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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Headshot of Orhan Sarayli smiling at the camera.

Orhan Sarayli

Head of North America, Global Infrastructure

Important Information

The document is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This document is not, and must not be treated as, investment advice, investment recommendations, or investment research.

In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved and before making any investment decision, it is recommended that prospective investors seek independent investment, legal, tax, accounting or other professional advice as appropriate.

Unless otherwise mentioned, the views contained in this document are those of Barings. These views are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Parts of this document may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this document is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information.

Forecasts in this document reflect Barings’ market views as of the preparation date and may change without notice. Projections are not guarantees of future performance. The value of investments and any income may fluctuate and are not guaranteed by Barings or any other party. Examples, portfolio compositions, and investment results shown are for illustrative purposes only and do not predict future outcomes. Actual investments may differ significantly in size, composition, and risk. No assurance is given that any investment will be profitable or avoid losses. Currency exchange rate fluctuations may impact investment value.

Investments involve risks, including potential loss of principal. Past performance is not indicative of future results. Investors should not only base on this document alone to make investment decision.

This document is issued by Baring Asset Management (Asia) Limited. It has not been reviewed by the Securities and Futures Commission of Hong Kong.

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