TOP 10 LARGEST INFRASTRUCTURE FUND MANAGERS
| Rank | Fund Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | Global Infrastructure Partners, a part of BlackRock | New York | 113,796 |
| 2 | Brookfield Asset Management | Toronto | 99,147 |
| 3 | KKR | New York | 82,589 |
| 4 | Macquarie Asset Management | London | 80,430 |
| 5 | EQT | Stockholm | 58,709 |
| 6 | DigitalBridge | Boca Raton | 50,072 |
| 7 | Stonepeak | New York | 47,809 |
| 8 | Blackstone | New York | 44,333 |
| 9 | Antin Infrastructure Partners | Paris | 27,228 |
| 10 | Copenhagen Infrastructure Partners | Copenhagen | 24,900 |
INSIDE THE II 100
LISTEN NOW
INFRASTRUCTURE INVESTOR 100 | METHODOLOGY
The 2024 II 100 ranking is based on the amount of infrastructure direct investment capital raised by firms between 1 January 2019 and 31 August 2024.
Infrastructure
The definition of infrastructure investing, for the purposes of the Infrastructure Investor 100, means committing equity capital toward tangible, physical assets, whether existing (brownfield) or development-phase (greenfield) that are expected to exhibit stable, predictable cashflows over a long-term investment horizon.
The investors need not seek to own the assets in perpetuity and may exit them, realising a capital gain and generating an internal rate of return for themselves or their end-investors. However, they must primarily dedicate their investment programmes towards the pursuit of assets and projects that exhibit cashflow stability and predictability, and cannot be counted if they have made large one-off investments in the asset class on an opportunistic basis.
There will certainly be grey areas with regard to these parameters, but Infrastructure Investor will take pains to ensure that the capital counted for the purposes of the ranking will fall within our definition of infrastructure to the furthest extent possible.
Capital raised
This means capital definitively committed to an infrastructure direct investment programme. In the case of a fundraising, it means the fund has had a final or official interim close after 1 January 2019. The full amount of a fund counts if it has a close after this date. The full amount of an interim close (a real one, not a ‘soft-circle’) that has occurred recently, even if no official announcement has been made, also counts. We also count capital raised through co-investment vehicles. We only count vehicles for which the manager has full discretion over investment decisions; all capital must be committed by institutional investors.
Structures:
• Limited partnerships
• Open-end vehicles (capital must be raised within the specified dates)
• Co-investment funds
• Separate accounts
• Capital raised by infrastructure managers that happen to be publicly traded
• Seed capital and GP commitment
Strategies:
• Core
• Core-plus
• Value-add
• Opportunistic
• Existing assets (brownfield), development-phase assets (greenfield) or a mix of both
• Expected capital commitments
• Contributions from sponsoring entities
• Capital raised for funds of funds
INFRASTRUCTURE INVESTOR 100 | RANKING ARCHIVE
LATEST HEADLINES
Multiple funds in market – headache or ‘high-class problem’?
A growing number of managers are raising several funds simultaneously, raising the spectre of cannibalisation.
NZ Super Fund eyes NZ$200bn by doubling every decade
Incoming joint CIO Will Goodwin talks about the SWF's future, its plans for New Zealand’s first offshore wind farm and the fund’s total portfolio approach.
How Patria is planning to bring Asian LPs to Latin America
The group sees a $100bn pipeline of 'actionable equity' over the next five years, infrastructure CEO Andre Sales told us.
Australian superfund regulators increase unlisted asset scrutiny
APRA will soon publish a review into how superfunds value unlisted assets, with ASIC supporting the work as it considers systemic risk to the wider financial system.
The Pipeline: Arjun’s €2.5bn Fund III, Quinbrook’s hiring spree, Stonepeak’s trailer dreams
Arjun’s €2.5 billion third fund, Quinbrook’s quintet of hires, and Stonepeak gets rolling with trailer platform. Welcome to The Pipeline, the start-the-week briefing for our valued subscribers only.
OTHER RANKINGS
In addition to the Infrastructure Investor 100, Infrastructure Investor compiles other infrastructure investing rankings.
What’s more, our affiliate titles also produce their own industry rankings covering private equity, private debt, and private real estate.
To view the latest rankings from Infrastructure Investor, plus those from Private Debt Investor, Private Equity International and PERE, simply navigate through the sections below:
SEEN OUR DATABASE
Infrastructure Investor’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.
Track investment appetite and access contact details of over 4,000 fund managers and investors, helping to bring together investors and managers with matching interests.
