Real Estate & Infrastructure Investment and Funds Management. 1H 2026 Summary Large-Cap Strategic Transactions Define 1H Activity: While M&A transaction volume among real estate and infrastructure managers declined in 1H 2026 relative to recent periods (14 transactions in 1H 2026 compared with 22 in 1H 2025 and 23 in 2H 2025), activity was concentrated in transformational acquisitions of scaled platforms, including Nuveen / Schroders ($1.4tn AUM; $137bn RE AUM) and Bridgepoin