Having allocated $73.3bn more than the previous year to the asset class, the 75 institutional investors that comprise the latest iteration of our Global Investor ranking demonstrate both infrastructure’s lasting appeal as well as their skill of putting capital to work.
TOP 10 INSTITUTIONAL INVESTORS
| Rank | Institution | HQ | Infrastructure allocation ($m) |
|---|---|---|---|
| 1 | Abu Dhabi Investment Authority (ADIA) | UAE | 47,565 |
| 2 | Caisse de dépôt et placement du Québec (CDPQ) | Canada | 44,453 |
| 3 | CPP Investments | Canada | 37,074 |
| 4 | National Pension Service of Korea (NPS) | South Korea | 36,584 |
| 5 | APG Asset Management | Netherlands | 33,742 |
| 6 | Mubadala Investment Company | UAE | 33,660 |
| 7 | Ontario Teachers’ Pension Plan | Canada | 29,992 |
| 8 | AustralianSuper | Australia | 29,494 |
| 9 | Ontario Municipal Employees Retirement System | Canada | 26,937 |
| 10 | PSP Investments | Canada | 23,965 |
THE FULL GI 75 RANKING
Global Investor 75: 2025’s biggest backers of infrastructure
The world’s largest institutional investors allocated a record $796bn to the asset class.
Top 10 Biggest Infrastructure Investors 2025
Here is a brief overview of the biggest private equity firms as of 2025. Clicking the firm names will take you to their institution profile where you can view a swathe of information regarding their investment activities, contacts, addresses and specific fund information.
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Abu Dhabi Investment Authority (ADIA)
ADIA tops the GI 75 list with $47.6 billion in infrastructure commitments. As a sovereign wealth fund with a global mandate, its scale enables it to access large, long-duration infrastructure investments across energy, transport, digital, and utilities.
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La Caisse (formerly CDPQ)
La Caisse leads among pension funds, with $44.4 billion allocated to infrastructure. The Quebec-based institution leverages deep knowhow and global reach in sectors like renewables, transport, social & core infrastructure.
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CPP Investments
Canada’s CPP Investments ranks third with $37.1 billion in infrastructure exposure. Its allocation includes direct infrastructure projects, co-investments and fund allocations across geographies.
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National Pension Service of Korea (NPS)
NPS is fourth with $36.6 billion allocated to infrastructure. As one of the largest public pension schemes globally, it has increased its allocations to long-duration infrastructure investments in Asia and globally.
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APG Asset Management
APG ranks fifth, investing $33.7 billion in infrastructure. Its approach balances stable cashflow assets with strategic growth investments across Europe, North America and beyond.
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Mubadala Investment Company
Mubadala stands at sixth with $33.7 billion in allocated capital. The Abu Dhabi-based sovereign investor combines private markets, infrastructure and real assets in its long-term portfolio strategy.
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Ontario Teachers’ Pension Plan (OTPP)
OTPP is seventh with circa $30 billion in infrastructure exposure. The Canadian pension plan integrates infrastructure into its broader real assets portfolio to support liabilities and yield.
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AustralianSuper
AustralianSuper is eighth, with $29.5 billion in infrastructure. It focuses on both domestic and international infrastructure allocations as part of its diversified long-term strategy.
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Ontario Municipal Employees Retirement System (OMERS)
OMERS ranks ninth, with $26.9 billion allocated to infrastructure. The pension fund emphasizes direct investments to infrastructure projects globally, and is relatively unique in managing third-party institutional capital via its Strategic Partnership Program.
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PSP Investments
Canada’s PSP Investments rounds out the top 10 with about $24 billion allocated to infrastructure. The fund deploys via direct investments, funds and co-investments leveraging long-term partnerships with strategics and like-minded investors.
INFRASTRUCTURE INVESTOR GI 75 | METHODOLOGY
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 2025 ranking, this is 31 December 2024. This is a ranking of capital allocators and excludes assets managed on behalf of third-party investors.
What counts?
Infrastructure: 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), utilities (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. Institutions’ portfolios are measured at fair value or
NAV.
Infrastructure debt vehicles: we consider equity investments into infrastructure vehicles as long as the institution includes these as part of its infrastructure portfolio.
Capital invested through the following structures is included:
• Funds and funds of funds managed by a third party (both open-end and closed-end)
• Direct investments (equity investments into infrastructure projects)
• Co-investment vehicles
• Separately managed accounts
• Joint ventures
What doesn’t count?
Non-proprietary capital: this is a ranking of capital allocators and we do not include capital raised or managed on behalf of third-party investors. However, specialist asset managers with full discretionary management of public pension portfolios are considered for the purposes of this ranking.
Uncalled capital: this ranking excludes any capital that has been committed but not yet
been called by a fund manager.
Direct debt investments: we exclude any form of infrastructure debt origination for the purposes of this ranking.
Expected commitments: we do not count pending or future commitments and investments or the uncommitted portion of an institution’s target allocation.
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.
Listed infrastructure: this is a private markets ranking, and commitments made to listed
infrastructure vehicles are not included.
Real estate: any 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 are excluded.
Hedge funds: as these primarily target liquid securities or trading strategies.
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 – wassyl.a@pei.group
INFRASTRUCTURE INVESTOR GI RANKING | PREVIOUS YEARS
Having allocated $73.3bn more than the previous year to the asset class, the 75 institutional investors that comprise the latest iteration of our Global Investor ranking demonstrate both infrastructure’s lasting appeal as well as their skill of putting capital to work.
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.
This year’s Global Investor 50 found the asset class’s largest institutional investors had committed $464.5 billion to infrastructure. Our ranking lists the 50 biggest institutional investors based on the market value of their private infrastructure portfolios, both through third-party managed vehicles and direct investments.
The fact that the world’s 50 largest infrastructure investors were able to commit $464.5 billion during a year of lockdowns, travel restrictions and online due diligence is testament to the resilience of the asset class and to the industry’s ability to adapt
Firms had to overcome a challenging period that limited in-person meetings and on-site due diligence. Although it wasn’t a record-breaking year for infrastructure fundraising, the $78.5 billion the world’s 50 largest GPs were able to add to their total AUM is a testament to the sector’s resilience.
Find out who made the grade in 2019’s most comprehensive assessment of the asset class’s top global managers. In what has been a record-breaking year for the sector, the amount of funds required to be included in the list has soared and plenty of new players have made their mark alongside industry stalwarts.
OTHER RANKINGS
In addition to the Global Investor 75, 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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