Second quarter 2025 infrastructure fundraising continued the robust activity of the first quarter. According to Institutional Real Estate, Inc.’s infrastructure database, nine funds reached a final closing with an aggregate total of $41.3 billion. That means more capital has been raised in the first half of 2025 than in the entire years of 2023 ($77.8 billion) and 2024 ($76.6 billion).

While the second quarter total is encouraging, it can be a bit misleading to view the capital raised out of context. A single fund accounted for 56 percent of the capital raised, while the top two funds accounted for 78 percent. Megafunds rule.

That 56 percent came from the closing of the $25.2 billion Global Infrastructure Partners V, which has a diversified core/core-plus mandate covering transportation, energy, and utilities in Europe and North America. The second-largest fund to close was Iron Point Partners’ $7 billion Blue Owl Digital Infrastructure Fund III. This global fund w