Introduction
2025 was a record year for infrastructure capital raising globally, as total capital raised jumped 126% year-on-year (Figure 1).
A total of 71 closed-ended infrastructure funds raised $224 billion, with an additional $20 billion coming in as co-investment capital.
The market remained highly concentrated, with the top three funds accounting for more than 30% of the total (Figure 2).
Global Infrastructure Partners closed its fifth vintage at the $25.1 billion hard cap, marking the second-largest infrastructure fund ever raised. The US-based giant was closely followed by Swedish EQT Partners, which closed its sixth vintage at €21.5 billion ($24.8 billion).
Energy transition-focused Brookfield Global Transition Fund II took the bronze with $20 billion raised for the fund plus $3.5 billion in co-investment capital.
$70 billion: The combined total raised by the three largest infrastructure funds in 2025– nearly a third of all capital closed during the year.
Top 20 funds
Capital concentration remained a defining feature of infrastructure fundraising in 2025. The 20 biggest funds, roughly a third of all closes, accounted for nearly 80% of total capital raised (Figure 3).
The top five funds in 2025 all closed above $10 billion, accounting for more than 40% of total capital. Copenhagen Infrastructure V closed at €12 billion, missing its €16 billion hard cap, while Ardian Infrastructure Fund VI raised €11.5 billion plus €7.6 billion in co-investments. Two digital infrastructure funds—DigitalBridge Partners III and Blue Owl Digital Infrastructure Fund III—made the top 10, raising $7.2 billion and $7 billion respectively. DigitalBridge also raised $4.5 billion in co-investment capital and Blue Owl is already back in the market with a successor fund looking to raise $9 billion, showing momentum building around data centers, digital and AI infrastructure.
The importance of track record is clear. First-time funds contributed just 8% of total capital raised, while established managers—fourth vehicle or beyond—raised $122 billion, or 54% of the total (Figure 4). Macquarie European Infrastructure Debt Fund was the standout first-time raise, closing at $4 billion.
Vintage year
The influence of track record is also supported by vintage year data. Most of the capital ($124 billion) was raised by 2023 vintages, which were 32 in total (Figure 5). Funds with a 2022 vintage came second with $39.5 billion across 17 vehicles, closely followed by 2024 vintages – 14 funds raising $41 billion.
Only 6 funds with a 2025 vintage closed in the same year, contributing $12 billion in capital. Macquarie European Infrastructure Debt Fund contributed to a third of that, followed by iCON Infrastructure Partners VII, which closed below target at $3.7 billion.
57% of all infrastructure capital closed in 2025 came from funds launched in 2023– including the three largest closes of the year.
Great financial crisis track record
Further proof that manager experience continues to play a key role in allocation decisions is that the top three funds to close in 2025 were raised by managers established before the global financial crisis (GFC)—Brookfield, EQT and GIP—all of whom have track records spanning multiple market cycles (Figure 6).
In 2025, 76% of fundraising went to managers incorporated before 2008, with pre-GFC managers raising $166 billion between them. Managers incorporated from 2020 onwards only contributed to 5% of capital raised by infrastructure funds globally (Figure 7).
Strategy
Core-plus strategies took the lion’s share of fundraising in 2025, bringing in $101 billion, nearly half of the total capital (Figure 8). This is reflective of a market that has now matured and comfortably attracts higher returns, while still providing some protection and steady income in a volatile environment. Four of the top five fund launches in 2025 employed a core-plus strategy, confirming that the infrastructure market remains largely underpinned by strategies targeting mid-teens gross returns.
The asset class maturing and allocators gaining confidence is shown in value-add strategies being successful in 2025, coming in as a strong second with a total of $64 billion in capital. EQT Infrastructure VI—the second-largest fund raised in the period—contributed roughly 40% of that. Digital infrastructure funds DigitalBridge Partners III ($7.2 billion) and Blue Owl Digital Infrastructure Fund III ($7 billion) were also among the largest value-add closes.
The industry seems to have moved on from core strategies, which only contributed to $25 billion, or just over 10% of the total, across 13 funds.
Of the $224 billion raised in infrastructure in 2025, $211 billion, or 94%, went into pure equity vehicles. Infrastructure debt funds, by contrast, accounted for just $9.5 billion.
Sectors
Testament to a market that is still seeking protection while chasing specific investment themes and higher returns, diversified strategies dominated the infrastructure capital raising landscape by attracting $147 billion, or 65%, of the total (Figure 9).
In a market that remains volatile and subject to macro headwinds—geopolitical instability, volatile interest rates and inflation environment to name a few—investors are more comfortable allocating capital to a broad range of sectors rather than going down the specialist strategy route. Three of the top five funds employed a diversified strategy – GIP V, EQT VI and Ardian VI.
Energy transition was the most prominent specialist strategy, attracting $55 billion, or 25% of the total (Figure 10). Nearly half of that capital came from Brookfield Global Transition Fund II and Copenhagen Infrastructure V.
65% of total capital went to generalist funds in 2025, while energy transition and renewables-focused specialist funds led among sector strategies.
Regional breakdown
A preference for diversified strategies was also reflected in the regional focus of 2025 closes. Global-mandate funds garnered $115bn, 50% of the total (Figure 11).
European and North American strategies came head-to-head, attracting $56 billion and $49 billion respectively. A fraction of the total—$5.6 billion or 2.5%—went into funds dedicated to Latin America ($2.9 billion raised by a single fund), MEA ($1.4 billion across three vehicles), and Asia ($0.3 billion).
Larger funds also favored global mandates, with an average fund size of $5.7 billion against $2.5 billion for regional specialists.
Methodology
Includes all fund closes tracked by us in 2025, through the stories and signals published by reporters and data researchers throughout the year. Some of the fund closes have been included through press releases and direct manager reporting to us. Funds that were raised in local currencies have been converted to USD ($) at the rate of €1 = $1.15, £1 = $1.31 and INR 1 = $0.01.
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