Infrastructure emerging fund managers are seeking nearly three times as much capital today as they did 12 months ago, showing optimism among new firms.
While there is heavy concentration of assets among the biggest names in infrastructure, there are opportunities for newer shops to raise money.
Emerging managers with a first-time fund in market are targeting $14.4 billion, as tracked by us over the past 12 months.
Our research has outlined the most important names to watch in infrastructure in 2026.
Glenara Partners | Emma Haight, Sean Mclachlan, Justine Ryan | London | Energy transition
Glenara Partners was launched in the UK in January by former AMP Capital, Octopus Investments and Vitol executives. Emma Haight, Sean Mclachlan and Justine Ryan launched the firm with sources saying it will focus on mid-market renewables and energy transition investments.
Tidir | Peter Werene and Oliver Pawela | Stockholm | Core/Core-plus | Energy transition
Sweden-based Tidir is gearing up to launching fundraising for an innovation to infrastructure strategy consisting of an infrastructure fund and a venture capital (VC) fund working in tandem to bring innovation technologies’ returns to infrastructure.
Tidir, a fund manager launched in 2025 by a team with expertise from across the infrastructure, venture capital and private equity sectors, is looking to come to market in the second half of the year targeting up to €1 billion ($1.18 billion) for the infrastructure fund.
The manager has come up with a business model whereby the two funds work in parallel – within a shared deployment project pipeline – with the VC fund investing and de-risking new technologies that then create de-risked innovative infrastructure projects.
Vesper Infrastructure | Giacomo Rossi | Milan | Value-add | Energy transition, mobility, digital, healthcare-related infrastructure
Launched in 2022, Milan-based manager Vesper Infrastructure is due to reach final close on its debut value-add fund targeting €800 million with a €1 billion hard cap. Vesper Next Generation Infrastructure Fund I was approaching target in December.
Known allocators included the European Investment Fund, Generali, Mediobanca, Italian pension funds and family offices.
Since its launch in 2023, the fund has completed six investments. Its latest deal in early August led to the acquisition of a controlling stake in Norwegian data center operator Terakraft, which develops and operates infrastructure for GPU-as-a-Service providers and other AI-focused clients.
The manager recently opened an office in Madrid.
TirNua Capital Partners | David O’Brien | Dublin | Energy transition
Irish Life Investment Managers (ILIM) and Northleaf Capital Partners have formed an energy transition focused infrastructure manager.
TirNua Capital Partners is a new Dublin-based private markets investment manager, specialising in the mid-market segment.
The firm will invest in “growth-stage infrastructure assets in sectors critical to decarbonization and resilience”. The platform is led by David O’Brien as the CEO. O’Brien joined after a 14-year run at BlackRock, where he most recently served as the co-head of BlackRock Evergreen Infrastructure Partners.
Reinova Partners | Ralf Rank, John Stinebaugh | London | Value-add | Clean electricity, clean fuels, decarbonization of industry and sustainability assets
Reinova Partners has pushed first close on its maiden infrastructure fund to Q2.
Former Brookfield managing partners Ralf Rank and John Stinebaugh began fundraising for Reinova Partners Energy Transition Fund I formally launched fundraising in Q4 2025, targeting €800 million, with a €1 billion hard cap.
This is a mid-market value add fund aiming to deliver returns in the region of 18-20% gross IRR. Reinova expects to invest circa €80 million – $100 million per transaction in sectors that include Clean electricity, clean fuels, decarbonization of industry and sustainability assets in Europe and North America.
So far, the manager has used its own capital and anchor commitments to invest on a deal-by-deal basis and establish a track record.
The firm signed its first deal last May, acquiring a 166MW portfolio of six operating windfarms from Greencoat Renewables in Ireland, establishing a new onshore renewables platform called Lirion Power together with European energy investor HitecVision. A second deal in the US is expected to close soon.
Real Assets Investment Management | Roger Ammoun | London | Core-plus, Value-add | Renwables, transportation
Launched in 2019, RAIM has been investing on a deal-by-deal basis. Spearheaded by former GCM Grosvenor alumnus Roger Ammoun is launching the first infrastructure fund for his real assets firm, targeting $1 billion in the next six to 12 months.
The manager expects to attract an international pool of investors to deploy capital in core mid-market assets across energy, transport and social infrastructure.
VisionEdgeOne | Boe Pahari | London | Value-add | Transportation, energy, digital, social infrastructure
Ex-AMP Capital led VisionEdgeOne reached a roughly €100 million first close in April 2025 on its VisionEdgeOne Infrastructure Partnership.
At the time, sources said that capital came from institutional investors from North America and the Middle East and that some of it is co-investment capital.
The fund is targeting a total of €1 billion in capital commitments to invest in Europe across transport, energy, digital and social infrastructure at various stages of development.
The manager takes a value add approach to investing and has so far closed the acquisition of Spanish micro-mobility provider Inurba Mobility in partnership with GCM Grosvenor and of Italian biomethane platform RE2Sources alongside Arjun Infrastructure Partners.
The manager is considering setting up an office in New York this year.
Frontier Renewables | Balduin Hesse | Madrid | Core-plus | Wind, solar, battery-energy-storage, hydroelectric power and green hydrogen
Madrid-based emerging manager Frontier Renewables plans to hold the first close for its debut European vehicle by the end of 2025.
Frontier Renewables European Fund I (FREF I) is seeking €500 million ($580 million) in total commitments and aims to collect between €100 million and €150 million for the initial close.
The manager began sounding out investors in 2024 and has now moved into full marketing over summer.
Domiciled in Luxembourg, FREF I seeks equity deals in European renewable-energy. The mandate covers wind, solar, battery-energy-storage, hydroelectric power and green hydrogen, with scope for both greenfield and brownfield assets. The vehicle is targeting a gross IRR of 15% and a net return of 10–12%.
Ones to watch 2026: Infrastructure
| Firm | Founder(s) | Pedigree | Location | Strategy | Sector |
|---|---|---|---|---|---|
|
Glenara Partners |
Emma Haight, Sean Mclachlan and Justine Ryan |
AMP Capital, Octopus Investments |
London |
TBD |
Energy transition |
|
Tidir |
Peter Werene,Oliver Pawela |
Macquarie Group |
Stockholm |
Core/Core-plus |
Energy transition |
|
TirNua Capital Partners |
David O’Brien |
BlackRock |
Dublin |
TBD |
Energy transition |
|
Reinova Partners |
Ralf Rank, John Stinebaugh |
Brookfield |
London |
Value-add |
Clean electricity, clean fuels, decarbonization of industry and sustainability assets |
|
Real Assets Investment Management |
Roger Ammoun |
GCM Grosvenor |
London |
Core-plus, Value-add |
Renewables, transportation |
|
VisionEdgeOne |
Boe Pahari |
AMP Capital |
London |
Value-add |
Transportation, energy, digital, social infrastructure |
|
Frontier Renewables |
Balduin Hesse |
N/A |
Madrid |
Core-plus |
Wind, solar, battery-energy-storage, hydroelectric power and green hydrogen |
|
Vesper Infrastructure |
Giacomo Rossi |
Carlyle |
Milan |
Value-add |
Energy transition, mobility, digital, healthcare-related infrastructure |
Source: With Intelligence
