Coming off a fundraising dry spell exacerbated by rising interest rates, liquidity challenges and economic slowdown, many infrastructure investors have become all too familiar with the notion of the “slow game.” Much of 2023 was plagued with historically poor capital-raising numbers, and many managers chose to extend their fundraising periods as a result. However, momentum seems to be turning positive within the infrastructure fundraising landscape, and certain global megatrends such as digitalization, decarbonization and deglobalization — also known as the “three Ds” — are driving multibillion-dollar investment opportunities.

Following five quarters of weak fundraising activity, infrastructure fundraising totals picked up dramatically in fourth quarter 2023. More than $50.1 billion was raised b