Infrastructure still stands out as a class and dynamic asset class, prepared to offer important opportunities in 2025. The infrastructure debt market has demonstrated a remarkable resistance, with annual investments exceeding 350,000 million Of euros in recent years, a trend that is expected to persist.
Europe, in particular, continues to contribute a solid offer and an attractive profitability, promoted by the ambitious objectives of energy transition and digitalization.
These trends are largely driven by medium -sized capitalization companies, often backed by venture capital funds, which show a strong debt of indebtedness throughout the capital structure despite the increase in interest rates. The variable nature of a large part of the infrastructure debt, together with the stability of the contracted cash flows, favors the stability of the valuation. For these reasons, we believe that Infrastructure is still a class of defensive assets In a volatile economic climate.
Regarding infrastructure financing, 2025 marks a possible turning point after a difficult period for the collection of funds. The volumes of collection of funds in 2023 reached their lowest level in five years, and 2024 has only shown a modest improvement. Despite these winds against, the revaluation of the assets, with an increase in the discount types of between 100 and 250 basic points, has created a favorable environment for funds with Dry Powder (Dry gunpowder, in Spanish, refers to liquid financial resources that are available to be invested) ready to deploy.
Average market assets, which offer less competition and better value than large -scale projects, remain especially attractive. Investors are increasingly opting for Core+assets, including development platforms, which offer solid protection against market falls thanks to contractual safeguards, stable cash flows and solid management equipment.
Long -term structural engines also continue to underpin the infrastructure market. Digitization, energy transition and recovery initiatives such as the Investment Law in Infrastructure and Employment of the United States require amazing, estimated investment levels between 3.3 and 6.3 billion dollars annually.
Given the limitations of public financing, Private capital will play a fundamental rolepromoting constant growth in the sector. Together with the growing confidence of investors and infraasignment among institutional investors, we believe that infrastructure is prepared to maintain solid growth in 2025 and beyond.
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