According to IREI’s FundTracker database, infrastructure investment managers closed eight funds in third quarter 2019, raising more than $8.1 billion, based on preliminary data.

In third quarter 2018, 16 funds held final closings, raising nearly $40 billion. In second quarter 2019, nine funds were closed, raising nearly $16.3 billion.

Third-quarter fundraising marks the third consecutive quarter with a decline in total funds raised and the average fund size quarter-over-quarter. According to the FundTracker database, $8.18 million was raised in third quarter, with an average fund size of $1 million; $16.27 million was raised in second quarter with an average fund size of $1.8 million; and $19.35 million was raised in first quarter with an average fund size of $3.9 million.

Several funds closed during third quarter after having spent 18 months or more on the road, including Inspired Evolution’s Evolution Fund II, a closed-end fund investing in energy, power a