Top 20 Real Assets & Infrastructure Advisory 2025

This report forms part of the Ranking News Investment Banking & Capital Markets Advisory series, which evaluates specialist advisory firms operating across real assets, infrastructure, energy transition, transport, digital infrastructure, and project finance markets.

Real assets and infrastructure advisory firms support investors, sponsors, corporates, and public-sector stakeholders in structuring, financing, acquiring, and divesting long-duration asset platforms. Their work often involves infrastructure M&A, concession assets, renewable energy projects, regulated utilities, transportation assets, digital infrastructure, and project finance transactions.

Unlike generalist investment banks, specialist infrastructure advisory firms typically combine transaction execution with sector-specific knowledge of regulation, concession structures, debt markets, institutional capital, and public-private investment frameworks.

Market Overview

The real assets and infrastructure advisory market continues to expand as institutional investors increase allocations to infrastructure, energy transition, logistics, data centers, utilities, transport, and other long-duration assets. Independent advisory firms are particularly relevant where projects require specialized knowledge of concession structures, project finance, regulation, and long-term capital formation.

Major advisory hubs remain concentrated in London, Paris, New York, Madrid, Zurich, and Singapore, reflecting the cross-border nature of infrastructure capital flows.

The market has also become more specialized as energy transition, digital infrastructure, and private infrastructure funds create demand for advisors who understand both financial structuring and asset-level operating complexity.

Industry Trend — 2025

In 2025, real assets and infrastructure advisory is increasingly shaped by three forces: energy transition, digital infrastructure expansion, and public-sector funding constraints. Renewable energy, grid modernization, battery storage, data centers, ports, airports, and transport assets continue to attract institutional capital.

Private capital is also playing a larger role in infrastructure development, particularly where governments seek private-sector participation through PPPs, concessions, or long-term operating agreements. Specialist advisors are therefore increasingly involved in both transaction structuring and capital formation.

The category remains commercially attractive because many firms in this sector compete for mandates from infrastructure funds, pension funds, sovereign investors, developers, and public-sector authorities.

Methodology — Core Eligibility Criteria

Firms considered for this ranking were evaluated based on the following criteria:

• Provides real assets, infrastructure, project finance, or energy transition advisory
• Advises on M&A, capital raising, debt structuring, PPPs, or project finance
• Demonstrates experience with infrastructure investors, sponsors, developers, or public-sector counterparties
• Maintains a specialist focus beyond generalist investment banking
• Operates in major real assets or infrastructure capital markets

Methodology — Ranking Factors

Firms included in the ranking were evaluated using qualitative institutional indicators including:

• Experience in infrastructure M&A and project finance
• Reputation among infrastructure funds, developers, and institutional investors
• Track record in energy, transport, digital infrastructure, and utilities
• Senior-level involvement in transaction execution
• Cross-border advisory capabilities

The ranking universe consisted of approximately 65 advisory platforms globally, from which 20 firms were selected.

Tier classification reflects relative institutional positioning within the category and does not constitute investment, legal, or voting advice.

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Tier I — Leading Real Assets & Infrastructure Advisory Firms

Rothschild & Co

• Headquarters: Paris, France
• Founded: 1811

Rothschild & Co is one of the most established global advisory firms in infrastructure, energy, and real assets transactions. The firm advises infrastructure funds, corporates, governments, and financial sponsors on M&A, privatizations, capital raising, and strategic transactions involving regulated and long-duration assets.

Its real assets advisory work spans sectors such as utilities, transport, digital infrastructure, renewable energy, and social infrastructure. Rothschild’s ability to combine sector expertise with global financial advisory capabilities gives it a strong position in complex cross-border transactions.

The firm is particularly relevant in infrastructure transactions where investors require independent advice on valuation, regulatory exposure, financing structure, and strategic positioning. Its long-standing relationships with institutional investors and public-sector stakeholders support its role in major infrastructure mandates.

Rothschild & Co’s combination of independence, global reach, and sector depth places it in the leading tier of real assets and infrastructure advisory firms.

Macquarie Capital

• Headquarters: Sydney, Australia
• Founded: 1969

Macquarie Capital is a major global participant in infrastructure, energy, and real assets advisory, with deep experience across infrastructure M&A, project development, capital raising, and principal investment. While Macquarie operates at a scale beyond a classic boutique, its infrastructure franchise is sufficiently specialized to justify inclusion as a sector benchmark.

The firm advises and invests across transport, utilities, energy transition, digital infrastructure, and social infrastructure. Its infrastructure expertise is supported by long-standing institutional relationships and a deep understanding of asset-level economics.

Macquarie Capital is especially active in transactions where advisory work intersects with development, financing, and long-term capital formation. Its global network allows it to connect infrastructure assets with pension funds, sovereign wealth funds, private infrastructure vehicles, and strategic investors.

Its scale may reduce licensing probability, but its presence strengthens the credibility of the category as a serious institutional ranking.

