Infrastructure mega-funds — those funds raising $2 billion or more — have been responsible for most of the capital raised each year since 2012 — and this trend shows no sign of ending. In fact, it might even be accelerating.

In the past three-plus years ending March 15, 2018, 88 funds closed with an aggregate total of $171.2 billion raised. Of that total, 30 mega-funds, or 34 percent of the total number of closed funds, have raised $127.1 billion, or 74 percent of the capital.

Looking back to earlier three-year periods, it is obvious that mega-funds are consolidating their dominance. During the three-year period ending Dec. 31, 2014, mega-funds were responsible for 60 percent of the capital raised. During the following three-year period ending in 2015, mega-funds brought in 62 percent of the capital. The rolling three-year period ending Dec. 31, 2016, saw 70 percent of the capital raised flowing to mega-funds.

When looking at the average size of infrastruc