When we closed the Q3 2021 infrastructure fundraising report, we mentioned that if things kept up the way they were going, we would be talking about a record year in the Q4 2021 report. Well, here we are. More capital was raised by infrastructure private equity funds in 2021 than in any other year. And we didn’t just squeak by the old record. We blew it out of the water.

During Q4 2021, nine funds raised an aggregate of $35.6 billion. This brought the total number of funds reaching a final close in 2021 to 47, with a total raised of $108.2 billion. The previous high-water mark had been 2019’s $93.7 billion.

The fund that put 2021 over the top was the EQT Infrastructure Fund V. This $18.2 billion global behemoth will focus on energy, logistics, social infrastructure, telecoms and transportation. The second- and third-largest funds to close in Q4 2021 were the global $4.7 billion Actis Energy 5 fund, and Manulife’s $4.6 billion diversified Infrastructure Fund II, w