Private equity infrastructure fundraising is having a moment. According to Institutional Real Estate, Inc.’s infrastructure database, 13 funds reached a final closing with an aggregate total of $32.9 billion in the third quarter of 2025, bringing the total for the year to date to $141.3 billion. That means that almost as much capital has been raised in the first three quarters of 2025 as in the entire years of 2023 ($82.3 billion) and 2024 ($79.7 billion) combined.

Unlike previous quarters, no single uber-megafund dominated the fundraising. Eight funds closed with more than $1.8 billion, accounting for 89 percent of the capital raised. The largest fund to close this quarter was the $5.5 billion Blackstone Infrastructure Strategic Partners IV, which has a diversified mandate focused on North America. It is Blackst