In the past three years, 77 private equity infrastructure investment funds have held a final closing, raising an aggregate total of $151.8 billion, according to IREI’s FundTracker database. These funds were sponsored by 64 different managers, with 13 managers closing more than one fund since Jan. 1, 2015.

As expected, the top infrastructure managers control an outsized share of the market. Funds sponsored by the five managers raising the most capital during this period accounted for 35 percent of all capital raised, despite being only 8 percent of the manager pool. The top 10 managers brought in 51 percent of the capital, while accounting for only 16 percent of the managers with closed funds.

Interestingly, managers closing only one fund were more likely to be leading the “most capital raised” list than those who closed more than one fund. If a manager has the ability to deploy large amounts of capital, it makes sense to just be in fundraising mode once every cou