Institutional investors maintained a steady commitment to private infrastructure in Q3 2025, continuing to rely on consultants to navigate a shifting global market and identify resilient, income-generating opportunities. With inflation moderating and the energy transition accelerating, infrastructure remained a cornerstone of institutional portfolios, offering stability, diversification, and long-term value creation.
This past quarter, consultants such as RVK, Albourne, Mercer Investment Consulting, and Callan Associates led the way, directing billions toward core, core plus, and value-add strategies spanning energy, digital, and transportation assets. Activity was supported by continued interest in renewables, data infrastructure, and essential service platforms that align with long-duration investment goals.
Together, these allocations highlight the enduring importance of infrastructure within institutional portfolios and the pivotal role consultants play in guiding disciplined capital deployment across a dynamic real assets landscape.
1. RVK: $1.24B
New Mexico State Investment Council – $950M
- GI Data Infrastructure Fund II – Global Infrastructure
- InfraVia European Fund VI SCSp – Core Plus Infrastructure
- I Squared Capital Global Infrastructure Fund IV – Value-Add Infrastructure
- I Squared Capital Global Infrastructure Fund IV Co Invest – Value-Add Infrastructure
Teachers’ Retirement System of Illinois – $200M
- Strategic Partners Infrastructure IV – Core Infrastructure
New Jersey Division of Investment – $87M
- DIF Infrastructure Fund – Core Infrastructure
Santa Barbara County Employees’ Retirement System – $7.5M
- ECP VI – Core Plus Infrastructure
2. Albourne: $650M
Texas Municipal Retirement System – $650M
- Excelsior Renewable Energy Feeder Fund II-B LP – Core Infrastructure
- ERA Infra Fund II – Value-Add Infrastructure
Connecticut Retirement Plans and Trust Funds – $500M
- Palistar Digital Infrastructure Fund III – Core Plus Infrastructure
- HarbourVest Infrastructure Income Partnership – Core Infrastructure
3. Mercer Investment Consulting: $600M
Washington State Investment Board – $600M
- I Squared Capital Global Infrastructure Fund IV Co Invest – Value-Add Infrastructure
- I Squared Capital Global Infrastructure Fund IV – Value-Add Infrastructure
4. Callan Associates: $475M
Arkansas Public Employees Retirement System (APERS) – $300M
- Partners Group Infrastructure Secondary – Core Infrastructure
- Pantheon Global Infrastructure Fund V – Global Infrastructure
- Ares Secondaries Infrastructure Solutions Fund III – Value-Add Infrastructure
New Hampshire Retirement System – $100M
- JP Morgan Infrastructure Investments Fund – Core Infrastructure
San Francisco Employees’ Retirement System – $75M
- Strategic Partners Infrastructure IV – Core Infrastructure
5. The Townsend Group: $350M
Florida State Board of Administration – $350M
- ISQ Growth Markets Infrastructure Fund II – Value-Add Infrastructure
- ECP VI – Core Plus Infrastructure
- ECP Sun Coast Holding – Core Plus Infrastructure
6. AON: $299M
Virginia Retirement System – $150M
- ICON Infrastructure Partners VII – Core Plus Infrastructure
Teachers Retirement System of Louisiana – $50M
- ECP VI – Core Plus Infrastructure
- BCP Infrastructure Fund – Value-Add Infrastructure
Teacher Retirement System of Texas – $49.4M
- PCIP I ML Coinvest, LP – Value-Add Infrastructure
- Ancala Fund III Co-Investment H1 SCSp – Core Plus Infrastructure
7. Stepstone Group: $200M
Teachers’ Retirement System of Illinois – $200M
- Brookfield Infrastructure Debt Fund IV – Core Infrastructure
8. NEPC: $157M
Fresno County Employees Retirement Association – $105M
- Palistar Digital Infrastructure Fund III – Core Plus Infrastructure
- NOVA Infrastructure Fund II – Value-Add Infrastructure
- Ares Secondaries Infrastructure Solutions Fund III – Value-Add Infrastructure
Rhode Island State Pension – $32M
- Aberdeen Global Sustainable Infrastructure Partners IV – Global Infrastructure
Howard County Master Trust – $20M
- NOVA Infrastructure Fund II – Value-Add Infrastructure
9. Verus: $150M
Sacramento County Employees Retirement System – $150M
- Manulife Infrastructure Fund III – Core Plus Infrastructure
- KKR Global Infrastructure Investors V – Global Infrastructure
- Aberdeen Global Sustainable Infrastructure Partners IV – Global Infrastructure
10. Wilshire Associates: $145M
School Employees Retirement System of Ohio – $145M
- Manulife Infrastructure Fund III Co Investment – Core Plus Infrastructure
- Manulife Infrastructure Fund III – Core Plus Infrastructure
- GIP Capital Solutions III Co-Investment Fund, LP – Global Infrastructure
- GIP Capital Solutions Fund III, LP – Global Infrastructure
Infrastructure Allocation Discipline Endures
Consultant-led activity in Q3 2025 reinforced the central role private infrastructure continues to play in institutional portfolios. From core and core-plus funds to value-add and co-investment strategies, consultants guided pension systems and retirement plans toward assets that deliver stability, cash flow, and inflation protection.
As capital flowed across 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 worldwide, this quarter’s activity underscores the enduring partnership between consultants and institutions. One grounded in identifying opportunity, managing risk, and sustaining conviction in infrastructure as a cornerstone of real asset investing.
To explore more details on allocation data by consultant, strategy, and fund, book a demo of Dakota Marketplace.
