The ever expanding size of funds in infrastructure markets is a trend that isn’t likely to end anytime soon. In fact, the definition of mega-funds — those funds with final closes of $2 billion or more — might need to be updated to reflect funds that are increasingly targeting $10s of billions in capital commitments. The most recent example of this is Tokyo-based Asset Management One’s Cosmic Blue PF Lotus, which launched in November and is targeting $20 billion in capital commitments. The closed-end infrastructure debt fund will invest internationally with a focus on Asia. Asset Management One is a subsidiary of Mizuho Financial Group and Dai-Ichi Life Holdings, Inc.
Other super-sized mega-funds launched in 2018 include Global Infrastructure Partners’ Global Infrastructure Partners IV, a closed-end core-plus fund targeting $20 billion, and EQT Partners EQT Partners Infrastructure Fund IV, a value-added fund aiming to raise $9 billion.
These oversized funds se