PEI Group reveals the top 30 global infrastructure asset managers ranked by the alpha they generate
LONDON, 2 October 2026 — PEI Group, the primary source of vital intelligence for private markets, has today announced the Infrastructure Investor Alpha 30 (II Alpha 30), the first measure of its kind which ranks global infrastructure fund managers based on the alpha they generate.
Developed by SIPA (Scientific Infra & Private Assets), PEI Group’s Indices and Benchmarks business, the II Alpha 30 gives institutional investors and their advisers a new and objective way of comparing fund and asset managers. It allows them to assess managers on a like-for-like basis, irrespective of their risk-return profile, strategy or vintage.
The selection process for infrastructure is often hampered by the level of data being poor relative to other asset classes. IRR is sensitive to timing and cashflows, DPI cannot be used on a standalone basis, and there is no standard set of benchmarks for the asset class.
The II Alpha 30 addresses this for investors and advisers by taking a different approach – one focused on a fund managers’ ability to not only outperform within their fund-specific market, but to do so persistently.
It first calculates each fund’s Pure Alpha: its annualised return, net of fees, above a SIPA infraMetrics® benchmark matched to that fund’s characteristics. These fund-level results are then weighted by each fund’s relative distributions to produce a single Pure Alpha figure for each manager.
The approach rewards realised value creation, aligning to the selection process many investors use to identify managers.
The inaugural ranking shows that Five Point Infrastructure leads the way with a Pure Alpha of 20.55 percent, followed by Vision Ridge Partners (16.77 percent) and EQT (12.51 percent).
Frédéric Blanc-Brude, Chief Executive, SIPA, said: “Infrastructure has never lacked performance tables. What it has lacked is a fair and objective way to tell what the market delivered from what a manager added. By assessing every fund against a benchmark built for its own market, and by rewarding realised distributions rather than paper valuations, the II Alpha 30 gives investors and managers a common, evidence-based yardstick. It does not replace due diligence, but it should make that conversation a great deal sharper and is a useful addition to the investor’s toolbox.”
The full II Alpha 30 ranking, emerging manager profiles and a detailed methodology are available on PEI Infrastructure Investor.
Notes for Editors
Methodology: Alpha is calculated since inception using fund cashflows and NAV as of 31 August 2026, applying the Direct Alpha method. Manager alpha averages each manager’s eligible closed-end funds, giving more weight to funds that have returned a greater share of value to investors. The two most recent vintage years are excluded; managers need at least three eligible funds to qualify.
Pure Alpha: the annualised return of a fund, net of fees, above a benchmark matched to that fund’s own strategy. Positive Pure Alpha indicates a fund outperformed its corresponding benchmark.
Total Alpha: the annualised return of a fund, net of fees, above the broad market infra300 index. Total Alpha averages zero across all infrastructure funds.
About PEI Group
PEI Group is a leading provider of business intelligence, data, analytics, and events for the global private markets industry, with over 500 people operating from six offices.
SIPA (Scientific Infra & Private Assets) is PEI Group’s private markets Indices and Benchmarks business and a registered benchmarks provider. Its infraMetrics® platform provides monthly benchmarks and indices for unlisted infrastructure built on real transaction data.
PEI combines more than 25 years of proprietary data, deep editorial expertise, and a trusted journalistic heritage to deliver vital intelligence that sharpens the decision-making of more than 30,000 investors, asset managers, and service providers worldwide.
With two decades of strong growth, PEI operates across private equity, private credit, private real estate, private infrastructure, and other specialist asset classes through its portfolio of premium information brands, research platforms, membership networks, and global events.
PEI connects investment professionals with the intelligence, relationships, opportunities and critical market insights needed to navigate evolving markets and achieve stronger investment outcomes.
