A reset of our ranking of the largest fund managers in infrastructure.
The Infrastructure Investor 100’s five-year rolling time frame covers the amount of capital raised for equity funds that held a final close between 1 January 2021 and 31 December 2025.
INSIDE THE II 100
II 100: GIP V brings BlackRock back on top
After two disappointing years, infrastructure fundraising rebounded strongly in 2025 with the 100 largest GPs adding $200bn to the $1trn total they had raised in the previous edition.
TOP 10 LARGEST INFRASTRUCTURE FUND MANAGERS
| Rank | Fund Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | BlackRock | New York | 113,365 |
| 2 | KKR | New York | 100,475 |
| 3 | Brookfield Asset Management | New York | 99,112 |
| 4 | Macquarie Asset Management | Sydney | 87,887 |
| 5 | EQT | Stockholm | 58,034 |
| 6 | Stonepeak | New York | 52,881 |
| 7 | DigitalBridge | Boca Raton | 49,331 |
| 8 | Blackstone | New York | 45,697 |
| 9 | I Squared Capital | Miami | 33,805 |
| 10 | Ardian | Paris | 29,168 |
LATEST NEWS
INFRASTRUCTURE INVESTOR 100 | METHODOLOGY
The 2026 Infrastructure Investor 100 ranking is based on the amount of capital raised for infrastructure equity funds that held a final close between 1 January 2021 and 31 December 2025, as well as capital raised for funds that were actively fundraising at the end of the counting period
This means tangible/physical assets that are expected to exhibit stable, predictable cashflows over a long-term investment horizon. However, investors must not seek to own assets in perpetuity but to eventually exit them before the end of the fund life. This includes brownfield and greenfield investments and strategies from core to opportunistic.
For the purpose of the ranking, we only count closed-end funds for which the fund manager has full discretion over the investment process, from selection over management to exit. As a consequence, we only accept blind-pool funds in which LPs cannot exercise investment decisions and have no liquidity options before the end of the (multiple years long but finite) fund life, without approval from the GP. Funds must invest solely in private assets and GP commitments (for interest alignment only) can be included, too. Capital committed by affiliated entities as well as fund leverage is not eligible. Finally, we do not count fund of funds or recycled or rolled-over capital from previous fundraises.
We also count capital raised for co-investments and separately managed accounts, as long as they either fulfil the above criteria or serve as an “extension” of the main funds’ fundraise, even if the above criteria are not fully met. “Extension” is here defined as vehicles that invest alongside a selection of the portfolio assets of their respective main funds. We do not accept deal-by-deal fundraises.
For funds in market, capital raised via actual LP commitments that were made before the end of the counting period can be included, too. We cannot include commitments made after the end of the counting period nor do we accept targets or expected commitments. For open-end funds that launched prior to the counting period, we only count capital raised entirely within the counting period.
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:
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