Evercore

• Headquarters: New York, United States
• Founded: 1995

Evercore has developed a strong infrastructure and real assets advisory capability within its broader independent investment banking platform. The firm advises corporates, infrastructure investors, financial sponsors, and asset owners on strategic transactions involving energy, utilities, transport, and infrastructure-related platforms.

Its advisory model is particularly well suited to complex transactions where independence, board-level judgment, and capital markets understanding are required. Evercore’s infrastructure work often overlaps with M&A, capital structure advisory, and strategic alternatives analysis.

The firm’s global presence enables it to support cross-border infrastructure transactions, particularly where institutional capital is pursuing large-scale asset platforms. Its senior-led execution model reinforces its position as a preferred advisor in sensitive and high-value mandates.

Evercore belongs in Tier I because it brings elite independent advisory credibility to the real assets and infrastructure transaction market.

Lazard

• Headquarters: New York, United States
• Founded: 1848

Lazard is a leading global financial advisory firm with significant experience across infrastructure, energy, utilities, and public-sector advisory mandates. The firm advises governments, corporates, and financial sponsors on privatizations, infrastructure M&A, capital structure, and strategic transactions.

Its infrastructure advisory work benefits from Lazard’s long-standing strength in sovereign, public-sector, and cross-border advisory. This makes the firm especially relevant in infrastructure transactions involving regulated assets, government stakeholders, and institutional capital.

Lazard’s global platform allows it to advise on complex infrastructure deals across North America, Europe, Asia, and emerging markets. Its sector coverage includes energy transition, transport, utilities, and other capital-intensive real asset categories.

Although Lazard is larger than a pure boutique, its advisory-led model and infrastructure transaction experience make it an important Tier I benchmark for this category.

Astris Finance

• Headquarters: Paris, France
• Founded: 2000

Astris Finance is a specialist independent advisory firm focused on infrastructure, energy transition, and project finance. The firm describes itself as an independent platform with more than 25 years of track record offering investment banking services in core infrastructure and energy transition.

Astris advises sponsors, developers, investors, and lenders on project finance, M&A, debt structuring, and capital raising. Its specialization gives it a sharper infrastructure identity than many generalist investment banks.

The firm is particularly relevant in renewable energy, infrastructure concessions, and project-financed assets where technical financial modeling and lender coordination are central to transaction execution. Its work sits at the intersection of investment banking, project finance, and infrastructure capital advisory.

Astris deserves Tier I placement because it represents the type of specialist infrastructure advisory firm that gives this ranking its distinctive identity.

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Tier II — Established Real Assets & Infrastructure Advisory Firms

(Alphabetical order)

8 Advisory

• Headquarters: Paris, France
• Founded: 2009

8 Advisory provides infrastructure, energy, and project finance advisory services across transaction consulting, capital raising, financial modeling, and project finance assignments. Its infrastructure and energy team states that it has advised several hundred clients across more than 250 assignments, covering sectors including energy transition, transport, telecoms, social infrastructure, and utilities.

The firm is particularly relevant for infrastructure investors and developers requiring technical transaction support, model review, financing analysis, and deal execution assistance. Its European base and project finance specialization position it well within the real assets advisory market.

8 Advisory fits Tier II as a credible specialist platform with strong infrastructure coverage and commercial relevance.

Alhambra Infrastructure Advisors

• Headquarters: Madrid, Spain
• Founded: 2016

Alhambra Infrastructure Advisors is a specialist boutique focused on infrastructure, transportation, logistics, and real estate-related advisory. The firm advises corporates, public-sector clients, and investors on strategic infrastructure projects and asset development.

Its advisory work is relevant to public-sector authorities, infrastructure operators, developers, and investors seeking guidance on infrastructure strategy, capital projects, and asset development. Alhambra’s sector orientation gives it a clearer identity than generalist consulting firms.

The firm belongs in Tier II because it provides a distinct infrastructure and real assets advisory profile, particularly around transportation, logistics, real estate, and strategic infrastructure development.

DC Advisory

• Headquarters: London, United Kingdom
• Founded: 1998

DC Advisory provides infrastructure and real assets advisory through its broader corporate finance and M&A platform. The firm advises corporates, private equity clients, and infrastructure investors on transactions involving energy, transport, utilities, and infrastructure-related businesses.

Its strength lies in mid-market and cross-border transaction execution, where infrastructure and real assets deals often require sector knowledge, valuation discipline, and access to financial sponsors. DC Advisory’s international platform allows it to connect European, North American, and Asian capital sources.

The firm fits this category because it can support infrastructure M&A, acquisition financing, and strategic transactions without being positioned as a pure underwriting bank.

Finadvice

• Headquarters: Adliswil, Switzerland
• Founded: 1998

Finadvice is an independent financial advisory firm focused on energy and infrastructure. The firm states that it has more than 30 years of experience and has completed over 300 projects across Europe, Asia, and North America.

