Pendle Launches NGI+ Market for Trading Fixed and Variable Yields

Pendle has launched a new market known as NGI+, enabling decentralized finance (DeFi) users to trade fixed and variable yields on tokenized private infrastructure assets. This innovative product, centered around the NGI+ token, aims to bring cash-flow-generating investments typically reserved for pension funds and endowments into the realm of on-chain finance.

The NGI+ market became operational on September 17-18, 2026, featuring a maturity date set for December 10, 2026, and an initial fixed yield of approximately 19% for principal token holders.

How the NGI+ Market Works

Users can divide the NGI+ token into two components: a principal token (PT) and a yield token (YT). Purchasing the PT allows investors to lock in a fixed return, akin to buying a bond and holding it until maturity. Conversely, acquiring the YT offers exposure to variable yields, allowing speculation on whether the underlying infrastructure assets will exceed the fixed rate.

The NGI+ token is backed by AssetoFinance and tracks the performance of a Partners Group infrastructure strategy called Next Generation Infrastructure. Partners Group manages approximately $186 billion in assets, with the relevant infrastructure strategy fund exceeding $1 billion in assets under management.

Performance and Market Implications

Since its inception in February 2024, the fund has achieved a cumulative net return of 48.8%, maintaining volatility below 2.5% and no reported drawdowns. By mid-September 2026, the total on-chain value of the NGI+ token stood at about $4.17 million. The launch of Pendle’s market adds a layer of liquidity and composability to the existing token.

Pendle co-founder TN Lee emphasized that the NGI+ integration represents a significant advancement in merging institutional-grade private infrastructure with blockchain technology. The tokenized real-world asset market has surpassed $300 billion, with private infrastructure being the next logical frontier due to its ability to generate steady, long-duration cash flows that align with bond-like structures.

This new offering provides retail investors with the opportunity to secure a fixed yield of nearly 19% on an asset backed by institutional infrastructure, along with the option for secondary market liquidity—an option that was not available in DeFi just a year ago. However, investors must consider risks such as smart contract vulnerabilities, tokenization counterparty risks through AssetoFinance, and the inherent illiquidity premium associated with private assets.