Fundraising gathered pace in Q3 2023, with the quarter recording the highest capital raised in a year. 

Some $20.5 billion was raised in the third quarter, up from $11.9 billion in the same period in 2022. 

The number of funds that reached final close in the quarter was lower than Q2 2023, with just 14 funds reaching financial close. This was compared to an average of 11-12 funds reaching financial close in each quarter from Q3 2022 to Q2 2023.

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The average size of funds has increased about 40% in Q3 2023 compared to the same quarter of 2022. Funds were closing with an average size of $1.47 billion. The was a considerable increase from Q2 2023, which had an average size of $795 million. It was also well above the first quarter of the year, which saw funds close with an average size of $508 million. Q3’s increase may show increased confidence on the part of investors in infrastructure funds. Indeed, the average time to final close fell considerably in Q3 to 15 months. This was down from 35 months in Q4 2022 – an all-time high for the last period.