数字基础设施基金更新

Institutional Research Group Anikka VillegasSenior Research Analyst, Fund Strategies& Sustainable Investinganikka.villegas@pitchbook.com Private funds investing in datacenters and telecom infrastructure receivedrecord commitments in 2025 amid strong relative performance pbinstitutionalresearch@pitchbook.com Published on April 20, 2026 Key takeaways Contents •Infrastructure and real estate funds investing exclusively in datacenters and telecom infrastructure collectivelyraised $26 billion in 2025, while those investing in the sector alongside other sectors such as energy ortransportation infrastructure raised a total of $131.6 billion. Both groups shattered previous fundraising records. Key takeaways1Overview2Fundraising5Performance15Outlook19Market maps22References27 •We estimate that the share of digital infrastructure AUM with exposure to datacenters and telecom reached $251.7billion in 2025, with $65.9 billion of that total in dry powder. •Our sample of digital infrastructure specialist funds returned 8.7% in the year ended Q2 2025, outperforming everymajor private capital strategy and the composite private capital universe. However, the universe of specialists withperformance data is small, so these results are preliminary and may change as additional data becomes available. •The outlook for digital infrastructure funds is broadly positive, but we anticipate a bifurcation in the fundraising andreturn outcomes of investors in the space over the next few years. Overview Digital infrastructure fundsraked in record commitmentsand performed relatively wellin 2025, but the outlook for thesector is far more nuanced. Private digital infrastructure funds—those investing in datacenters and/or telecommunications (telecom)infrastructure—saw record amounts of capital raised in 2025 amid a challenging fundraising environment elsewherein the private markets. Allocator appetite for exposure to the sector was tremendous, with LPs looking for access bothvia generalist funds investing in the sector alongside other segments of infrastructure or real estate and via specialistfunds investing exclusively in the sector.1Together, generalists and specialists raised $157.6 billion in 2025, nearly twicetheir average figure from the past decade. This was largely driven by plans to invest in datacenters rather than telecominfrastructure, as the former are thought to be particularly well positioned to capture economic value from serving asthe picks and shovels of the AI and cloud revolution. We estimate that the share of digital infrastructure fund AUM withexposure to datacenters and telecom reached $251.7 billion in 2025. Our first look at the performance of digital infrastructure specialist funds shows a return of 8.7% in the year ended Q22025, suggesting strong relative performance compared with other strategies, although it is noteworthy that returnshave fallen short of double digits over recent time horizons. This is not the performance that many had hoped for andin some cases expected, but the returns are far less disappointing in the context of the struggles faced by other assetclasses. That said, the fund sample is still small, so these results are preliminary in nature and subject to meaningfulrevision as additional data becomes available. It is highly likely that performance has been dampened by headwindsthat may not abate in short order, though. High interest rates and construction and equipment costs have compressedreturns, power and grid constraints have extended project timelines by years, permitting hurdles and datacenterNIMBYism are expanding, and the growing need for telecom infrastructure has not necessarily translated to moresubstantial revenues. Plus, there is increasing uncertainty around the extent to which the key tailwind for this space—the scale of AI-driven need for compute—will persist over the next decade. Still, many maintain a high degree of conviction around their theses in this space. Although some of the optimism iswarranted, the sector will not reward investors uniformly. Those that proactively manage execution, regulatory andcommunity opposition, and tenant concentration risks will be better positioned than others, though technologicalobsolescence and competitive risks remain considerably more difficult to head off. There will undoubtedly be winners,and their return potential continues to drive allocator demand for digital infrastructure funds. GPs should anticipatemore rigorous questioning about how they intend to navigate the evolving challenges faced by the sector, with deepexpertise becoming a key differentiator as the complexity of underwriting power, technology, and lease structuresrequires greater operational and technical specialization. This analyst note is an update to our Q3 2024 analyst noteInfrastructure Investors Capitalize on the Digital Revolution,which was our first piece dedicated to digital infrastructure funds. For an analysis of longer-term historical trends, p