Early numbers are in for infrastructure private investment funds closing in first quarter 2018, and they look ... a bit anemic. At this time last year, we were looking at $30.9 billion raised by the nine funds that closed in the first quarter of 2017. Today, we are seeing just $10.6 billion raised by five funds closed in the first quarter of 2018.
The growth in average fund size seems to be leveling off. In 2014, funds averaged $1.3 billion in size. They then grew to an average of $1.8 billion in 2015, and $2.1 billion in 2016. Funds closing in 2017 came in relatively the same as 2016, with an average size of $2.0 billion. The mean size for the first quarter 2018 is holding steady at $2.1 billion. If this average continues to the end of the year, the mean fund size for all funds during the most recent three-year period will be $2.0 billion and above. In other words, the average infrastructure fund is a mega-fund.
During the first quarter 2018, the largest five funds to
