Power, Infrastructure and Energy Through the Allocator’s Lens

Where LPs and family offices see investment potential, how they approach underwriting, and what earns a place in their portfolios

Where can investors still find attractive entry prices in energy, and what needs to happen after they buy? At PRAGMA’s New York LP & Family Office Workshop on 25 September 2026, allocators explored those questions across oil and gas, power generation and infrastructure.

In upstream oil and gas, the discussion centred on how much cash existing production could generate and how much of it could be reinvested in drilling or returned to investors. In power, rising demand supported the case for operating capacity, while competition for assets made regional market economics and acquisition prices more important. In infrastructure, the source of returns varied across midstream projects, data centres and essential services, from contracted volumes and access to power to recurring customer spending.

The report also looks at how allocators build exposure. Secondaries can diversify entry timing, co-investments can concentrate exposure, and evergreen structures require a close look at how redemption terms align with the underlying assets. In manager diligence, investors focused on team continuity, evidence of execution, independent references and who was putting their own capital at risk.

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