2024 M&A Market Review
Real Estate & Infrastructure Investment and Funds Management.
2H 2024 Summary
Fund Manager M&A Up, Despite Fundraising Lows: While real estate and infrastructure fundraising hit decade lows, fund manager transactions rose ~20% YoY, signaling M&A strength and improving capital-raising conditions
Larger Deal Sizes: Average target AUM rose to $23.2bn in 2024 (vs. $20.8bn in 2023), driven by large-cap deals including Ares/GLP Partners and BlackRock/HPS Investment Partners
Full Control Deals Lead, Minority Stakes Grow: Succession planning and consolidation drive majority-stake sales, while minority-stake transactions gain traction amid growing dedicated capital pools
Real Assets Convergence: Real estate and infrastructure continue blending under “real assets”, with high-demand sectors including data centers, logistics, and private credit bridging both markets
Continued Momentum in 2025: Seven M&A deals announced YTD ($130bn total AUM); notable transactions including Argo Infrastructure / Apollo, American Industrial Partners / Blackstone GP Stakes, NorthBridge / AMG, Artemis / Barings, M7 Real Estate / AustralianSuper
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