During the past three years, the percentage of debt funds versus equity funds reaching a final close has crept up from 8.8 percent in 2014 to 13.3 percent in 2016. The percentage of capital raised by these funds compared to equity funds, however, has remained relatively steady — starting at 7.2 percent in 2014, rising to 8.6 percent in 2015 and then falling back a bit to 7.8 percent in 2016. YTD 2017, however, is throwing a wrench into the narrative. We are almost halfway through the year, and not a single infrastructure debt fund has held a final close. This despite the fact that the market has already closed on nearly 62 percent of the total amount of capital raised last year. 2016 saw $52.0 billion raised by all funds reaching a final close. So far in 2017, we have seen $32.1 billion raised — all in equity.
Managers are an optimistic group, however, and they are still betting that investors will warm to infrastructure debt products. In the past 18 months, AMP Capital,