The past two years have been challenging for private investments overall, including private infrastructure. High interest rates, inflation and widespread economic uncertainty have weighed on fundraising, deal volume and valuations. After reaching record highs in 2022, valuations slid in 2023 before beginning to recover in mid-2024 as the interest rate environment in some regions of the world started to cool. Despite these challenges, limited partners remain firmly committed to the infrastructure asset class, and expectations for new fundraising remain high. Private infrastructure continues to be a highly attractive investment, offering long-term stability and inflation protection even in volatile markets.

Infrastructure AUM

Infrastructure assets under management (AUM) has grown significantly throughout the past 10 years — by an average of 16 percent per year from 2014 to 2024, versus average growth of 13 percent for all private capital over the same