According to IREI’s FundTracker database, infrastructure investment managers closed five funds in first quarter 2019, raising nearly $19.4 billion. In first quarter 2018, five funds also held final closings, raising $10.6 billion, and in fourth quarter 2018, three funds had final closings, totaling $5.69 billion.

The year-over-year comparison among first quarter fundraisings indicates the size of infrastructure funds has grown considerably. The average infrastructure fund size in first quarter 2019 was nearly $3.9 billion, while the average fund size in first quarter 2018 was approximately $2.1 billion.

During first quarter, Ardian raised $6.9 billion in less than six months for its latest infrastructure fund, Ardian Infrastructure Fund V. The fund focuses on upgrading and digitizing infrastructure assets in Europe, in transport (rail, road and airports), energy (gas, electricity and renewable energy) and other public infrastructure assets (health and environmental).