Infrastructure is having a moment. Just a year ago, Congress was able to pass a bipartisan $1.2 trillion infrastructure package, highlighting just how important rebuilding and upgrading America’s infrastructure is. On top of that, private equity investment is securing eyepopping amounts of capital. The capital raised in 2022 has blown past any previous year — and we still have a fourth quarter to go. Fourth quarters historically have been one of their year’s strongest quarters, as managers close out funds at year-end. There is no reason to think that 2022 will be any different.

Third quarters have historically been one of the lighter quarters — and 2022 has followed that pattern. Following two truly outstanding quarters, third quarter 2022 decided to take a breather with 11 funds closing on an aggregate of $11.5 billion. Despite a significant drop in third quarter commitments, the total raised for the year — $134.7 billion by 37 funds — is already 25 p