By now, everyone knows 2025 was a record-shattering year for private infrastructure fundraising. The question then becomes: Was 2025 an anomaly, or was it the harbinger of a new era in capital raising? One quarter does not a trend make, but the first quarter of 2026 points more to a softening in fundraising than a continuation of the good times. According to Institutional Real Estate, Inc.’s infrastructure database, 18 infrastructure funds reached a final closing with an aggregate total of $32.0 billion in the first quarter of 2026. This is the lowest first quarter total since 2023, when only $9.1 billion reached a final closing.
First quarter 2026 is notable for its lack of megafunds. The value-added InfraVia European Fund VI — which will focus on transportation, cable networks, and energy and utilities in Europe — closed at $9.4 billion. However, the second-largest fund — ArcLight Infrastructure Partners Fund VIII — closed at less than half that amount, coming in
