Pendle official brand guide (pendle.finance)
Pendle enables trading of tokenized infrastructure yields through NGI+ integration
The yield tokenization protocol now lets users split private infrastructure equity into fixed and variable return components on-chain.
Pendle, the DeFi protocol that made its name letting people trade future yield like a commodity, just added something that would have sounded absurd two years ago: private infrastructure equity.
Through an integration with NGI+, a tokenized infrastructure product built by Asseto, Pendle users can now deposit the yield-bearing token and split it into two tradable components. One locks in a fixed return. The other captures the variable upside.
How the mechanics actually work
Pendle’s core model has always followed the same playbook. You take a yield-bearing asset, run it through the protocol’s SY wrapper mechanism, and out come two tokens: a Principal Token (PT) and a Yield Token (YT).
The PT trades at a discount to the underlying asset and can be redeemed at face value when it matures. That discount is effectively your fixed return, baked in at the moment of purchase.
The YT, meanwhile, captures whatever variable yield the underlying asset generates until expiry. If the infrastructure fund performs well, YT holders ride that wave. If returns dip, they absorb the downside.
This separation is not new for Pendle. The protocol has been running this model since 2023, primarily with staked ETH and stablecoins. What is new is the asset class sitting underneath the wrapper: private infrastructure equity linked to Partners Group’s Next Generation Infrastructure strategy.
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That strategy focuses on direct and secondary infrastructure investments across areas like digitization and decarbonization.
The asset behind the token
NGI+ officially launched on July 7, 2026, and by mid-September it held approximately $4.17 million in total value.
The underlying Partners Group strategy has delivered a cumulative net return of 48.8% since its inception in February 2024. It has maintained volatility below 2.5% with no reported drawdowns.
Over the most recent 30-day window, NGI+ showed a minor decline of about 0.04%.
Asseto, the firm behind NGI+, handles the full on-chain lifecycle for the token, including legal compliance and audits. The open-ended fund structure means investors are not locked into fixed terms the way they would be with a conventional infrastructure fund allocation.
Why Pendle is chasing real-world assets
Pendle’s 2026 strategy has increasingly emphasized tokenized credit and institutional-grade assets. The NGI+ integration fits squarely within that pivot.
For the first few years of its existence, Pendle was mostly a playground for DeFi-native users looking to speculate on or hedge staking yields. By layering real-world asset yields into the same trading infrastructure, the protocol is making a bet that the next wave of DeFi growth comes from traditional finance crossover.