Everyone talks about how much infrastructure fundraising has slowed during the past couple of years. It has become conventional wisdom that the market is in the midst of a downward slide, though major players are expected to come to market with megafunds in 2016 and save us all.

Although there has, indeed, been a downward trend since 2013, it really has not been as significant as many would have you believe.

In 2013, $52.4 billion was raised by 33 funds. In 2014, $45.2 billion was raised by 32 funds. Last year, $45.0 billion was raised by 21 funds. (This figure is as of Jan. 12, 2016, and will probably increase as end-of-year reports are released.) When looking at these numbers, it appears that it is not the amount of capital raised that has fallen significantly, but the number of funds able to raise that capital.

No infrastructure fund closed in Q4/15. In fact, fewer funds closed, and less capital was raised, in each succeeding quarter throughout the year.