Quick now. Everyone send a wish to the infrastructure spirits that the fundraising seen in the first half of 2018 continues on pace. If it does, we could be looking at a record-breaking year. At the very least, we should be seeing one of the best years in many.

Infrastructure funds closing in the first half of 2018 raised $34.8 billion. This is just a bit more than the $34.1 billion raised in the first half of 2017. The real difference, however, is not so much in the total raised, but in how it was raised. In 2017, one fund — the $15.8 billion Global Infrastructure Partners III — accounted for 46 percent of all capital raised in the first half. In 2018, it took four funds, or 21 percent of the 19 funds that closed, to reach that 47 percent. Twenty funds closed in the first half of 2017, so that one fund represents only 5 percent of that total.

The second quarters of 2015 and 2016 saw a significant fall off of capital raising when compared to the first quarters of e