Looking for trends in the infrastructure world is like doing the Sunday New York Times crossword. The clues seem straightforward enough — but you (or at least I) usually end up with more blanks than answers. With numbers bouncing around from year to year, the infrastructure fundraising world also offers more questions than answers. For example, the number of funds launched is decreasing. The amount of capital these new funds are targeting is decreasing. The number of funds reaching final close is decreasing. Yet, the amount of capital raised is increasing.
This dichotomy can possibly be traced to the rise in global mega-funds. Back in 2014, global funds represented 30 percent of the capital raised. That market share grew to 36 percent of the capital raised in 2015. By the end of 2016, global funds were closing on 43 percent of the capital raised. The trend seems to be continuing. Although it is obviously still very early in the year, global funds closing year-to-da