Infrastructure in 2026

Infrastructure fundraising grew in 2025, while softer deal activity and a drop in capital calls raise questions about the deal-making environment going into 2026

• Capital raised in 2025 set to far exceed the 2024 total, though the shrinking number of closes reflects capital concentration in larger funds

• Investors shift up the risk/return spectrum, with core-plus capturing a larger share of commitments than core funds

• Despite abundant dry powder reserves, deal volumes continued to drop in 2025

• Performance gap between upper- and lower-quartile infrastructure funds widens, but median IRR has remained above 8.5% for all vintages between 2013 and 2022