Chart of the Week: More capital, fewer funds

A few major players are increasingly dominating infrastructure fundraising, with more capital being raised by fewer funds. 

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Data from Infrastructure Investor’s Research & Analytics team shows that 19 funds closed in the first half (H1) of 2013 compared to 51 in the whole of 2012.  By contrast, 54 percent of the total capital raised last year has already been raised in the first half of 2013. Furthermore, over three quarters of the total capital raised in H1 2013 came from six funds that closed at over $1 billion. The evidence indicates that more capital is being raised from fewer fund closures, proving that the average fund size is getting larger year on year.  

 The largest fund to close in 2012 – indeed the largest ever – was Global Infrastructure Partners> II (GIP II) at $8.25 billion. GIP II itself accounted for 29 percent of all capital raised in 2012, when the average fund size was $560 million.  

  Macquarie European Infrastructure Fund 4 was the largest fund to close in H1 2013. The $3.6 billion which was raised by the group accounted for 23 percent of all capital raised in the six month period. Despite not being as large as GIP II, Macquarie’s fund helped the average fund size rise to a record $810 million.