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Appetite for infrastructure debt is booming, but is investor exuberance causing markets to overheat?
Infrastructure debt has seen unprecedented momentum in recent years; fundraising reached $14.6 billion globally in 2025, up from $10.3 billion in 2024. And this appetite is being driven, in large part, by a desire to diversify away from direct lending.
As infrastructure debt evolves and investor demand continues to grow, market participants are navigating changing competitive dynamics across regions, sectors and deal sizes. In this PEI Infrastructure Investor roundtable, QIC Partner - Private Debt Infrastructure Lindsay Scully shares her perspective on market opportunities, underwriting discipline and the benefits of a global approach to infrastructure debt investing.
Deals take longer [in the mid-market], but we are able to work directly with sponsors on opportunities that fit squarely within our definition of infrastructure.
Lindsay Scully - Partner, Private Debt Infrastructure, QIC