Key Takeaways
- • Institutional investors interviewed by DealStreetAsia point to abundant opportunities in traditional infrastructure in emerging Asian markets, beyond data centres and the AI trade, citing stable, resilient cash flows.
- • The Asian Development Bank estimates Southeast Asia needs $7.1 trillion in infrastructure investment through 2040, with the bulk directed to energy and transport, and roads alone accounting for nearly $2 trillion.
- • Recent infrastructure deals include I Squared Capital's acquisition of Cella in Indonesia, CTP NV's $500 million purchase of South-East Asia Logistics Partners from Ares Management, and Adani Enterprises' airport unit raising about $1 billion from BlackRock and Temasek.
- • Hong Kong's IPO market raised $48.4 billion in the first nine months of 2026, the highest January-September total since records began in 1980, yet one in four 2026 IPO plans has failed, the highest abandonment rate since 2008 according to Bloomberg data.
- • Regulatory tightening by Hong Kong's Securities and Futures Commission and China's CSRC, together with weaker secondary-market performance, is pressuring listings, while Indian PE managers EAAA India Alternatives and Gaja Capital have moved to public markets.
Summary
Institutional investors speaking to DealStreetAsia over the past year have highlighted abundant opportunities in traditional infrastructure segments in emerging Asian markets, beyond the headline-grabbing data centre and AI trade. The drivers cited include regional economic growth, physical goods movement, and substantial development and upgrading gaps in existing facilities. Investors are focusing on assets that deliver stable, resilient cash flows, and the publication notes that rising capital inflows should improve the liquidity profile of those assets over time.
Asian Development Bank estimates cited in the report indicate Southeast Asia alone requires $7.1 trillion in infrastructure investment through 2040, with the largest share going to energy and transport. Roads represent the largest transport need at nearly $2 trillion, while railways and airports are among the fastest-growing requirements. The ADB said integrated transport networks and cross-border connectivity would help reduce logistics costs and strengthen the region's competitiveness.
Deal activity has been robust across verticals. In logistics, A.P. Moller Capital invested in the Philippines' AC Logistics, I Squared Capital acquired logistics and cold storage platform Cella in Indonesia, and CTP NV acquired South-East Asia Logistics Partners in Vietnam from Ares Management for $500 million. In India, Adani Enterprises' airport unit raised about $1 billion from investors including BlackRock and Temasek. EQT, through EQT Infrastructure VI, is acquiring Australia's Cleanaway Waste Management, ESR is acquiring Singapore-headquartered Aquila Clean Energy, and Verdant Energy secured financing from PIDG and responsAbility. Temasek-owned Mapletree Investments' potential IPO has drawn attention to industrial and logistics real estate, though market commentary has linked the listing to a reportedly failed merger with another Temasek unit.
In Hong Kong, the IPO market raised $48.4 billion in the first nine months of 2026 according to LSEG Data & Analytics, but the report describes mounting strain. Bloomberg data from November 4 shows one in four 2026 IPO plans failed to list, and more than 60% of Q3 new listings traded below offer price as of September 30. Cornerstone investors are demanding deep discounts or withdrawing, and the Securities and Futures Commission announced a sweeping crackdown on alleged IPO-rigging syndicates on October 13. As of November 4, at least 14 mainland Chinese companies had shelved Hong Kong listings, the most in at least a decade. Globally, AI infrastructure listings including Firmus Technologies' abandoned A$43.7 billion IPO in Australia and AirTrunk's postponed $1.5 billion Singapore REIT listing reflect a valuation pullback.
In India, listed alternative asset managers are a new development. EAAA India Alternatives completed a Rs 1,200 crore offer-for-sale IPO, subscribed 5.25 times, and Gaja Capital listed in August with a Rs 550 crore IPO subscribed more than 31 times. The report cautions that fee-based earnings depend on fee-paying AUM, fundraising capacity and exit timing, and that public valuations must account for the longer cycles of private markets.
In PE deal flow, Messer Group is reported as frontrunner to acquire CVC Capital Partners' stake in Samator Indo Gas, and a Tianjin Jiuri New Materials-led consortium will acquire IGM Resins from Astorg for about $278.6 million. IFC could invest up to $90 million in Navis Capital's ninth buyout fund, Ardian raised about 1 billion euros for a semiconductor PE platform, and the Abu Dhabi Investment Authority is reportedly seeking $7.5 billion in bank financing for its private equity, infrastructure and real estate investments.
Asian Development Bank estimates cited in the report indicate Southeast Asia alone requires $7.1 trillion in infrastructure investment through 2040, with the largest share going to energy and transport. Roads represent the largest transport need at nearly $2 trillion, while railways and airports are among the fastest-growing requirements. The ADB said integrated transport networks and cross-border connectivity would help reduce logistics costs and strengthen the region's competitiveness.
Deal activity has been robust across verticals. In logistics, A.P. Moller Capital invested in the Philippines' AC Logistics, I Squared Capital acquired logistics and cold storage platform Cella in Indonesia, and CTP NV acquired South-East Asia Logistics Partners in Vietnam from Ares Management for $500 million. In India, Adani Enterprises' airport unit raised about $1 billion from investors including BlackRock and Temasek. EQT, through EQT Infrastructure VI, is acquiring Australia's Cleanaway Waste Management, ESR is acquiring Singapore-headquartered Aquila Clean Energy, and Verdant Energy secured financing from PIDG and responsAbility. Temasek-owned Mapletree Investments' potential IPO has drawn attention to industrial and logistics real estate, though market commentary has linked the listing to a reportedly failed merger with another Temasek unit.
In Hong Kong, the IPO market raised $48.4 billion in the first nine months of 2026 according to LSEG Data & Analytics, but the report describes mounting strain. Bloomberg data from November 4 shows one in four 2026 IPO plans failed to list, and more than 60% of Q3 new listings traded below offer price as of September 30. Cornerstone investors are demanding deep discounts or withdrawing, and the Securities and Futures Commission announced a sweeping crackdown on alleged IPO-rigging syndicates on October 13. As of November 4, at least 14 mainland Chinese companies had shelved Hong Kong listings, the most in at least a decade. Globally, AI infrastructure listings including Firmus Technologies' abandoned A$43.7 billion IPO in Australia and AirTrunk's postponed $1.5 billion Singapore REIT listing reflect a valuation pullback.
In India, listed alternative asset managers are a new development. EAAA India Alternatives completed a Rs 1,200 crore offer-for-sale IPO, subscribed 5.25 times, and Gaja Capital listed in August with a Rs 550 crore IPO subscribed more than 31 times. The report cautions that fee-based earnings depend on fee-paying AUM, fundraising capacity and exit timing, and that public valuations must account for the longer cycles of private markets.
In PE deal flow, Messer Group is reported as frontrunner to acquire CVC Capital Partners' stake in Samator Indo Gas, and a Tianjin Jiuri New Materials-led consortium will acquire IGM Resins from Astorg for about $278.6 million. IFC could invest up to $90 million in Navis Capital's ninth buyout fund, Ardian raised about 1 billion euros for a semiconductor PE platform, and the Abu Dhabi Investment Authority is reportedly seeking $7.5 billion in bank financing for its private equity, infrastructure and real estate investments.
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