Infrastructure fundraising slowed down in 2023, according to IJGlobal data. Total capital raised in 2023 was $108.7 billion, compared with a total of $183.97 billion in 2022. The total capital raised in 2023 was the lowest seen since 2019.

Meanwhile, the funds that reached final close during 2023 came in at 68, significantly lower than the 80 fund that reached final close in 2022. Indeed, it is the lowest number of funds to reach final close in the last 5 years.

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Investors continue to pile into the 5 largest funds with 2023 marking the first time since 2018 that fundraising for the 5 largest funds ($55.4bn) surpassed that of all other funds ($53.3bn). This is unsurprising given Brookfield Asset Management closed its largest ever fund in 2023.

While consolidation has been a top theme for infra funds in the back end of 2023 and into January, large deals announced last year, including CVC's acquisition of DIF and Bridgepoint's Energy Capital Deals (ECP) have not yet closed and will be reflected in our next report.