Introduction
Global infrastructure fundraising crushed to a record low $43.4 billion in the first half of 2026. The result is even more remarkable as it follows the all-time record $250 billion raised in 2025, including co-investments (Figure 1).
A total of 31 closed-ended funds reached final close globally in the first six months of the year, with the majority raised in Q1. While the slowdown is not an encouraging signal for the sector, at least three mega funds remain in market and are expected to close in H2, including KKR Global Infrastructure Investors V ($20 billion, $17 billion+ already raised) (Figure 2).
While not accountable for H1 results, Partners Group raised $15 billion across its fourth direct infrastructure investment program, signalling that appetite remains for the asset class while capital remains concentrated amongst large managers in a continued sluggish fundraising market.
Fund Concentration
With many mega funds still in market, capital concentration was more marked in H1 as the top fund – InfraVia European Fund VI ($9.1 billion) – raised more than the next two biggest funds combined (Figure 3).
Together, the top 3 funds raised $16.3 billion, or roughly 40%, of total capital raised in the period (Figure 4). As a result, the top 20 league of funds reaching final close in H1 included significantly smaller funds compared to that of funds closed in 2025.
Equity/Debt Split
While equity still dominates the infrastructure capital raising environment – with $37.7 billion or 87% of the total (Figure 5) – funds solely dedicated to debt strategies have been attracting increasingly more capital since last year.
Debt strategies attracted nearly 40% more capital – $4.8 billion – compared with the same period last year – $3.5 billion (Figure 6).
In a continued slow market characterised by uncertainty and volatility both at a macroeconomic and geopolitical level, debt strategies are increasingly seen as a resilient protection and diversification tool.
As access to liquidity remains paramount to investors, debt strategies also offer the benefit of steady cash flow from an earlier stage compared to equity strategies.
Strategy
Value-add strategies closed the gap with core-plus strategies, raising $13.5 billion in total slightly more than the $13.4 billion total raised by core-plus strategies (Figure 7).
This is partly reflective of a market where managers – especially emerging managers – find themselves fighting for capital against more established managers with the promise of higher returning strategies.
Core strategies attracted the smaller share of capital raised in the period, contributing with only $3.4 billion. Secondaries came slightly on top with $3.5 billion as it continues to move away from a niche strategy to a more mainstream one.
Secondaries fundraising narrowly overtook core strategies in H1 2026, raising 3.5 billion as the strategy continued its shift from a niche allocation to a more mainstream option.
Sector
After taking the lion’s share of capital raised in 2025, energy transition focused funds came third in H1 with just $6.4 billion raised (Figure 8). Most noticeably, energy and utilities strategies raised more capital – $7.5 billion – perhaps signalling a market environment where allocators are going back to considering more traditional energy sources to cater for the surge in energy demand that is expected to come from various market segments, particularly AI and digital infrastructure.
More than 50% of capital raised by energy and utilities focused funds came from ArcLight Infrastructure Partners Fund VIII, which closed at $3.9 billion. Shortly after announcing final close on the fund, the manager was acquired by DigitalBridge with the intent of launching a $4 billion power and electricity fund that will seek to invest at the convergence of power, AI and digital infrastructure.
Compared with 2025, H1 results suggest a slight shift away from diversified strategies – 57% of total capital, down from 65% (Figure 9).
Investment Region
For the first time since 2024, North America-focused strategies narrowly surpassed Europe-focused ones by raising $21.5 billion versus $18 billion (Figure 10).
This is in contrast with market views indicating that investors are gradually starting to favour Europe-focused strategies, especially when it comes to renewable energy or energy transition mandates, due to the uncertain and often unfavourable regulatory environment in the US.
Two of the top three funds to close in the period have strategies focusing on North America – ArcLight Infrastructure Partners Fund VIII ($3.9 billion) and Digital Realty DC Partners NA Fund ($3.3 billion).
North America-focused strategies edged ahead of Europe in H1 2026, raising $21.5 billion versus $18 billion as two of the three largest fund closes targeted the region.
Fund Series and Vintage
While 46% of fundraising came from fund IV+, fourteen first-time funds reached final close in H1. Half of those, however, are 2024 or older vintages which is more testament to a slow than a favourable environment for first time vehicles or managers (Figure 12).
2024 vintage funds led H1 activity, collecting $16 billion or 37% of total capital across 10 vehicles (Figure 13).
Methodology
Includes all fund closes tracked by With Intelligence in H1 2026, through the stories and signals published by reporters and data researchers throughout the year. Some of the fund closes have been included through press releases and direct manager reporting to With Intelligence. Funds that were raised in local currencies have been converted to USD ($) at local FX rates as of 30/06/2026.
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