Despite the best efforts of infrastructure private equity firms to rebound from 2023’s dismal year, fundraising throughout 2024 has slowly trended downward, according to the latest results from Institutional Real Estate, Inc.

The $27.6 billion closed in the first quarter 2024 was a respectable amount when compared with previous quarters, but it has been downhill since then, with only $15.8 billion closed in the second quarter 2024 and $14.4 raised by funds closing in the third quarter. Three-quarters of the way through the year, 24 private equity infrastructure funds have closed, raising an aggregate of $57.7 billion.

Six private equity infrastructure funds closed in third quarter 2024, with total raises ranging from $954 million to $3.2 billion. Three of the six raised at least $3.0 billion, with only one falling below the $1 billion mark.

The largest of this group was the $3.2 billion diversified EQT Active Core Infrastructure fund, which has a global mandat