to maintain and accelerate the amounts of capital required to be deployed over the longer term. Instead, managers will need to accelerate their shift toward active value creation. A few market Infrastructure investments, by their nature, have never been a short-term undertaking. They represent a deliberate choice to prioritize durable, generational returns over instant liquidity. Yet as infrastructure evolves from traditional assets to more complex, intersecting verticals, challenges will mount as holding periods lengthen. Capital cycles in infrastructure investing are holding periods; the average age of holdings (that is, investments made and not yet exited) has Liquidity pressures willikely mount--not just for infrastructure but across asset classes. In our survey of 300 of the world's leading LPs, distributions to paid-in capital (DPl) is now tied with pressing, it's to be expected that infrastructure investors would pay increasing scrutiny to net exit cycle of the mid-2010s; it has since declined to approximately 13 percent (Exhibit 9). While with tightening liquidity conditions more broadly. I SPI by StepStone, provided March 1, 2026.