1、Infrastructure Investment Outlook 2025Recovery pendingREPORTCover:Karl Hendon/gettyimagesManagement summaryDespite another challenging year for infrastructure investment in 2024 and a relatively soft start to 2025,investors continue to be cautiously optimistic for a recovery in the coming months.Fol

2、lowing resilient performance in 2022 and a significant blow to infrastructure deal activity in 2023,there were expectations of an uptick in activity in 2024.However,continued challenging financing conditions resulted in further declines in deal count and deal size in 2024,in contrast to the activity

3、 uptick seen in private equity buyouts in 2024.Despite the challenging deal market,the wave of consolidation that started in 2022 continued into 2024,including Blackrocks acquisition of GIP,General Atlantics acquisition of Actis and CVCs acquisition of DIF.Looking ahead,while dealmaking has remained

4、 relatively soft in the first half of 2025,the ever-increasing need for capital to develop long-term sustainable infrastructure means the outlook for infrastructure deals is positive.Thematic investments in energy transition,transportation decarbonisation,and circular economy are set to continue,alo

5、ngside greater focus on core+and value-add hybrid infrastructure assets.In this report,we start at a macro level,dissecting the broader investment and fundraising trends,before moving to sector-level analysis,where we address key frontier topics by sector.2 Roland Berger|Infrastructure Investment Ou

6、tlook 2025Contents 8%decline in global infrastructure deal count in 2024 vs.2023Fastfacts1 2 3 Infrastructure M&A development and fundraisingCurrent sentiment and outlook for 2025Sector outlook analysis3.1/Energy3.2/Utilities3.3/Transportation3.4/Digital infrastructure3.5/Social infrastructure3.6/Hy