While the infrastructure fundraising market ended 2019 at a lower level compared with 2018, the industry is poised for another healthy year as many large funds continue to raise capital.

Around $95.7 billion was raised in 2019 by 54 unlisted, closed-ended funds at a global level compared with around $120 billion raised by 73 funds in 2018.

Funds might be fewer year-on-year, but many managers successfully raised larger vehicles compared to predecessor funds. For some of them, it meant moving slightly higher up in the market from a pure mid-market position.

On top of Global Infrastructure Partners closing its record GIP IV fund at $22 billion, EQT Partners more than doubled its previous vintage’s size by closing EQT IV at €9 billion ($10.1 billion). Ardian also raised a significantly larger fund – Ardian Infrastructure Fund V €6.1 billion ($6.9 billion). Similarly, Macquarie Infrastructure and Real Assets closed MEIF 6 at €6 billion ($6.7 billion) while Morgan Stanley Infrastructure Partners closed North Haven Infrastructure Partners III at $5.5 billion.

While it has not contributed to the 2019 figures, Brookfield Asset Management is said to be looking at a Q1 final close above $20 billion on its Brookfield Infrastructure IV, while both I Squared Capital and Stonepeak Infrastructure Partners are in the market each targeting $10 billion in capital commitments for their latest vintage.

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