Within private markets, interest in infrastructure is growing. Both ING and Rabobank are positioning this investment category as a “building block” in their private markets offerings. Goldman expects a larger asset allocation from institutional investors in the coming years.
At the end of October, ING expanded its private markets offering with a new evergreen fund that invests in infrastructure projects. For this, the bank collaborates with Partners Group, Brookfield Oaktree, and, more recently, Macquarie Asset Management.
Rabobank launched a private infrastructure fund last year. According to Rishma Moennasing, lead investment funds and mandates at Rabobank, the fund primarily served as a first step and educational tool to introduce clients to private markets. Interest in the fund is developing “in line with expectations for a new asset class,” said Moennasing. Clients seeking stability and exposure to the energy transition are showing the most interest.
ING also views infrastructure as a key anchor: many clients use it as a stable building block within a broader mix of funds, including investments in wind and solar farms, battery storage, and other projects aligned with the energy transition. The bank says it aims to position itself as a leading infrastructure player in the Benelux region.
Bond proxy
Goldman Sachs Alternatives, active in infrastructure for two decades, sees the asset class growing rapidly and taking on a larger role within alternatives. Philippe Camu, co-CIO Infrastructure at the firm, estimates—based on Preqin data—that global assets under management in infrastructure have risen from 15 billion dollar twenty years ago to 1,500 billion today. By the end of this decade, Preqin expects the figure to reach around 2,000 billion dollar.
Goldman Sachs itself has invested 16 billion dollar in infrastructure since entering the segment in 2006. The bank now manages more than 500 billion dollar globally in alternative investments. According to Camu, institutional investors were until recently only allocated up to 5 percent to the asset class. “That has grown to an average of 7 percent and will continue climbing to 12 or even 15 percent in the coming years.”
Tailwind
There is a lot of momentum in the market, Camu observes, with the number of deals rising again after a temporary slowdown. He points to the increased popularity of infrastructure following the privatization of transport, energy, and utilities in the United Kingdom, Australia, and Canada—a movement now spreading globally.
The energy transition, the rise of renewable energy, surging demand for digital infrastructure, and aging Western infrastructure are also providing a strong tailwind for the asset class, according to the expert.
More and more investors are becoming familiar with the asset class, Camu noted. “In the early days, many investors viewed infrastructure as a kind of light version of private equity—with lower risk and lower returns. As of 2025, investors are starting to recognize how resilient these investments are and how predictable their returns can be across nearly all economic cycles.”
However, he distinguished between investing in core infrastructure—which he said many Benelux banks focus on and which is almost a bond proxy—and Goldman’s approach. “We deliberately avoid infrastructure projects that depend on government support, as those carry greater political and regulatory risks.”
Private markets at Rabobank and ING
At the end of October, Rabobank added four evergreen funds in private equity and private debt to its offering. The bank emphasizes that quality takes precedence over quantity in expanding its private markets strategy, and that client guidance remains central. Rabobank does not disclose how much client capital is currently invested in private markets.
ING is more transparent. Two years after introducing its private markets platform, clients in the Netherlands and Belgium have invested around 1.8 billion euro, the bank told Investment Officer. So far, ING observes evenly distributed interest across all categories: private equity, private credit, infrastructure, and multi-alternatives.