Infrastructure Capex Supercycle Set to Accelerate in 2026, says IFM Investors

The need to maintain, modernise and evolve existing infrastructure is driving a capex supercycle in the infrastructure equity market, according to new analysis from IFM Investors. 

In its latest Private Markets Macro Outlook 2026, the global investment manager anticipates significant acceleration in capital deployment across energy systems, communications infrastructure and transport networks, as investors prioritise resilience, capacity and longterm sustainability. 

“Many parts of the developed world have significantly underinvested in infrastructure, and combined with the rapid rate of technological change and its impact on most aspects of everyday life, we anticipate a capex supercycle in infrastructure will be required to enhance and build the transportation, energy, utility and communications assets of tomorrow.” said IFM Investors Head of Infrastructure, North America, Julio Garcia. 

Infrastructure equity outlook  

Traditional and renewable energy are expected to continue attracting significant capital over the coming year, aided by the rapid growth of the power-intensive data centre sector. While AI, digitisation and electrification, and the upward pressure these trends will place on power demand, will help boost growth across global energy markets. 

Infrastructure debt outlook  

Electrification trends and booming data centre demand are creating compelling opportunities in infrastructure debt, reshaping investment priorities for energy intensive digital assets. 

These dynamics are fuelling strong interest in real assets, particularly infrastructure, as capital flows to projects supporting economic growth, energy security, and digital expansion. 

“Infrastructure debt is expected to remain resilient in 2026, with continued strong investor appetite for power, energy, and digital assets across developed markets. Debt remains an important part of the capital structure for infrastructure, which supports a consistent supply of investment opportunities to fund improvements, expansion, mergers and acquisitions and general corporate operations of infrastructure businesses.” said Rich Randall, Global Head of Debt Investment.   

Economic update  

Despite Global markets ending 2025 on firmer footing than anticipated, policy uncertainty and trade tensions remain risks for 2026, with unlisted infrastructure also remaining an attractive hedge for investors seeking protection against market uncertainty.  

You can read the full Private Markets Macro Outlook Report 2026 here.  

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About IFM Investors   

IFM Investors is a global asset manager, founded and owned by pension funds, with capabilities in infrastructure equity and debt, private equity, private credit, real estate and listed equities. Our purpose is to invest, protect and grow the long-term retirement savings of working people.  

With assets under management of approximately $263.6 billion AUD as of October 2025, we serve more than 800 institutional investors worldwide, operating from 13 offices across Australia, Europe, North America and Asia.