We were still congratulating 2021 on its record-breaking infrastructure private-equity fundraising when first quarter 2022 looked up, said, “Hold my beer,” and proceeded to post $70 billion in final closings all by itself, a total that typically takes at least three quarters to reach. And — spoiler alert — we already know nearly $30 billion has closed in the first half of second quarter 2022. With six weeks still to go in that quarter [as of this writing], it is reasonable to assume we will be seeing an annual total that surpasses anything seen in previous years — all by the middle of 2022.

During first quarter 2022, 16 funds were involved in raising that stunning $70 billion. Of those funds, five closed on more than $5 billion. Another six raised $1 billion or more.

Although the first quarter saw several enormous funds reach a final closing, two stand out — the $17.0 billion KKR Global Infrastructure Investors IV, which will focus on energy, renewables, tr