Someone should put together a thesaurus that provides a variety of phrases to say the same thing, rather than just synonyms for single words. If I had such a collection, I’d look up a new way to say, “Data from the first half of 2017 confirms that the infrastructure asset class continues to be dominated by fewer and larger funds.” I’m running out of ways to say that infrastructure investment capital is getting more concentrated in the hands of just a few managers with each passing quarter.

Infrastructure funds closing in the first half of 2017 raised $33.8 billion. This is significantly more than the $22.0 billion raised in the first half of 2016. 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 47 percent of all capital raised. In 2016, it took six funds, or 42 percent of the 14 funds that closed, to reach that 47 percent. Fourteen f