The algebraic structure generated by the creation and annihilation operators of a system of m parafermions and n parabosons, satisfying the mutual parafermion relations, is known to be the Lie superalgebra . The Fock spaces of such systems are then certain lowest weight representations of . In the current paper, we investigate what happens when the number of parafermions and parabosons becomes infinite. In order to analyze the algebraic structure, and the Fock spaces, we first need to develop a new matrix form for the Lie superalgebra , and construct a new Gelfand–Zetlin basis of the Fock spaces in the finite rank case. The new structures are appropriate for the situation . The algebra generated by the infinite number of creation and annihilation operators is , a well defined infinite rank version of the orthosymplectic Lie superalgebra. The Fock spaces are lowest weight representations of , with a basis consisting of particular row-stable Gelfand–Zetlin patterns.