Pendle launches a new market for the NGI+ token, allowing DeFi users to trade fixed and variable yields on tokenized private infrastructure assets. Backed by AssetoFinance, the NGI+ token tracks Partners Group's Next Generation Infrastructure strategy, which manages over $1 billion. The market offers an initial fixed yield of approximately 19% maturing on December 10, 2026. This launch represents a major step in expanding the $300 billion real-world asset tokenization market into private infrastructure.
Pendle NGI+ market launch
- ▪Pendle launched a new NGI+ market on September 17-18, 2026, allowing users to trade fixed and variable yield on NGI+, a tokenized private infrastructure asset backed by AssetoFinance
- ▪Pendle's NGI+ market, which launched on September 17-18, 2026, has a maturity date of December 10, 2026, and offered an initial fixed yield of approximately 19% for principal token holders
Tokenized infrastructure asset mechanics
- ▪Users of Pendle's NGI+ market can split the NGI+ token, backed by AssetoFinance and tracking Partners Group's Next Generation Infrastructure strategy, into a principal token for a fixed return or a yield token to speculate on variable yield exposure
- ▪The underlying NGI+ token, which was launched on July 7, 2026, is backed by AssetoFinance and tracks Partners Group's Next Generation Infrastructure strategy.
- ▪By mid-September 2026, the total onchain value of the NGI+ token, backed by AssetoFinance and tracking Partners Group's Next Generation Infrastructure strategy, reached approximately $4.17 million
Partners Group fund performance
- ▪Since its inception in February 2024, the Partners Group Next Generation Infrastructure fund has delivered a cumulative net return of 48.8% with volatility below 2.5% and no reported drawdowns.
- ▪Partners Group manages approximately $186 billion in assets, and Partners Group's Next Generation Infrastructure strategy fund exceeds $1 billion in assets under management
Real-world asset tokenization growth
- ▪The tokenized real-world asset market has surpassed $300 billion in total value.
- ▪Private infrastructure represents the next frontier of the $300 billion real-world asset tokenization market, following treasury tokenization and private credit, due to its steady, long-duration cash flows
DeFi institutional yield access
- ▪Pendle co-founder TN Lee described the integration of the NGI+ token into Pendle's new NGI+ market as a significant step toward merging institutional-grade private infrastructure with blockchain technology
- ▪Risks associated with Pendle's NGI+ market, which launched on September 17-18, 2026, include smart contract risk, tokenization counterparty risk through AssetoFinance, and the illiquidity premium of private assets
Debatable claims
- ▪Tokenized private infrastructure assets pose unacceptable risks to retail DeFi investors
- ▪Tokenizing illiquid real-world assets compromises the core liquidity benefits of decentralized finance
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