Discounts in infrastructure secondaries have stayed tighter than in private equity secondaries, yet buyers in the space are reporting some of the strongest and most unexpected returns in the asset class’s history.

In the Analysis section of Infrastructure Investor’s December 2025/January 2026 issue, senior dealmakers from Pantheon, Ardian, Partners Group and Goldman Sachs Alternatives explain how quality underwriting, GP relationships and thematic conviction are translating limited discounts into outsized upside.

Pantheon’s Jérôme Duthu-Bengtzon shares his view alongside Bertrand Chevalier (Ardian), Dmitriy Antropov (Partners Group) and Henry Willans (Goldman Sachs Alternatives) on:

• Why discount alone doesn’t determine value
• Where the market is finding double-digit discounts
• How fund vintage shapes strategy
• What’s fuelling the rise of GP-led deals

Read the full piece for the panel’s views on churn rates, market growth, and where the next wave of infrastructure secondaries opportunity is likely to emerge.

Reproduced with permission from Infrastructure Investor. Sponsors: Ardian, Pantheon, Partners Group, Goldman Sachs Alternatives.