This article presents an analysis of Private Equity (PE) syndication in infrastructure projects. Previous studies on syndication have been largely in developed countries, with few studies synthesizing the findings of research to support decisions at a sector level. The sample for this study was 358 worldwide deals with PE investments in energy, transport, and water and utilities sectors. First, we identify differences between infrastructure deals that have PE syndication with those that do not. Second, we analyze the drivers of PE syndication. Third, we understand the extent of PE syndication. Our findings indicated that PE syndication was driven by the need for local knowledge—which was critical due to the site-specific nature of infrastructure assets, translating into syndication with local partners. As round number increased, diversity of experience took precedence over level of experience, indicating that PE firms syndicated with other PE firms to achieve a varied set of skills.
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