According to IJGlobal data – at the time of publication, but subject to change as more data becomes available – the value of infrastructure finance transactions in H1 2025 reached $434.78 billion, an 8.7% decrease from the $476.16 billion recorded in the same period last year.

For clarity, “infrastructure finance” is a catch-all category from the IJGlobal database that is designed to incorporate all private investment into infrastructure and energy, including primary finance and refinance. It takes in all project finance, broader debt vehicles as well as all equity invested across the infra/energy sectors.

Compared to H1 2024, global infrastructure finance declined to $916.89 billion, with North America accounting to $454.78 billion, or 47% of the total value.

Despite the overall decline in the market, there is a concentrated growth in high-value strategic sectors, such as digital infrastructure which is being driven by large-scale corporate transactions and focused project finance investments. While refinancing slumped and bond issuance weakened, the data shows a notable uptick in M&A and primary financing.

On the market activity front, deal flow in H1 2025 is also consistent with the downward trend, with 671 deals closing, demonstrating a significant 26.9% drop from the 918 deals closed in H1 2024.

IJGlobal favours project finance as a more honed dataset and across North America, the decrease in overall infra finance was tempered by an increase in PF activity. In H1 2025, project finance values in the region came in at $166.91 billion, highlighting a modest increase of 1.67% compared to the H1 2024 value of $164.15 billion.

North America’s increase was in stark contrast to global project finance values in H1 2025, which declined by 10.87% reaching $348.79 billion, down from $390.47 billion in the same period of 2024, according to IJGlobal data.

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According to IJGlobal Data – accurate at the time of publication, but subject to change as more data become available – infra finance transactions decreased by 33% in H1 2025 as $251.27 billion worth of deals closed, compared to H1 2024 which saw $376.13 billion worth of deals close.

For clarity, “infrastructure finance” is a catchall category from the IJGlobal database that is designed to incorporate all private investment into infrastructure and energy, including primary finance and refinance. It takes in all project finance, broader debt vehicles as well as all equity invested across the infra/energy sectors. On a global perspective, the $251.27 billion worth of infrastructure finance deals across Europe accounted for 27.41% of the $916.89 billion closed worldwide in H1 2025. Looking at market activity, the number of deals closed in H1 2025 decreased by 33.8%, as only 711 deals were closed in H1 2025 versus 1,074 in H1 2024.

IJGlobal favours project finance as a more honed dataset and across Europe. The decrease in overall infra finance deals is also felt in project finance activity. PF values for H1 2025 are down by 12.5% with $98.12 billion of deals closed in the time period, compared to H1 2024’s $111.69 billion. When it comes to the number of PF deals closed, 260 deals were recorded in H1 2025, while H1 2024 had 338 closed deals.

For commercial lending, H1 2025 saw a drop to $100.93 billion from the $128 billion recorded in H1 2024, representing a 21.15% decrease. Bond values (for all bonds issued, regardless of type) across Europe saw a decrease of 37.24%, with $78.3 billion in H1 2025 versus $124.77 billion in H1 2024.

Despite the decrease of most numbers for the first half of 2025, DFI lending experienced a 54.69% increase to come in at $18 billion in H1 2025 against $11.64 billion in H1 2024

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For clarity, “infrastructure finance” is a catchall category from the IJGlobal database that is designed to incorporate all private investment into infrastructure and energy, including primary finance, refinance and restructurings. It takes in all project finance, broader debt vehicles as well as all equity invested across the infra/energy sectors. On the market activity front, deal flow in H1 2025 is also consistent with the downward trend, with 259 transactions closing, a 34% decrease compared with the 391 closed in the same time period last year.

IJGlobal favours project finance as a more honed dataset and across Asia Pacific, the decrease in overall infra finance was tempered by an increase in PF activity. In H1 2025, project finance values came in at $45.65 billion, an increase of 13% compared to the H1 2024 value of $40.58 billion. To put that PF performance in a global perspective, the $45.65 billion of financial closes across APAC accounts for 13% of the $348.19 billion worth of PF deals to have closed globally in H1 2025.

