The new fixed-yield market lets users lock in roughly 19% returns on tokenized private infrastructure assets from Partners Group, a firm managing $186 billion.
Pendle just opened a new market that lets DeFi users trade fixed and variable yield on tokenized private infrastructure assets. The product, built around the NGI+ token, essentially brings the kind of cash-flow-generating investments that pension funds and endowments hoard into the world of onchain finance.
The NGI+ market went live on September 17-18 with a maturity date of December 10, 2026, and an initial fixed yield of approximately 19% for principal token holders.
How the mechanics work
Users can split the NGI+ token into a principal token (PT) and a yield token (YT). Buy the PT, and you’re locking in a fixed return, similar to buying a bond and holding it to maturity. Buy the YT, and you’re making a bet on variable yield exposure, essentially speculating on whether the underlying infrastructure assets will outperform the fixed rate.
The underlying NGI+ token, backed by AssetoFinance, tracks the performance of a Partners Group infrastructure strategy called Next Generation Infrastructure. Partners Group manages approximately $186 billion in assets, and the relevant infrastructure strategy fund exceeds $1 billion in assets under management.
The performance case
Since its inception in February 2024, the fund has delivered a cumulative net return of 48.8%, with volatility below 2.5% and no reported drawdowns.
By mid-September 2026, the total onchain value of the NGI+ token sat at about $4.17 million. The NGI+ token was first launched on July 7, 2026, and Pendle’s market now adds a layer of liquidity and composability on top of it.
Why this matters for the broader market
Pendle co-founder TN Lee described the NGI+ integration as a significant step toward merging institutional-grade private infrastructure with blockchain technology.
The tokenized real-world asset market has now surpassed $300 billion. Treasury tokenization led the first wave. Private credit followed. Private infrastructure is the logical next frontier, because these assets generate steady, long-duration cash flows that map neatly onto bond-like structures.
For retail investors, locking in a fixed yield near 19% on an asset backed by institutional infrastructure, with the option to exit through secondary market liquidity, is a product that simply didn’t exist in DeFi a year ago. The risk trade-offs include smart contract risk, tokenization counterparty risk through AssetoFinance, and the general illiquidity premium embedded in private assets.
