Infrastructure's front door for wealth investors

October 26, 2026

~ 5 min read

Barriers kept infrastructure out of reach

For years, there was a mismatch between how private infrastructure was accessed and the needs of wealth investors.

The asset class has long been a cornerstone allocation for many institutional investors, such as pension plans and sovereign wealth funds. It offers income potential, portfolio diversification beyond traditional stocks and bonds, and exposure to long-term economic trends.

Historically, institutions gained exposure to infrastructure through closed-end private drawdown funds with defined lifespans. In these structures, capital is committed and called over time, invested into assets and ultimately returned to investors as assets are realised and the fund moves towards the end of its term. These funds typically lock up investor capital for years and have high investment thresholds.

Many advisers working with wealth clients saw the appeal of infrastructure as well. However, institutionally focused funds are often poorly suited to the liquidity and portfolio construction needs of wealth investors.

Evergreen structures bridge the gap

As interest in private infrastructure has expanded within wealth channels, evergreen structures have emerged that have opened the asset class to much broader access.

How evergreen vehicles differ from drawdown funds

Unlike drawdown funds, evergreen vehicles are ongoing, open-ended structures without a predetermined wind-down date. They're built around a portfolio that can continue investing, managing assets and recycling capital over time.

Evergreen structures also usually have much smaller investment minimums and are far more liquid than drawdown funds. However, evergreen structures don't usually offer daily liquidity like most publicly traded mutual funds and ETFs. Depending on a wealth investor's objectives, that liquidity trade-off may be acceptable for the practical access the structures open to private market opportunities.

Evergreen structures come in different forms

There is no single evergreen model. These structures vary in their liquidity features, regulatory frameworks, fee arrangements and investment objectives. Common types in wealth markets include interval funds, tender offer funds and business development companies (BDCs).

While they differ in design, evergreen structures are all intended to provide ongoing access to private market investments through vehicles that may be easier to incorporate into wealth portfolios than traditional drawdown funds.

Open-ended portfolios align with long-duration infrastructure assets

With long asset operating lives, infrastructure is often a natural fit for an evergreen approach because of how assets are managed and generate value over time.

For an infrastructure asset such as a utility, transportation network, data centre or renewable energy platform, value creation frequently takes place over years or even decades. Evergreen structures allow portfolio managers to focus on long-term management and operational improvement rather than managing towards a specific end point.

Recurring cash flows support portfolio flexibility

Unlike strategies that depend largely on asset sales for returns, many infrastructure assets generate recurring cash flows throughout the ownership period through contracted revenues, regulated frameworks and demand for essential services.

These cash flows can support distributions, fund new investments, finance operational improvements or be reinvested within the portfolio.

Reduces exposure to any one investment cycle

One challenge in private markets is vintage-year risk, where investment outcomes can be influenced by the market environment in which assets were acquired.

Evergreen portfolios are often built across multiple investment periods, giving investors exposure to assets acquired under different market conditions.

Supports a continuous allocation approach

Traditional private market investing often requires investors to make repeated commitments to successive funds to maintain portfolio exposure.

Evergreen structures allow investors to maintain exposure through a single vehicle rather than repeatedly committing capital to new vintages. This simplifies the process of building and maintaining a long-term infrastructure allocation.

Access catches up to conviction

For years, advisers and their clients had limited access to private infrastructure. Many recognised the distinct attributes the asset class offers, but the structures for investing in it were designed primarily for large institutional investors.

Today, evergreen structures have helped narrow the access gap. With a simplified way to invest in the asset class, advisers can now evaluate private infrastructure on its merits and consider how it may help address clients' long-term portfolio objectives.