Infrastructure fundraising during the past few years has been difficult to characterize. The asset class closed on $55.5 billion in capital during 2013, saw only $48.7 billion raised in 2014, then bounced back to $55.4 billion by the end of 2015. During that time, the number of funds closed per year fell steadily, with 35 funds closed in 2013, 34 in 2014 and 29 in 2015.
So what do we see for 2016? Based on comparisons of year-to-date fundraising (through May 20, 2016) with the same periods in previous years, 2016 looks to be a down year, possibly a very down year.
Although it is still early, and activity could pick up as the year goes along, right now it appears the market is slowing. Significantly fewer funds have closed YTD 2016 than during the same time periods in 2013–2015. Ten funds have closed so far this year, raising an aggregate of $19.6 billion. In comparison, 15 funds closed during this time period in each of the previous three years, with $23.4 billion ra