According to IREI’s FundTracker database, infrastructure fundraising in first quarter 2020 nearly matched fourth quarter 2019, with 14 funds raising more than $39 billion. In fourth quarter 2019, eight funds raised more than $41 billion.

The datapoints that jump out between the two quarters are that nearly twice the number of funds closed in first quarter 2020 but raised a similar amount of capital as was raised in fourth quarter 2019 — this could suggest a pause in the mega-fund trend. Of course, the timing of fund closings is somewhat arbitrary and comparing two quarters does not make a trend, but looking further back into quarterly fundraising does seem to show a tapering off of mega-fund dominance in the market.

Also noteworthy are the back-to-back quarters of record-high levels of capital-raising activity. Last year’s record fourth quarter total pushed 2019 to a record high of $85 billion. And nearly matching the fourth quarter volume in first quarter 2020 i