The top 100 infrastructure fund managers



The 2023 II 100 ranking is based on the amount of infrastructure direct investment capital raised by firms between 1 January 2018 and 31 August 2023.


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 2018. 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.

• 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

• 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


Click on any of the sections below to access our previous editions of the ranking:


‘Slower for longer’ – fundraising’s new normal?

Optimists suggested fundraising would pick up again in 2024. Almost six months in, that’s not looking likely.

UK Infrastructure Bank: ‘We’re the catalyst’

Head of banking and investments Ian Brown tells us how the bank is doing its bit to get the UK to net zero, one risky deal at a time.

SDC Capital runs single-asset secondary on dark-fiber company

Inventory on the GP-led side of the business is high, though the completion rate for such deals hovers around 50 percent.

Balkans-focused Alcazar Energy raises $490m for second renewables fund

Alcazar co-founder Daniel Calderon sees promise in a region ‘at the very beginning of the renewable energy journey’.

The Pipeline: OMERS’ Thames write-off, BlackRock adds climate MD, GIP lands at Malaysian airports

OMERS makes Thames write-off, BlackRock hires climate MD, and GIP takes latest airport move in Malaysia. Welcome to The Pipeline, the start-the-week briefing for our valued subscribers only.

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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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