Private Markets - Focus Infrastructure (SECA (Swiss Private Equity and Corporate Finance Association))

Summary

• SECA represents the Swiss private equity, venture capital, and corporate finance industries with a base of more than 550 members.p.2
• Swiss pension funds hold an infrastructure allocation of around 2 to 3 percent, while BVV 2 regulations allow up to 10 percent.p.6
• Private markets have delivered an annualized net return of 12-plus% with 60% lower volatility compared to public markets since 2010.p.13
• DWS Group manages EUR 1’190 bn in assets under management, with EUR 105 billion in alternatives as of 30 June 2026.p.28
• Energy Infrastructure Partners manages EUR 7 Mrd. in assets, including CHF 2.8 Mrd. in its Swiss energy infrastructure investment foundation group.p.39
• European infrastructure funds raised €265 billion from 2020 to H1 2025, including €41 billion in the first half of 2025.p.57
• Partners Group expanded atNorth to 13 data centers across five Nordic countries and achieved a 14-fold contracted EBITDA growth before its USD 4 billion exit.p.69

Key insights

1. Adding private assets to a traditional bond and equity portfolio decreases volatility while increasing expected returns.p.13
2. In Ardian's infrastructure portfolios, more than 85% of revenues are indexed to inflation and over 70% are contracted over the long term.p.16
3. The EU Net-Zero Industry Act targets European clean technology manufacturing capacity to meet at least 40% of annual deployment needs by 2030.p.22
4. Infrastructure transactions valued below US$1 billion accounted for approximately 89% of total deals between 2021 and 2025.p.43
5. Between 2014 and 2024, around 80% of private infrastructure returns came from asset operational earnings and cash yield, while only 20% came from rising valuation multiples.p.50
6. Private infrastructure funds invested €167 billion into 1,039 European projects or companies between 2020 and H1 2025.p.57
7. Top-quartile small and mid-market infrastructure managers have historically outperformed funds larger than $5 billion in size.p.63