Quarterly valuation update for the energy and infrastructure: the price of politics - Q2 2025
21 August 2025
Explore the latest valuation trends in the energy and infrastructure sector, with a spotlight on the price of politics. Our Q2 2025 update provides a snapshot of some of the main publicly available valuation trends across the energy and infrastructure sector, covering both debt and equity metrics.
Three key themes from Q2 2025:
Falling government debt yields, but rising yields in the US : this quarter saw a general fall in government debt yields across markets. The main exception was the US, with broader pressures linked to tariffs and federal-level spending plans amongst other things.
Recent transactions continue to benchmark NAV performance : discounts to NAV have mostly reduced this quarter, with share prices of infra and energy funds generally increasing following tariff announcements. Recent public to private transactions have continued to help validate net asset valuations.
Political, regulatory, policy risks will often not impact valuation until they crystallise : the market is often slow to value political and policy risk unless/until they materialise or are seen as significant. Political and policy risks can be subsumed within wider country risk. Uncertainty may not just be reflected in price signals in a transactional context – making life more difficult for valuers
Download our quarterly valuation update for Q2 2025:
To see the previous valuation update, go here.
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