基础设施：投资以支持全球增长（英）2026

Global Private Markets Report 2026Infrastructure: Investing to support Private capital’s role in meeting the world’s growing need forinfrastructure continues to grow, with record fundraising and This article is a collaborative effort by Adrian Kwok, Alastair Green, and Connor Mangan,with Charlie Regan, Kali Na, and Roman Strelov, representing views from McKinsey’sInfrastructure Special Initiative group and Private Capital Practice. The worldneeds infrastructure more acutely than ever. A cumulative$106 trillionin investmentsis imperative to meet global infrastructure requirements through 2040, not only for traditionalassets such as roads, ports, bridges, and power grids but also for the next generation of thoseassets—andan emerging intersection of systems and facilities across verticals, including data Private capital is meeting the moment. In 2025, global infrastructure fundraising reacheda record of nearly $200 billion, surpassing the previous high of $180 billion in 2022. Limitedpartners (LPs) continue to name infrastructure as the asset class they most want to increasetheir allocations to (increasingly for both diversification and performance) and are also displayinga willingness to move up the risk curve. General partners (GPs) are doing larger, more complex While overall trends in fundraising and deployment are positive, potentially tougher conditionsahead are evident, particularly as holding periods lengthen and investors seek commensurate,risk-adjusted returns. The ability to drive value creation will become increasingly foundational. A prodigious need for infrastructure and apromising response from investors The world has an immense need for infrastructure, a global mandate that is being met in largepart with a massive influx of private capital. Over the past few years, private capital has beenflowing into infrastructure assets at an unprecedented rate. In 2025, the surge set a record for The world’s $106 trillion infrastructure need As we’verecentlydetailed, to meet the demands of global population growth and enableparabolic technological advancement, the world requires an estimated $106 trillion ininfrastructure investment by 2040. This enormous capital requirement coincides with anevolving landscape where the very conception of “infrastructure” is expanding across A cumulative $106 trillion ininvestments is imperative to meetglobal infrastructure requirementsthrough 2040, not only for Moreover, across geographical regions, certain infrastructure categories are growing notablyfaster. Energy and power will require $23 trillion in infrastructure investment through 2040,driven by the dual forces of the global energy transition and demand growth. In the United States,after almost 15 years of growth below 1 percent, power demand is expected to increasebymore than 3 percent a year—with the sector needing to overcome challenges such as energy Compared with total global infrastructure needs through 2040 (where the energy and digitalsectors account for about 40 percent of the $106 trillion needed), the composition of recentdeal value shows an outsize presence of private capital in these infrastructure verticals (about75 percent). Energy and power needs were collectively responsible for nearly half of 2025infrastructure deals by value, with the digital and telecommunications sector capturing an Web <2026> Telecommunications has captured a larger share of investment over thepast five years than it did prior to 2020. McKinsey & Company 2025: The surge of private capital Even by global standards, $106 trillion is a staggering amount. But private capital, by its nature,flows toward demand and—in a virtuous cycle—serves as a critical enabler of long-term The year 2025 marked a record for infrastructure fundraising. Closed-end fundraising ininfrastructure rose to nearly $200 billion—a new high, and a nearly 60 percent increase over2024. This surpassed the previous record of $180 billion in 2022, which preceded a fall in2023 (when interest rates rose and some investors, at least temporarily, pivoted to debt-basedalternatives). Yet, as has been the case for decades, infrastructure investments corrected to Deconstructing 2025 data, we can observe that fundraising dipped in the Asia–Pacific regions butgrew robustly in Europe, rising by approximately 65 percent. In North America, it increased byapproximately 285 percent (Exhibit 2). And in both Europe and North America, the large capital Web <2026> Exhibit <2> of <9> Fundraising in North America nearly tripled in 2025, while other geographiesexperienced a more modest growth or decline. McKinsey & Company LPs increase allocations LPs are increasingly including infrastructure investments in their core strategies. Indeed, inMcKinsey’s recent survey of approximately 300 global LPs, we found that 51 percent ofrespondents plan to ra