Is deglobalisation the answer to volatility for infrastructure investors?

Allianz Global Investors’ January 2026 commentary by Marta Perez (CIO Infrastructure) explains how deglobalisation is reshaping infrastructure priorities as governments pivot toward resilience and self-reliance.

• A “fourth D” joins decarbonisation, digitalisation and demographics: deglobalisation, accelerating energy security, digital networks and strategic manufacturing investment.

• AI-driven data growth is lifting local demand for energy-hungry data centres, linking digital buildout directly to power and grid upgrades.

• Cumulative global infrastructure investment could reach $106tn by 2040, with private capital positioned to close funding gaps via debt, equity, co-investments and secondaries.

Explore the full piece for sector examples and where resilience-led infrastructure may offer durable return potential.