Pendle has launched a market for trading fixed and variable yield on NGI+, a tokenized private infrastructure asset backed by AssetoFinance. The market went live on September 17-18 with a December 10, 2026, maturity and an initial fixed yield of approximately 19% for principal token holders. Users can split NGI+ into a principal token (PT), which locks in a fixed return, and a yield token (YT), which provides variable-yield exposure. NGI+ tracks Partners Group’s Next Generation Infrastructure strategy, while Partners Group manages approximately $186 billion and the relevant fund has more than $1 billion in assets under management. Since launching in February 2024, the fund has produced a cumulative net return of 48.8%, volatility below 2.5% and no reported drawdowns. The token’s total onchain value was about $4.17 million by mid-September 2026, after its July 7, 2026 launch. Pendle co-founder TN Lee said the integration advances the connection between institutional private infrastructure and blockchain technology. The broader tokenized real-world asset market has surpassed $300 billion, with Treasury products and private credit preceding private infrastructure. The product also carries smart-contract risk, tokenization counterparty risk through AssetoFinance and the illiquidity premium associated with private assets.