Infrastructure Secondaries
Fund Administration
Move infrastructure assets and fund interests into their next structure without losing the financial, operational, and reporting history behind them
End-to-end Secondaries Expertise
Alter Domus provides integrated administration solutions for infrastructure secondaries, helping managers unlock liquidity, extend asset ownership and preserve value across long-life infrastructure investments. Our expertise ensures smooth transitions while maintaining financial, operational, and reporting continuity.
Our technology-enabled services support complex transactions and structures, including:
- LP-led Transactions facilitating fund interest transfers and liquidity
- GP-led Continuation Funds supporting long-term asset ownership and value creation
- HoldCo and SPV Accounting providing oversight across complex infrastructure structures
- Debt Administration managing asset-level financing and obligations
- Investor and Regulatory Services ensuring transparent reporting and compliance
Infrastructure Experience at Scale
More than
$280bn
Infrastructure assets under administration
More than
450
Infrastructure funds administered
More than
490
Infrastructure structures under administration
Servicing more than
85%
of the world’s largest infrastructure managers
More than
$90bn
in Secondaries assets under administration
Why Alter Domus
What this Means for the CFO
Our Connected Services
Infrastructure secondaries can create complexity at several levels at once. Our connected services extend operational support beyond the fund and across the wider infrastructure structure.
Underlying Fund
Interest Administration
One Operating Model Across the Infrastructure Structure
Who We Serve
Infrastructure Fund Structures We Support
Our infrastructure experience extends across fund sizes, strategies and operating models, from emerging and mid-market managers to global institutional platforms.
| Structure | How We Support |
|---|---|
| Closed-end Infrastructure Funds | Full lifecycle administration, including accounting, capital activity, financial statements, investor reporting and audit support. |
| Open-ended and Evergreen Funds | Support for recurring subscriptions, valuations, investor activity and liquidity management. |
| Continuation Funds and Successor Vehicles | Vehicles extending asset ownership, attracting additional capital or providing liquidity for existing infrastructure assets. |
| Secondaries Funds and Funds of Funds | Portfolio administration covering commitments, capital calls, distributions, valuations and underlying-manager reporting. |
| Co-Investment Vehicles and Separately Managed Accounts | Tailored reporting and administration for specific investors, assets or mandates alongside the main fund. |
| Infrastructure Debt Funds | Integrated fund and loan administration for project finance, infrastructure loans and other debt exposures. Our infrastructure expertise incorporates experiecne across digital infrastructure, energy transtions and renewables, transport and social inrastructure and infrastructure debt. We operate across all fund sizes, strategies and operating models and partner with everybody from midmarketed managers to institutional platforms. |
Insights
The Fund Administration Checklist for a GP-led Continuation Vehicle
Our practical guide to fund administration for GP-led continuation vehicles, from structuring to ongoing management.
Private Credit Secondaries CFO Readiness Checklist
We cover 12 operational questions to resolve before a portfolio transfer, secondary fund acquisition or structured credit transaction.
FAQs
What is infrastructure secondaries fund administration?
Infrastructure secondaries fund administration is the operational support provided to funds and vehicles acquiring, holding or transferring infrastructure assets and fund interests.
It can include fund and entity accounting, underlying investment administration, NAV oversight, waterfalls, investor services, debt administration, regulatory coordination and asset-to-fund reporting.
What types of infrastructure secondary transactions can Alter Domus support?
Alter Domus can support operating models for LP-led fund interest and portfolio transactions, GP-led continuation vehicles and structured liquidity solutions. The exact scope depends on the transaction, jurisdictions and underlying investments.
How do LP-led and GP-led infrastructure secondaries differ?
An LP-led transaction commonly involves the sale or acquisition of existing interests in one or more funds. Administration focuses on the acquired positions, remaining commitments, capital activity, valuations and underlying manager reporting.
A GP-led transaction typically moves one or more assets into a continuation vehicle established by the existing manager. This requires new vehicle administration while preserving the financial and reporting history associated with the assets.
How are infrastructure secondaries different from private equity secondaries?
Infrastructure exposure is often held for longer and through more layered structures. Cash flows may be affected by project debt, reserve accounts, concession terms, regulatory requirements and asset-level performance measures.
The operating model must therefore extend below the fund and preserve continuity across the wider ownership and financing structure.
What should a CFO consider before an infrastructure secondary transaction?
Important considerations include the entities and jurisdictions involved, the quality of existing data, remaining commitments, asset-level financing obligations, waterfall economics, valuation governance, investor onboarding, regulatory responsibilities and post-close reporting.
These requirements should be addressed while the transaction is being structured, not after it closes.
Can Alter Domus support HoldCos and SPVs as well as the fund?
Yes. Alter Domus can provide fund administration together with accounting, governance and compliance services for HoldCos and SPVs. The precise scope depends on the structure and relevant jurisdictions.
Can Alter Domus support infrastructure debt?
Our debt administration and agency capabilities can support payment mechanics, loan records, reporting and covenant-related workflows alongside the relevant fund and entity structures.
How does Alter Domus support cross-border transactions?
Local teams coordinate the fund, entity, investor and regulatory requirements within their jurisdictions. Shared operating standards and technology provide consistency across the wider structure and investor reporting.
How does technology support infrastructure secondaries administration?
Technology helps standardise incoming information, connect records across funds and entities, automate recurring workflows and give finance teams clearer access to the information behind their reporting.
Our technology strengthens operational control, reduces reconciliations and improves visibility across the structure.