Infrastructure mega-funds — those funds raising $2 billion or more — have been responsible for about two-thirds of the capital raised by funds closing since 2013. In the past three years, 95 funds have closed with an aggregate total of $163 billion raised. Of that total, 29 mega-funds, or 31 percent of the total number of closed funds, have raised $110 billion, or 67 percent of the capital.
When looking at the average size of infrastructure funds, it is no surprise that so few vehicles are responsible for raising so much capital. The size of the average mega-fund over the past three years was nearly $3.8 billion, while the size of non-mega-funds comes in at about $802 million.
Looking at the capital raised by year, the amount of capital controlled by mega-funds has remained relatively steady, ranging from about $30 billion to $34 billion. What has changed, however, is the percentage of total capital controlled by the mega-funds. In 2013, mega-funds accounted for 61