Chart of the Week: First close edging towards final close

A total of 181 unlisted infrastructure funds were in market from our quarterly fundraising numbers as of 30 September 2013. Of these, 70 funds held interim closes raising a total of $31.22 billion out of a target of $59.93 billion.

On average, funds that have held a first close raised more than half of its targeted capital. Westbourne Capital Infrastructure Debt Fund is nearing its target of $1.88 billion. The Asia-Pacific focused fund has raised $1.64 billion at first close, hinting that the fund could collect much more than its target.

Second and third closes have been held by nine funds in total. InfraVia European Fund II held a second close, having already hit its target. The Western European focused fund reached its target of €400 million in August 2013, but is now seeking to collect €600 million by the end of the final quarter. Dalmore Capital Fund, a UK focused fund, held a third close of £249 million back in April this year. The fund has a target size of £250 million and will hold a final close- most likely with more capital- in the fourth quarter. 

The aggregate target size is skewed however, due to the massive $20 billion Global Strategic Investment Alliance (GSIA), painting an even rosier picture for fundraising by the infrastructure funds in market. The Canadian fund has held a first close raising $7.5 billion. By removing GSIA, the total target for funds that have held interim closes is $39.93 billion, with actual capital collected of $23.72 billion. If fundraising continues strong, we are likely to see these funds raising more than the amount they initially targeted.