According to the U.S. Energy Information Association, world energy consumption is expected to grow by 56 percent between 2010 and 2040, from 524 quadrillion British thermal units (Btu) to 820 quadrillion Btu. Most of this growth will come from non–Organization for Economic Cooperation and Development (non-OECD) countries, where demand will be driven by strong economic growth, changing demographics and urbanization.

Infrastructure investors and managers have been quick to jump into this space. While the need for infrastructure of all kinds is huge, energy investment is one of the easiest and most-straightforward entry points into the asset class. For purposes of this report, energy investment funds include those self-identified as “energy” funds, as well as those focused on pipelines, power generation and renewables.

Since Jan. 1, 2014, 52 infrastructure funds have closed, representing 10 categories. Of these funds, more than 80 percent focused on an energy, debt