Private Assets

A New Era for Private Infrastructure

3 April 2026

 In an era of technological and energy transitions, private infrastructure has become strategic for portfolios due to its resilience, predictable revenues, and diversifying effect.

Patrick Henri Gest
Head of Private Real Estate & Infrastructure

Infrastructure forms the invisible backbone of our daily lives. It enables the movement of people, goods and data, while connecting markets and economies. As infrastructure needs continue to surge and public budgets come under increasing strain, the private sector has taken on a pivotal role in financing, building and operating these strategic assets.

Private infrastructure encompasses a broad range of essential assets owned by private investors, including toll roads, ports, airports, power grids, data centres, pipelines, as well as social infrastructure, such as hospitals and student accommodation. Often regulated or governed by long-term contracts, these assets generate stable revenue streams while addressing some of the major challenges of our time (the energy transition, digitalisation and urbanisation...). Driven by global megatrends, private infrastructure has emerged as a resilient asset class, attracting investors seeking predictable returns and a tangible impact on the real economy.

Resilience in times of economic stress

Private infrastructure assets — spanning energy, water, transport and digital networks — deliver essential services, making them relatively insensitive to economic cycles. Their activity tends to remain stable during downturns, providing a buffer against financial shocks.

Inflation protection

Infrastructure cash flows are often indexed to inflation, either through contracts or regulatory frameworks. This makes infrastructure a defensive asset in periods of rising prices, helping to preserve investors’ purchasing power.

Stable and predictable returns

Long-term contracts — often spanning 20 to 30 years — public concessions and local monopoly positions allow infrastructure assets to generate recurring and predictable revenue, well suited to long-term investment strategies.

Solid long-term performance

With an average compound annual growth rate of 9.3% over 16 years, private infrastructure has historically offered an attractive risk-return profile, outperforming many other asset classes.

Strong policy support and structural demand

Governments worldwide are stepping up infrastructure spending -- from USD 1.2 trillion in the US to EUR 500 billion in Germany. According to McKinsey, USD 106 trillion of investment will be required by 2040, underpinning sustained, long-term demand.

*Past performance is not a reliable indicator of future results. BNP Paribas provides no guarantee or assurance regarding the success, profitability, return or expected or projected performance of any investment.

Patrick Henri Gest

Head of Private Real Estate & Infrastructure

At the crossroads of technological and energy transitions, private infrastructure has become strategic within investment portfolios. Its growing importance is fuelled by two structural factors reshaping global economies: exponential digitalisation and accelerating electrification.

Digitalisation: surging demand for data centres

The explosion of data — from cloud computing to artificial intelligence — is driving unprecedented demand for data centres and telecoms networks. Private infrastructure offers long-term exposure to this growth through physical assets such as buildings, land and fibre networks, without direct exposure to technological obsolescence.

Concerns around digital sovereignty are reinforcing this trend, as governments and companies invest heavily to secure and control their data. The result is sustained demand for secure, local infrastructure.

Electrification: rising energy consumption

The shift towards a low-carbon economy — electric vehicles, green industries and energy-intensive data centres — is pushing electricity demand sharply higher. By 2025, data centres alone already accounted for 1.5% of global electricity consumption, roughly equivalent to France’s total usage.

Meeting this demand will require massive investment to

· upgrade power grids to avoid outages (as seen in Spain in 2025)

· develop energy storage solutions (batteries, hydrogen), and

· expand charging infrastructure for electric vehicles.

Backed by long-term contracts and regular revenue, these assets offer rare stability in a rapidly evolving sector.

Transport infrastructure: a third growth driver

Beyond digital and energy assets, transport infrastructure, particularly airports, continues to benefit from strong structural tailwinds.

Air traffic is rising steadily, while airport assets enjoy high barriers to entry, diversified revenue streams and pricing power under stable regulatory frameworks.

Private infrastructure plays a strategic role in portfolios thanks to its resilience, predictable revenue and diversification effect. Within the private assets sleeve of your portfolio, we recommend a 20% allocation to private infrastructure. This would allow you to benefit from its long-term return potential, its defensive nature and its low correlation with traditional markets, while enjoying a wider investment universe than listed assets.

Greater accessibility through Evergreen funds

Evergreen infrastructure funds are transforming the access of individual investors to private markets. They offer:

· immediate capital deployment, without a waiting period

· regular liquidity windows, for more flexibility, and

· lower minimum entry tickets compared with traditional closed-end funds.

These innovations come at a time when the asset class is supported by powerful structural trends — digitalisation, electrification and mobility — making private infrastructure more accessible than ever.

A promising sector, an ideal time to invest

With strong fundamentals, flexible solutions, and a favourable economic backdrop, now is the time to consider private infrastructure for your portfolio.

Private infrastructure: now is the time!

Edmund Shing

Global Chief Investment Officer

Global expertise and local insights: let our team guide you

At BNP Paribas Wealth Management, we have extensive experience in private markets. Our team rigorously analyses and selects funds, and carries out post-investment monitoring. We emphasise the importance of conducting thorough due diligence and understanding the specific terms and conditions of each fund. Moreover, we advise our clients to make investments that align with their expectations, investment profile and knowledge of private markets.

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