Interestingly, a total of 92 PF deals closed in H1 2025, significantly down on the first half of 2024 when 123 closed, and H1 2023 which recorded 149. This shows that the project finance deals that made it over the line in the first half of 2025 in the region were much larger than in previous years. Back to the broader infra finance category, commercial lending against infrastructure and energy across APAC came in at $34.09 billion in the first half of 2025. This was a 9.51% decrease compared with the $37.67 billion recorded in H1 2024…

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With more than $112 billion already raised by infra managers across the globe to target debt and equity, 2025 is on track to eclipse previous years.

While the previous full year fundraising results were dominated by market
consolidation, H1 2025 is dominated by the sheer amount of activity in the funds
space.

The biggest fund to reach final close in the first half was EQT Infrastructure VI,
which reached final close in March at its €21.5 billion hard cap.
This was the biggest fund to close in 2 years and drove EQT and all its advisers to
the top of the rankings…

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IJGlobal tracks key market indicators across fundraising and M&A activity that shine a light on performance, identifying trends as the market evolves on a quarterly basis. Primary data points include time taken for infra funds to raise capital – from launch to final close. Infrastructure funds that reached final close in the first half of 2025 raised $112.05 billion, according to IJGlobal CAPITAL RAISED ($m) & NUMBER OF FUNDS AT FINAL CLOSE data. This was a significant increase compared with H1 2024, which saw inflows of $57.85 billion.

The strong start to the year almost eclipsed the total amount seen for all of 2024 – $125.2 billion. This was the best H1 since 2022, which recorded $151.87 billion.

IJGlobal data show that 57 funds reached final close in the first half, a 21.7% increase compared with H1 2024, which saw 46 funds reach final close, and a significant 43.58% increase on H2 2024, where data recorded 39 funds achieving final close. The buoyancy of the numbers shows that infrastructure is a safe haven in volatile times. There is also a trend of asset managers broadening their product options, offering a range of infrastructure strategies with different risk/return profiles for their investors.

There has also been a trend of exploring new fund structures, whether that be continuation vehicles, co-investments and sector-specific funds providing LPs with more bespoke investment opportunities. Industry insiders have said the first half was some of the busiest times of their careers with funds seemingly looking to reach final close to outpace increased uncertainty…

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In a first half that can be described as globally unstable it comes as
little surprise that infrastructure financing deals that reached financial
close were down 30% on deal count to 2,008 compared with 2,887
H1 2024.

For clarity, “infrastructure finance” is a catch-all category from
the IJGlobal database that is designed to incorporate all private
investment into infrastructure and energy, including primary finance,
refinance and restructurings. It takes in all project finance, broader
debt vehicles as well as all equity invested across the infrastructure
and energy sectors.

Project finance values in H1 2025 decreased by 10.87% to $348.79 billion compared to H1 2024, which came in at $390.47 billion, according to IJGlobal data, correct at the time of publication but subject to change as more data become available. Of the total infra financing deal count, 782 were project finance or 38.94% of deal count. However, this is not the bad news story it may appear to be. According to the data, apart from a spike year in 2024, H1 2025 numbers are high compared with…

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The report takes into account Green Street’s proprietary Commercial Property Price Index and a series of operating metrics, including growth in tenant sales densities and occupancy cost ratios, to highlight historical performance by market and identify geographies that will outperform in the future from a rental growth standpoint.

Like-for-Like Net Rental Income Growth

“Tenant sales have grown almost 10% cumulatively since 2019, underperforming inflation in key markets, but a wide variation is observable across the globe. For prime shopping centres, like-for-like net rental income is set to grow by circa three percent per annum through to 2029.” – Edoardo Gili, Senior Research Analyst, Green Street.

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Green Street’s latest research dives deep into the performance of listed REITs vs. non-listed property funds—and the findings are eye-opening.

This report challenges the perception that non-listed real estate is inherently less risky. In fact, the data suggests that risk is being masked, not mitigated.

For investors and asset managers, this is a timely reminder to look beyond headline returns and dig into how those returns are constructed.

The post Property Insights: “Volatility Laundering” in European Real Estate appeared first on Green Street.

The post U.K. Retail Insights: Rich Pickings If You Know Where to Look appeared first on Green Street.

• Regional Divergence: Why home price appreciation is no longer moving in sync across the U.S.
• Household Budgets: How shifting consumer finances are influencing demand for single-family ownership and rentals

Whether you’re investing, managing risk, or planning long-term strategy, this report provides a deeper look into the forces shaping the residential sector.  

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