In Infrastructure Investor, Global CIO Gautam Bhandari discusses how investor support, scarce high-quality assets, and demand for growth capital are reshaping the infrastructure secondaries market.

In a recent Infrastructure Investor feature, Gautam Bhandari, Managing Partner and Global Chief Investment Officer of I Squared Capital, joins industry participants to examine the growing use of continuation vehicles in infrastructure.

According to Campbell Lutyens data cited by the publication, GP-led transactions increased from 6% of infrastructure secondaries volume in the first half of 2025 to 15% in the first half of 2026. The article connects this growth to greater familiarity among limited partners, more established transaction structures, and demand for additional capital to support the continued development of infrastructure platforms.

The feature highlights I Squared’s first continuation fund, a $600 million vehicle for Inkia. Gautam describes how I Squared engaged its Limited Partner Advisory Committee and broader investor base early in the process, using their feedback to help shape the proposed approach.

In the article, Gautam also describes I Squared’s focus on stabilized core infrastructure assets that may be difficult to replicate, while assets involving greater growth and development risk remain within the firm’s closed-end funds.

More broadly, the feature examines the considerations that remain central to continuation-vehicle transactions, including price discovery, potential conflicts of interest, governance, investor elections, and alignment between managers and limited partners.

Read the full article in Infrastructure Investor >

DISCLOSURES

This material is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. The views expressed reflect the opinions of the author as of the date of publication and are subject to change without notice. Forward-looking statements involve known and unknown risks and uncertainties; actual outcomes may differ materially from those expressed or implied. Investing involves risk; loss of principal is possible. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future. Past performance is not indicative of future results.

This website does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact I Squared or consult with the professional advisor of their choosing. Certain information contained herein has been obtained from third party sources and such information has not been independently verified by I Squared. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by I Squared or any other person. While such sources are believed to be reliable, I Squared does not assume any responsibility for the accuracy or completeness of such information. I Squared does not undertake any obligation to update the information contained herein as of any future date. Except where otherwise indicated, the information contained in this website is based on matters as they exist as of the date of preparation of such material and not as of the date of distribution or any future date. Recipients should not rely on this material in making any future investment decision. Certain information contained herein constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events, results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained herein may be relied upon as a guarantee, promise, assurance or a representation as to the future.