fund II – US Infrastructure
Illinois Municipal Retirement Fund – $250M
- Macquarie Global Infrastructure Fund – Global Infrastructure
- JP Morgan Infrastructure Investments Fund – Private Infrastructure
Cook County Annuity and Benefit Fund – $150M
- Pantheon Global Infrastructure Fund V – Core Plus Infrastructure
5. Albourne: $650M
Texas Municipal Retirement System – $300M
- Conifer Infrastructure Partners LP – Core Infrastructure
Maine Public Employees' Retirement System – $300M
- Brookfield Super-Core Infrastructure Partners – Core Infrastructure
Florida State Board of Administration – $50M
- ERA Infra Fund II – International Infrastructure
6. NEPC: $431.6M
Chicago Policemen's Annuity & Benefit Fund – $186.6M
- Ullico Taxable Fund – Private Infrastructure
- Global Infrastructure Partners – Global Infrastructure
- Global Infrastructure Partners IV – Global Infrastructure
- Global Infrastructure Partners III – Global Infrastructure
- Carlyle Infrastructure Partners – Aviation
- EII World Fund – Emerging Markets Infrastructure
City of Fresno Retirement Systems – $105M
- Seraya Partners Fund II, LP – International Infrastructure
- ISQ Growth Markets Infrastructure Fund II, L.P. – Value-Ad Infrastructure
Ventura County Employees' Retirement Association – $50M
- Pantheon Global Infrastructure Fund V – Core Plus Infrastructure
Fresno County Employees Retirement Association – $50M
- I Squared Capital Global Infrastructure Fund IV – Global Infrastructure
Alameda County Employees' Retirement Association – $40M
- I Squared Capital Global Infrastructure Fund IV – Global Infrastructure
7. StepStone Group: $430M
New York State Teachers Retirement System – $250M
- Blackstone Infrastructure Partners – Global Infrastructure
- KKR Global Infrastructure Investors V – Global Infrastructure
Teachers' Retirement System of the State of Illinois – $180M
- KKR Diversified Core Infrastructure Fund – Core Infrastructure
8. RVK: $310M
North Dakota Department of Trust Lands – $200M
- JP Morgan Infrastructure Investments Fund – Private Infrastructure
- Blackstone Infrastructure Partners – Global Infrastructure
New Mexico State Investment Council – $100M
- SDC Digital Infrastructure Opportunity Fund V – US Infrastructure
Santa Barbara County Employees' Retirement System – $10M
- SDC Digital Infrastructure Opportunity Fund V – US Infrastructure
9. Aksia: $305M
Indiana Public Retirement System – $125M
- Basalt Infrastructure Partners V A L.P. – Core Plus Infrastructure
Los Angeles City Employees' Retirement System – $80M
- Nuveen Energy & Power Infrastructure Credit Fund II – Core Infrastructure
Teachers' Retirement System of the State of Illinois – $50M
- JPM Global Transport Income Fund – Aviation
Nebraska Investment Council – $50M
- Blackstone Infrastructure Partners – Global Infrastructure
10. AON: $175M
Teacher Retirement System of Texas – $100M
- Macquarie Infrastructure Partners VII, L.P. – US Infrastructure
Arkansas Teacher Retirement System – $75M
- Blackstone Infrastructure Partners – Global Infrastructure
Allocation Discipline Remains Intact
Consultant-led activity in Q2 2026 reinforced private infrastructure's role as a core allocation within institutional portfolios, particularly as investors continue to prioritize long-term growth, manager selection, and access to top-tier fund managers. Across core, core-plus, and value-add strategies, global infrastructure funds, secondaries, and co-investments, consultants guided pension systems toward managers with demonstrated track records and the operational capabilities to create value in a more selective deal environment.
As capital flowed into established infrastructure platforms, repeat manager relationships, and targeted co-investments, a consistent theme emerged: consultants emphasized manager quality, strategy diversification, and co-investment discipline over chasing recent vintage performance. With tens of 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 long-term outperformance across market cycles.
Consultants continue to shape private infrastructure. Book a demo of Dakota Marketplace to track institutional demand and allocation trends.
