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Whatever happens for the remainder of the year, 2022 is likely to be remembered, as we predicted last December, as the year of the mega-fund. Four such vehicles closed during this half year – with sizes ranging from $14 billion to $17 billion – accounting for a staggering $61 billion of the $112.7 billion raised.
That club of four also includes the energy transition’s first mega-fund – Brookfield’s $15 billion Global Transition Fund – showing how far the sector has come. Unsurprisingly given their weight, average fund size in H1 now stands at $1.98 billion, more than twice the average fund size of just two years ago.
All of which puts 2022 on track to be a record fundraising year for unlisted, closed-end infrastructure, considering the first half already amounts to 75 percent of all capital raised during the entirety of 2021. Given most of the top funds in market are targeting raises around the $5 billion mark, don’t expect the second half of the year to come close to H1, the largest on record, according to Infrastructure Investor data.