Key Takeaways
- • InPact, a Geneva-based LP adviser, closed $250 million in June 2026 on a new infrastructure secondaries mandate, marking the firm's entry into the GP-led secondaries market alongside several of its clients.
- • The infrastructure secondaries market deployed approximately $9.5 billion in 2025, with LP-led transactions accounting for around $5.5 billion, indicating substantial growth and liquidity opportunities in the sector.
- • GP-led secondaries are gaining mainstream traction, with 62% of survey respondents among secondaries investors indicating strong demand for these transactions as a mechanism to provide targeted exposure to specific assets, sectors, and geographies.
- • InPact founder and CEO Antoine Prudent signaled the firm's broader strategic pivot toward scaling impact investing primarily through private equity and infrastructure vehicles, positioning the new mandate as part of this expansion.
- • GP-led secondaries enable fund managers to offer existing limited partners liquidity and exit optionality while facilitating long-term compounding returns within portfolio assets, reshaping traditional liquidity and mid-market exit dynamics.
Summary
InPact, a Geneva-based limited partner adviser, has entered the infrastructure secondaries market with the closure of a $250 million mandate in June 2026, executed alongside several of its institutional clients. This strategic expansion represents the firm's initial foray into GP-led secondaries structures, a transaction type that has experienced accelerating adoption across the alternative investment community.
The timing of InPact's entry aligns with substantial momentum in the infrastructure secondaries sector. Deployment across infrastructure secondaries reached approximately $9.5 billion in 2025, with LP-led transactions comprising around $5.5 billion of that total. This activity reflects a broader market tailwind supporting secondary transactions across private assets, driven by both supply from maturing fund portfolios and sustained demand from institutional investors seeking liquidity, portfolio rebalancing, and tactical exposure to specific infrastructure assets and geographies.
GP-led secondaries, the transaction type central to InPact's new mandate, have transitioned from a niche strategy to mainstream acceptance. According to industry surveys, 62% of secondaries investors reported strong demand for GP-led deals as of 2026. These transactions are initiated by fund managers to provide existing limited partners with liquidity options while enabling targeted exposure to specific assets, sectors, or geographies within their portfolios. The structure supports long-term compounding returns within portfolio companies while addressing the liquidity constraints that traditionally characterized private equity and infrastructure investments.
InPact founder and CEO Antoine Prudent has indicated that the infrastructure secondaries mandate represents part of the firm's broader strategic expansion into impact investing through private equity and infrastructure vehicles. This positioning suggests the firm views secondaries as a complementary channel to deploy capital alongside traditional primary fund commitments, particularly within the impact-focused investment thesis.
The entry of specialized LP advisers like InPact into GP-led secondaries reflects the market's maturation and the increasing sophistication of secondary transactions in reshaping liquidity management, exit strategies, and capital deployment cycles within the mid-market and large-cap infrastructure and private equity communities.
The timing of InPact's entry aligns with substantial momentum in the infrastructure secondaries sector. Deployment across infrastructure secondaries reached approximately $9.5 billion in 2025, with LP-led transactions comprising around $5.5 billion of that total. This activity reflects a broader market tailwind supporting secondary transactions across private assets, driven by both supply from maturing fund portfolios and sustained demand from institutional investors seeking liquidity, portfolio rebalancing, and tactical exposure to specific infrastructure assets and geographies.
GP-led secondaries, the transaction type central to InPact's new mandate, have transitioned from a niche strategy to mainstream acceptance. According to industry surveys, 62% of secondaries investors reported strong demand for GP-led deals as of 2026. These transactions are initiated by fund managers to provide existing limited partners with liquidity options while enabling targeted exposure to specific assets, sectors, or geographies within their portfolios. The structure supports long-term compounding returns within portfolio companies while addressing the liquidity constraints that traditionally characterized private equity and infrastructure investments.
InPact founder and CEO Antoine Prudent has indicated that the infrastructure secondaries mandate represents part of the firm's broader strategic expansion into impact investing through private equity and infrastructure vehicles. This positioning suggests the firm views secondaries as a complementary channel to deploy capital alongside traditional primary fund commitments, particularly within the impact-focused investment thesis.
The entry of specialized LP advisers like InPact into GP-led secondaries reflects the market's maturation and the increasing sophistication of secondary transactions in reshaping liquidity management, exit strategies, and capital deployment cycles within the mid-market and large-cap infrastructure and private equity communities.
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