The latest Infrastructure Investor debt fund ranking – the Infrastructure Debt 30 – reveals that the 30 top debt fund managers raised $153 billion between them from 1 January 2020 until 31 December 2024.
TOP 10 INFRASTRUCTURE DEBT FUND MANAGERS
The Infrastructure Debt 30 is led by BlackRock, which raised $28.5 billion, during a challenging fundraising environment which has seen some reshuffling and new entrants.
| Rank | Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | BlackRock | New York | 28,477 |
| 2 | Macquarie Asset Management | Sydney | 15,439 |
| 3 | AXA IM Alts | Paris | 11,929 |
| 4 | Brookfield Asset Management | New York | 11,267 |
| 5 | Infranity | Paris | 9,923 |
| 6 | Blackstone | New York | 7,455 |
| 7 | Ares Management | Los Angeles | 6,403 |
| 8 | Allianz Global Investors | Munich | 6,096 |
| 9 | Schroders Capital | London | 5,455 |
| 10 | Rivage Investment | Paris | 4,923 |
Top 10 Infrastructure Debt Fund Managers 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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Blackrock
BlackRock remains at the top of the infrastructure debt ranking with $28.6 billion raised in the 2020–2024 period. The firm’s strategies, including its Global Infrastructure Debt vehicles, have maintained momentum even amid fundraising headwinds.
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Macquarie Asset Management
Macquarie is in second place with $15.4 billion raised. The firm has been steadily enhancing its infrastructure debt platform, expanding both in capital and geographic reach.
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AXA IM Alts
AXA IM Alts holds the third position, raising $11.9 billion over the period. Its infrastructure debt business aligns well with its broader alternative investments’ strategy, particularly in Europe.
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Brookfield Asset Management
Brookfield ranks fourth with $11.3 billion in debt capital raised. The firm is increasingly active on the debt side of infrastructure, boasting some of the largest debt blind pools ever raised, especially via senior and subordinate debt strategies.
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Infranity
Infranity takes the fifth position with $9.9 billion. The Paris-based manager has climbed the ranks steadily, partly driven by strategic debt fund closings focused on impact, green, digital and social infrastructure.
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Blackstone
Blackstone comes in sixth with $7.4 billion raised. It has grown its infrastructure debt presence by adding energy transition-centric debt funds.
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Ares Management
Ares sits at seventh place, having raised $6.4 billion. Its infrastructure debt strategy focuses on digital, energy, transport and utilities.
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Allianz Global Investors
Allianz GI ranks eighth with $6.1 billion raised. The firm’s infrastructure debt platform complements its insurance and asset management businesses in Europe.
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Schroders Capital
Schroders holds ninth place with $ 5.4 billion. Its dedicated infrastructure debt efforts in Europe help reinforce its alternative credit offerings.
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Rivage Investment
Rivage ranks tenth with $4.9 billion raised. As a Paris-based credit and debt specialist, it has gained profile via its senior and high-return infrastructure debt offerings.
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INSIDE THE INFRASTRUCTURE DEBT 30
Infrastructure Investor Debt 30 2025: Weathering strong headwinds
A challenging fundraising environment last year was felt by infrastructure debt GPs, resulting in some re-shuffling but also the emergence of new entrants.
Infrastructure Investor Debt 30 2025: The full ranking
Headwinds take a bite out of the leading managers’ collective capital pot.
METHODOLOGY
PEI Group’s GP rankings are based on the amount of capital raised for private markets funds that held a final close between 1 January 2020 and 31 December 2024, as well as capital raised for funds that were actively fundraising at the end of the counting period
For the purpose of the rankings, 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 into 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 funds of funds, nor 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 is 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 which 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 beginning of the counting period, we only count capital raised entirely within the five-year counting period.
Also included in the ranking are funds that invest into infrastructure debt (not equity). This means the debt of tangible/physical assets that are expected to exhibit stable, predictable cashflows over a long-term investment horizon. This includes debt to brownfield and greenfield investments and strategies from core to opportunistic.
PREVIOUS RANKINGS
II Debt 20: Meet the world’s top infra debt fundraisers – updated
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OTHER RANKINGS
In addition to the Infrastructure Debt 30, 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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