基础设施在私人市场占据中心地位

A report by: Introduction Infrastructure takes centre stage inprivate markets The infrastructure fundraising community ended 2025 on a high note, with record-breaking levels of capital raised, a performance that seems set to be replicated in With Intelligence search and mandate data shows that LP sentiment remainsstrong,with fund managers expected to continue to see high demand forstrategies such as energy transition and data centers. The market will see further concentration of assets among the largest funds andGPs, alongside the emergence of new managers competing for capital. Keep an eye out for more private wealth, secondaries and mid-market funds andmonitor southern Europe, as more managers are expected to come out of the1 1.New managers tracked amid fundraising concentration Infrastructure fundraising bounced back from a six-year low $98.8bn raised in 2024 to more than$250bn in 2025, excluding co-investments, according to With Intelligence data. With also estimates that $474bn is currently being sought by closed-ended infrastructure fundsglobally, with $143bn attributable to the top 10 managers. figure above coupled with infrastructure LP searches data seem to suggest there is still space for Infrastructure searches have steadily grown since 2021 and have more than quadrupled over the In the last quarter of 2025, we tracked 15 new managers seeking a total of more than $11bn, withmost positioned as value-add funds. Among them, the biggest success story was Glentra Capital reaching final close on its first value-add fund with €565m plus €230m in co-investments, while others making progress on theirfundraising and initial capital deployments included VisionEdgeOne and, in the US, JacmelPartners. whichis seeking between€800m and€1bn in capital.While Real Assets InvestmentManagement, Orbenovo, Tidir and TirNua are gearing up to launching their debut funds over the 2.Data centers to continue to drive capital raising Demand for funds with data center exposurewillbe a key growth driver in 2026.Data centers have been a bright spot in realasset capital raising in recent years, with GPs Since2020,we have tracked 144 realasset fundsexposedtodata centers, The number of data centers has doubled inrecent years, growing from 300 in 2021 to 600in 2024, according to S&P Global data. The momentum has been strongly supported by fund launches with DigitalBridge reaching finalclose in November on its third data center flagship at $7.2bn, plus $4.5bn in co-investment The manager, which is being acquired by Japanese financial group SoftBank to drive data centerinvestment underpinning AI platforms, is in the market with a new AI fund. In July, Blue Owl exceeded its initial $4bn target and hit its hard-cap with a $7bn final close forBlueOwl Digital Infrastructure Fund III that signaled huge demand from LPs.Blue Owl’severgreen digital infrastructure fund also raised $1.7bn in 2025. Blue Owl is expected to launch Blue Owl Digital Infrastructure Fund IV in Q2 this year with a$9bn 3.Expect more private wealth funds More private wealth fund launches are onthe horizon as LPs are looking to access With data shows a significant uptick in LPmandates for evergreen vehicles, which While the charge was led by US managers and, more recently, consultants, Europe is wheremost evergreen launches are expected in 2026, in line with a trend that started in late 2025. Ardian, Meridiam, Patrizia, Infranity, Rivage and RGreen all launched evergreen funds aimed atprivate wealth investors towards the end of 2025. 3.Expect more private wealth funds (cont.) While the capital raising environment is showing signs of recovery, the wealth space will continueto be a safe bet for GPs to raise funds. Similarly for wealth managers, infrastructure will remain 4.Infra secondaries reach maturity In a market still defined by volatility, geopolitical instability, trade disruptions and regulatory shifts,as well as capital intensity, infrastructure secondaries are set to transition fully from a niche Actingas an effective portfolio rebalancing tool for LPs seeking liquidity and protection,infrastructure secondary mandates have tripled in the last year (Figure 7), With data shows. Industry heavyweights are increasingly backing this asset class. Macquarie Asset Management is coming back less than six months after its debut fund’s finalclose, and is targeting a “significant increase” for Macquarie Alliance Partners Infrastructure Fund Ardian’s secondaries spinout Clipwater is also preparing its debut fund, with a $1bn target and atimeline to launch in Q1 2026.11 Other large managers making inroads in infrastructure secondaries include Ares Management,which wrapped fundraising for its third infrastructure secondaries vehicle, significantly exceeding AXA Investment Managers Prime and Goldman Sachs Asset Management are also in themarket, with AXA’s inaugural fund at 70% of its $1bn target and Goldman’s second fund securing10 Keep your