Fundraising in the infrastructure asset class seems to be finally on the upswing from years past. This was made undeniably clear when EQT closed its flagship infrastructure fund, EQT Infrastructure VI, at its hard cap of €21.5 billion ($24 billion) in total commitments in March. Exceeding its €20 billion ($23 billion) target, EQT Infrastructure VI is the largest fund to close this year so far. It is not the only one in the market with such a high fundraising target.

By comparison, in 2024, only $27.6 billion was raised in the first quarter, $15.5 billion was raised in the second quarter, $14.5 was raised in the third quarter and $16.8 billion was raised in the fourth quarter of the year. This brings 2024’s total capital raised by closed-end private equity infrastructure funds to $74 billion, according to Institutional Real Estate, Inc. data. As of a fourth quarter 2024 fundraising report, at least seven funds with a goal of $20 billion or more were currently marketing.