Private Credit

Infrastructure Debt: A Strategic Anchor in a Shifting Landscape

September 2025 – 5 min read

Infrastructure debt is evolving into a cornerstone of institutional portfolios. Barings explores how macro trends, financing shifts, and investor innovation are reshaping the market and unlocking long-term value.

How does Barings define infrastructure, and why is a disciplined approach essential?

Infrastructure is a term that’s often used loosely to describe a diverse group of asset classes ranging from power plants to data centers. At Barings, we apply a disciplined framework to ensure clarity and consistency in our investment strategy. We categorize infrastructure into six sub-sectors:

ECONOMIC INFRASTRUCTURE

Transportation-related strategic assets such as toll roads, seaports, airports, railroad rolling stock

UTILITIES AND PIPELINES

Regulated or unregulated distribution and transmission assets, which typically carry water, sewage, electricity, natural gas, and other fuels

POWER GENERATION

Renewable energy generation assets (solar, wind or hydro), batteries, and electric vehicles (EVs)

SOCIAL INFRASTRUCTURE

Government-sponsored public-private partnerships and social housing, and development of hospitals, parks, government buildings and social housing

MIDSTREAM & STORAGE FACILITIES

Commodity product storage, energy, and non-energy assets

DIGITAL INFRASTRUCTURE

Towers, fibre cabling and data centres in well-understood markets or regimes

This structure helps us avoid chasing trends and ensures we focus on areas where we have deep expertise.

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