More global asset managers are aiming to diversify their offerings and boost scale in this growing asset class. Simmering infrastructure markets are grabbing global asset managers' attentions: Since 2020, the industry has seen several majority- or minority acquisitions of infrastructure general partners (GPs) each year - and the pace of consolidation is only picking up. In January 2024, BlackRock's record-breaking $12.5bn acquisition of Global Infrastructure Partners ("GIP") grabbed headlines and arguably solidified infrastructure as a top investment priority for large-scale private markets managers.