Infrastructure fundraising has maintained a solid pace according to most measures. But yearly fundraising numbers, let alone quarter-to-quarter numbers, can be chunky, and often do not tell the whole story.

The consensus right now is that strong demand for infrastructure exposure from small and large institutional investors will continue to drive solid fundraising. Though there is more going on under the hood, and not all of it positive, there are signs the market is facing challenges of its own success.

Iftikhar Ahmed, associate partner of private equity and infrastructure at Aon believes the current and coming year will be similar to last year. “Volume may be a bit lower with regard to the number of funds closed, but certainly not the amount of capital raised,” he says. “The volume will come from relatively fewer funds closed, since many managers are raising bigger funds.”

Ahmed says that, if anything, there is increased demand for infrastructure oppor