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Infrastructure Investor Global Investor 50

The world’s 50 largest institutional investors allocated a total of $510 billion to the asset class, this year’s GI 50 ranking reveals, underscoring the broader trends witnessed in the infrastructure investment industry throughout 2022 – demonstrating the asset class’s continuing appeal.


The ranking is based on the fair value of investors’ private infrastructure investment portfolios both through third-party managed investment vehicles and direct investments. This fair value is measured at a single point in time for all investors to provide an apples-to-apples comparison. For the 2023 ranking, this is 31 December 2022. This is an end investor ranking and excludes assets managed on behalf of third-party investors as can be the case with certain insurance companies.

The definition of infrastructure investment, for the purposes of this ranking, is investments in man-made facilities and/or assets that play a critical role in any given economy. This can be segmented further into five broad types: transportation (railways, roads, ports and airports), energy/renewables (generation and distribution), telecommunications (digital infrastructure, data centres), environmental (water, wastewater, waste management) and social infrastructure (schools, hospitals and government buildings). Assets must be tangible and physical, whether existing (brownfield) or those in the development phase (greenfield) that are expected to exhibit stable, predictable cashflows over a long-term investment horizon.

Fair value of infrastructure portfolio
This covers capital definitively invested in infrastructure either directly or indirectly, through the following strategies:
Funds (both open-end and closed-end)
Separately managed accounts
Co-investment deals
Joint ventures
Direct investments
Listed infrastructure

The ranking excludes
Non-proprietary capital: as this is an end investor ranking, we do not count capital raised or managed on behalf of third-party investors. So, private infrastructure funds or funds of funds are not considered in this ranking.
Expected commitments: we do not count pending or future commitments and investments or the uncommitted portion of an institution’s target allocation.
Hedge funds: as these primarily target liquid securities or trading strategies.
Private equity: We distinguish between private equity energy and infrastructure energy and only consider the latter. Private equity energy includes investment into energy companies, investing in exploration and production (upstream) assets, and investments that tend to carry greater risk. Infrastructure energy includes investments in midstream and downstream assets (power generation) and renewable energy assets, such as oil and gas pipelines, oil terminals, wind farms and solar parks.
Debt: we exclude all debt-focused vehicles and commitments, including mezzanine debt. Also, we do not count any lending originated by investors.
Private real estate: property used for commercial/business purposes such as offices, hotels, retail, and industrial. Also, multifamily/apartment properties and portfolios of single-family houses assembled via an institutional platform.
Natural resources: investments either directly or through funds into natural resources assets (agri, timber etc).

Infrastructure Investor’s Research & Analytics team seeks to communicate directly by phone and email with investors to find out the fair value of their infrastructure portfolio as previously described. In the absence of primary data, the team gathers data from secondary sources and seeks to validate the researched figure with the investors themselves before publishing the final list. For further clarification, contact Wassyl Abdessemed:


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In addition to the Global Investor 50, Infrastructure Investor also compile other infrastructure investing rankings.

What’s more, our sister 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:



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