First quarter 2025 fundraising turned out to be a pleasant surprise. After years of anemic capital raising, the first quarter gives managers hope things might be turning around. According to Institutional Real Estate, Inc.’s infrastructure database, 13 funds reached a final closing with an aggregate total of $58.1 billion. Except for first quarter 2022, which raised a stunning $72.7 billion, this $58.1 billion represents more capital raised in a single quarter than at any time since at least 2018.

More than 40 percent of the quarter’s total came from the closing of the $24.3 billion EQT Infrastructure Fund VI, which will focus its efforts on value-added energy, greenfield, logistics, social infrastructure, telecom and transportation opportunities in Europe and North America.

Contributing $13.6 billion to the quarter total was Copenhagen Infrastructure Partners’ Fund V. Capital from this fund will be allocated to energy, greenfield, renewables, transmission and wa