Its services include M&A and corporate finance, strategic advisory, and equity advisory for infrastructure and energy clients. This makes Finadvice a strong fit for investors, utilities, developers, and public-sector counterparties navigating complex infrastructure transactions.

Finadvice is a commercially attractive Tier II candidate because it has a clear specialist identity, international project experience, and a boutique profile aligned with Ranking News’ preferred buyer pool.

Green Giraffe Advisory

• Headquarters: Paris, France
• Founded: 2010

Green Giraffe Advisory is a specialist financial advisory firm focused on renewable energy and energy transition transactions. The firm advises developers, investors, and lenders on financing and M&A within the clean energy sector.

Its advisory work includes project finance, debt structuring, and capital raising for renewable energy assets such as wind, solar, and energy storage. Green Giraffe is particularly active across European markets.

The firm’s deep specialization in energy transition makes it a strong fit within real assets advisory, particularly as renewable infrastructure becomes a dominant investment theme.

Gridlines

• Headquarters: London, United Kingdom
• Founded: 2021

Gridlines is an independent project finance advisory firm focused on large-scale infrastructure and energy transactions. The firm positions itself as a specialist boutique providing senior-led project finance expertise for major projects.

Its work is most relevant to sponsors, developers, lenders, and investors involved in project-financed assets. Gridlines’ advisory offering is particularly aligned with financial modeling, debt structuring, risk allocation, and financing execution.

The firm fits Tier II because it represents the new generation of specialist infrastructure finance boutiques: focused, technical, and directly relevant to real assets transaction advisory.

InfraVia Capital Partners

• Headquarters: Paris, France
• Founded: 2008

InfraVia Capital Partners is primarily known as an infrastructure investment platform, but its role in infrastructure asset strategy, capital formation, and transaction execution gives it relevance within the broader real assets ecosystem. The firm focuses on infrastructure, technology, and growth investments across Europe.

While InfraVia is not a classic advisory boutique, its institutional presence in the infrastructure investment market makes it a recognizable reference point for real assets transactions. It has deep exposure to digital infrastructure, energy, transport, and essential services.

InfraVia should be treated carefully: it is more useful as a sector benchmark than as a likely licensing buyer. Its inclusion strengthens category credibility but should not dominate the buyer-focused tier strategy.

Parhelion Capital

• Headquarters: London, United Kingdom
• Founded: 2015

Parhelion is a specialist infrastructure advisory boutique focused on sponsors, investors, and public institutions navigating infrastructure transitions. The firm describes itself as a strategic infrastructure advisor working across decarbonization, digitalization, circular value chains, and regional resilience.

Its positioning is strongly aligned with the 2026 market environment, where energy transition, digital infrastructure, and resilient infrastructure systems are becoming central investment themes. Parhelion’s boutique model makes it a natural fit for this category.

The firm belongs in Tier II because it offers a clear specialist infrastructure advisory identity rather than a generic corporate finance profile.

StormHarbour Securities

• Headquarters: London, United Kingdom
• Founded: 2009

StormHarbour Securities is an independent advisory firm active in capital markets, structured finance, and credit advisory. Its infrastructure relevance comes from complex financing, debt structuring, securitization, and structured capital solutions for real assets and project-related transactions.

The firm is especially relevant where infrastructure assets require sophisticated credit structuring or access to institutional fixed-income investors. This includes renewable energy, infrastructure debt, and structured financing situations.

StormHarbour fits Tier II because it adds a differentiated credit and structured-finance angle to the ranking, preventing the list from becoming only infrastructure M&A boutiques.

ValeCap

• Headquarters: Milan, Italy
• Founded: 2009

ValeCap is an independent investment banking boutique focused on energy and infrastructure. The firm states that it provides investment banking services to investment funds and industrial companies in M&A and debt transactions, with more than 15 years of experience.

Its advisory work is closely aligned with renewable energy, infrastructure assets, debt structuring, and transaction execution. ValeCap’s boutique profile makes it a strong candidate for the commercial middle tier of this ranking.

The firm belongs in Tier II because it combines sector focus, M&A capability, and debt transaction experience in a clearly defined energy and infrastructure advisory platform.

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Tier III — Specialist Real Assets & Infrastructure Advisory Firms

(Alphabetical order)

• Bedrock Infrastructure Advisory
• Global Infrastructure Advisors
• Infrata
• Operis
• Stonepeak Advisory

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Remarks

Real assets and infrastructure advisory is one of the more useful categories in the capital markets advisory sector because it has a genuinely distinct firm universe. Unlike generic capital markets advisory, this category can support a recognizable buyer pool: infrastructure boutiques, project finance advisors, energy transition specialists, and real assets transaction advisors.

The category should not be split further into “real estate advisory,” “infrastructure advisory,” “energy advisory,” and “project finance advisory” at this stage. That would create unnecessary overlap and dilute the commercial value of the ranking.

Tier classification reflects relative institutional positioning within the corporate governance advisory landscape and does not constitute legal, investment, or voting advice.

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