Looking for trends in the infrastructure world is like doing the Sunday New York Times crossword. The clues seem straightforward enough — but you (or at least I) usually end up with more blanks than answers. With numbers bouncing around from year to year, the infrastructure fundraising world also offers more questions than answers. For example, instead of a straight line of increasing (or decreasing) fundraising, it has developed a wave-like line. Odd-numbered years have been good for fundraisers; even-numbered years have not been so good.

This ebb and flow is also found in regional preferences. The variation in regional attractiveness is particularly noticeable in North American–focused funds. Back in 2015, funds focused on North America accounted for 46 percent of the capital raised that year. Interest fell off dramatically the next year, with just 13 percent of the capital raised coming from North American funds. In 2017, however, they came roaring back with 60 percent