The Global Infrastructure Investor Association’s (GIIA) latest bi-annual Pulse Survey of investor sentiment across global markets once again shows how the infrastructure sector continues to adapt well to and successfully operate amidst political uncertainty.
Canada and Germany top the rankings of markets seen as most attractive to investment – pushing the U.S. to third place as a result of its own ongoing domestic uncertainty and political gridlock. This marks the first time ever that Canada has overtaken its North American neighbor.
The big question is whether the markets hold their positions moving into the second half of 2026, and specifically the extent to which the growth of Canada, Germany, and other European markets stems from the current US climate as opposed to investors’ response to strong policies. These include measures such as the new Carney administration’s ‘Nation Building’ program, or Germany’s €500bn Infrastructure Special Fund and advanced public-private partnership engagement.
It should be noted that the latest global shakeup in market attractiveness, comes independently of geopolitical pressures felt in energy markets and supply chains as a result of the US-Iran conflict – with the Pulse Survey process having commenced Q1 2026.
GIIA members have indicated a continued uptick in political uncertainty and regulatory issues in many markets, including in the UK, which is still moving forward in its reform of water and other utilities.
Yet despite having to navigate the ‘new normal’, infrastructure funds raised a record $289bn in 2025, with fundraising sentiment improving overall in comparison to Q4 2025 – underlining the attractiveness of the asset class. Strong pipelines also exist in Southern Europe, Germany, the Netherlands, and the UK, with investors showing positive sentiment towards making deals in the latter half of 2026 and beyond.
Grids, battery storage, and data centers – the latter of which is largely driven by AI adoption – all emerged as the trending subsectors to watch. Traditional renewables, regulated gas and electricity, and surface transportation were also all subsectors which largely held firm. Infrastructure continues to evolve as an asset class overall, and its fundamentals remain strong.
GIIA’s Infrastructure Pulse survey, conducted by Alvarez & Marsal, is completely unique. Pulling from across the globe, it offers incredibly comprehensive insights into market sentiment among the world’s leading infrastructure investors.