Pendle Brings Private Infrastructure Exposure to DeFi via NGI+ Token

Pendle's marketplace has listed NGI+, a tokenized representation of Partners Group's Next Generation Infrastructure strategy, which is valued at over $1 billion. The listing marks a significant development in the DeFi space as private-market yield is now being made accessible and tradable like DeFi collateral.

The underlying infrastructure fund managed by Partners Group has returned 48.8% net over roughly two and a half years, with volatility below 2.5%. This is notable for its stability compared to other assets in the DeFi space.

Pendle's model splits the yield-bearing asset into two pieces: the Principal Token and the Yield Token. The former trades at a discount but redeems at face value when it matures, while the latter captures the yield paid by the underlying asset until that date.