Real Estate & Infrastructure Investment and Funds Management. 2H 2025 Summary Deal Activity Reaches Multi-Year High : Real estate and infrastructure manager M&A volumes strengthened materially in 2025, totaling 45 transactions (up 15% YoY), the highest annual level in several years. Activity accelerated in 2H 2025 (23 transactions), signaling a sustained market recovery from the 2023 trough. Minority Stakes Were the Dominant Structure : Minority interest transactions represe