Private infrastructure lending has been impacted by a number of recent changes, including the movements in interest rates, as well as a number of “megatrends”, in particular technological evolutions, the energy transition, requirements for climate resilience, a new global order and demographic changes.

How have investors and asset managers adjusted their strategies to best adapt to these changes and seize opportunities arising from them?

In today’s market, where refinancing activity is high and private credit managers face mounting pressure to deploy capital aggressively, institutional investors are re-evaluating their approach.  Multi asset credit may offer a more flexible and compelling alternative to pure private credit. With issuers increasingly tapping loans, high yield bonds, and illiquid private credit, multi asset credit empowers investors to source relative value across capital structures -- unlocking a broader, more flexible investment universe. By dynamically allocating between private and public markets, managers can pursue better risk-adjusted returns and enhanced liquidity.

The fixed income landscape is shifting. Traditional allocations to government and investment grade corporate bonds are increasingly falling short on delivering stable income, diversification, and downside protection. As alpha in public markets declines, investors are looking to private markets for more resilient solutions. 

Fixed income replacement is a modern approach combining private investment-grade credit and asset-backed finance to enhance yield, income consistency and credit quality. We’ll explore what this evolution means for today’s portfolios and why now is the time to rethink fixed income for stronger, long-term outcomes. 

Over the past decade, private credit has experienced spectacular growth, propelling the asset class into the headlines with both acclaim and scrutiny. While investor returns have been strong, questions are being asked about the sustainability of this performance and if there are underlying vulnerabilities beginning to emerge.

While the US is the world’s largest private credit market, macroeconomic volatility and changing trade policies are leading some investors to rethink their US allocations in favour of Europe. The easing of the regulatory regime in the US helps its attractiveness for private credit investors, especially when Europe’s heterogeneous market can complicate matters. In this environment, will the European private credit investment market be the winner?