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The infrastructure fundraising environment seems to be picking up steam, with eight funds reaching a final close in Q1 2024 raising aggregate capital of $26 billion, according to IREI’s first quarter 2024 Institutional Investing in Infrastructure Fundraising Report.

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Despite the impact of high interest rates and low growth across all the major economies, the total deal value of mergers and acquisitions increased by 38 percent in first quarter 2024, compared with the same quarter in 2023, according to GlobalData.

In places such as Canada, the United Kingdom and Australia, P3s have been used to supplement investment to meet many infrastructure investment gaps. P3 usage has been increasing in the United States as in some other countries, though their usage has been increasing, thanks to the risk mitigation and innovation in public projects. A report from BDO USA, Public-Private Partnerships (P3s) Can Unlock More Federal Funds for Infrastructure, says the IIJA could accelerate that shift.

The infrastructure fundraising environment is beginning to show signs of life after its long rest. The previous year’s fundraising slowdown, comparable to that of 2008–2009 in percentage terms, took place against a backdrop of geopolitical upheaval, broad uncertainty about the state of the market amid high interest rates and a lack of distributions being returned to investors. But that caution is beginning to dissipate, and questions are being answered.

Stories about top markets being “out of power” have made headlines, as have stories of hyperscalers building massive new facilities in far-flung locations. One could see these headlines as indications of movement away from primary markets into secondary markets, but that would be inaccurate.