A reset of our ranking of the largest fund managers in infrastructure.
We’ve changed the counting period for this year’s Infrastructure Investor 100, with the five-year rolling time frame covering the amount of capital raised for equity funds that held a final close between 1 January 2020 and 31 December 2024.
INSIDE THE II 100
II 100: Brookfield tops our global manager ranking
We’ve reset the counting period for this year’s Infrastructure Investor 100, with the ranking amounting to $1trn.
TOP 10 LARGEST INFRASTRUCTURE FUND MANAGERS
| Rank | Fund Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | Brookfield Asset Management | New York | 103,928 |
| 2 | Global Infrastructure Partners, a part of Blackrock | New York | 85,991 |
| 3 | KKR | New York | 81,605 |
| 4 | Macquarie Asset Management | Sydney | 77,142 |
| 5 | EQT | Stockholm | 50,785 |
| 6 | DigitalBridge | Boca Raton | 48,948 |
| 7 | Stonepeak | New York | 48,572 |
| 8 | Blackstone | New York | 32,553 |
| 9 | Antin Infrastructure Partners | Paris | 28,792 |
| 10 | Copenhagen Infrastructure Partners | Copenhagen | 25,468 |
Top 10 Largest Infrastructure Fund Managers 2025
Here is a brief overview of the biggest infrastructure fund managers 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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Brookfield Asset Management
Brookfield leads the II 100 ranking globally, having raised approximately $104 billion in infrastructure equity funds over 2020–2024. Its scale, multiple infrastructure strategies, and reputation for execution in complex projects underpin its top position.
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Global Infrastructure Partners (GIP), a part of BlackRock
GIP, now under the BlackRock umbrella, holds the No. 2 spot with circa $86 billion raised in the measurement period. Its partnership model with large corporates, sector specialization and reputation in energy, transport and, increasingly, digital infrastructure contribute to its standing.
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KKR
KKR ranks third, having raised $81.6 billion. It leverages its combined infrastructure and real estate global investment platforms, institutional relationships and growing number of regional and thematic strategies across infrastructure.
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Macquarie Asset Management
Macquarie is No. 4 in the ranking, with $77.1 billion raised. The firm’s long track record in infrastructure, regional strategies (with a strong foothold in Asia and Australia), and ability to deploy across risk spectrums support its strong fundraising.
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EQT
Based in Stockholm, EQT occupies the fifth slot, having raised $50.8 billion in the period under review. It blends strategic infrastructure investing with thematic focus and scale across geographies.
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Digital Bridge
DigitalBridge is No. 6, with $48.9 billion raised. As a specialist in digital infrastructure (data centers, towers, fiber, etc.), it benefits from the rising appeal of digital assets within the infrastructure space.
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Stonepeak
Stonepeak comes in at No. 7 with $48.6 billion. Known for deep sector focus, especially in infrastructure and related real assets, the firm combines domain expertise with debt/equity structuring strength.
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Blackstone
Blackstone ranks eighth, having raised $32.5 billion in infrastructure equity funds during the period. Its brand, open-end investment model, capital access and cross-asset capabilities help it stand apart.
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Antin Infrastructure Partners
Antin secures the ninth ranking with $28.8 billion raised. It maintains a strong presence in European and, increasingly, North American infrastructure deals, taking a more private equity investing approach across energy, transport and social infrastructure sectors.
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Copenhagen Infrastructure Partners (CIP)
Rounding out the top 10 is Copenhagen Infrastructure Partners, with $25.5 billion in capital raised. CIP is particularly known for its greenfield approach and focus on energy transition, renewables and utility-scale infrastructure.
INFRASTRUCTURE INVESTOR 100 | METHODOLOGY
The 2025 II 100 ranking is based on the amount of infrastructure direct investment capital raised by firms between 1 January 2020 and 31 December 2024.
Infrastructure
The definition of infrastructure investing, for the purposes of the Infrastructure Investor 100, means committing equity capital toward tangible, physical assets, whether existing (brownfield) or development-phase (greenfield) that are expected to exhibit stable, predictable cashflows over a long-term investment horizon.
The investors need not seek to own the assets in perpetuity and may exit them, realising a capital gain and generating an internal rate of return for themselves or their end-investors. However, they must primarily dedicate their investment programmes towards the pursuit of assets and projects that exhibit cashflow stability and predictability, and cannot be counted if they have made large one-off investments in the asset class on an opportunistic basis.
There will certainly be grey areas with regard to these parameters, but Infrastructure Investor will take pains to ensure that the capital counted for the purposes of the ranking will fall within our definition of infrastructure to the furthest extent possible.
Capital raised
This means capital definitively committed to an infrastructure direct investment programme. In the case of a fundraising, it means the fund has had a final or official interim close after 1 January 2020. The full amount of a fund counts if it has a close after this date. The full amount of an interim close (a real one, not a ‘soft-circle’) that has occurred recently, even if no official announcement has been made, also counts. We also count capital raised through co-investment vehicles. We only count vehicles for which the manager has full discretion over investment decisions; all capital must be committed by institutional investors.
Structures:
• Limited partnerships
• Open-end vehicles (capital must be raised within the specified dates)
• Co-investment funds
• Separate accounts
• Capital raised by infrastructure managers that happen to be publicly traded
• Seed capital and GP commitment
Strategies:
• Core
• Core-plus
• Value-add
• Opportunistic
• Existing assets (brownfield), development-phase assets (greenfield) or a mix of both
• Expected capital commitments
• Contributions from sponsoring entities
• Capital raised for funds of funds
INFRASTRUCTURE INVESTOR 100 | RANKING ARCHIVE
OTHER RANKINGS
In addition to the Infrastructure Investor 100, Infrastructure Investor compiles other infrastructure investing rankings.
What’s more, our affiliate 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:
SEEN OUR DATABASE
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