The latest Infrastructure Investor debt fund ranking – the Infrastructure Debt 30 – reveals that the 30 top debt fund managers raised more than $172 billion between them from 1 January 2018 until 31 August 2023.


The Infrastructure Debt 30 is led by BlackRock, which raised almost $18.6 billion, while the leading new entrant was Blackstone after it closed its third transition-focused credit fund on more than $7 billion.

Rank Manager Headquarters Capital raised ($m)
1 BlackRock New York 18,590
2 Ares Management Los Angeles 13,596
3 Macquarie Asset Management Sydney 12,779
4 AXA IM Alts Paris 11,217
5 Infranity Paris 10,117
6 EIG Washington, DC 10,072
7 Allianz Global Investors Frankfurt 10,056
8 Barings Charlotte 9,325
 9 Brookfield Asset Management Toronto 8,464
10 Blackstone New York 7,100


Infrastructure Investor Debt 30: The biggest and the best

Credit fundraising surpasses $172bn as tailwinds point to more optimism.


II Debt 30 2024

Infrastructure Investor Debt 30 2024: Ranking 1-10

Our latest ranking of the top fundraisers in the infrastructure debt market
II Debt 30 2024

Infrastructure Investor Debt 30 2024: Ranking 11-20

From Munich to Melbourne, the firms 11-20 in our ranking collectively raised over $40bn of infrastructure debt capital
II Debt 30 2024

Infrastructure Investor Debt 30 2024: Ranking 21-30

Firms needed to raise over $1.5bn to rank in this year's top 30 list of infrastructure debt fundraisers



The 2024 Infrastructure Investor Debt ranking is based on the amount of direct infrastructure debt investment capital raised by firms between 1 January 2018 and 31 August 2023.

Where two firms have raised the same amount of capital over this time period, the higher II Debt ranking rank goes to the firm with the largest active pool of capital raised since 2017 (ie, the biggest single fund). If there is still a ‘tie’ after taking into account the size of a single fund, we give greater weight to the firm that has raised the most capital within the past one or two years. 

We give highest priority to information that we receive from or confirm with the infrastructure managers themselves. When firms confirm details, we seek to ‘trust but verify’. Some details simply cannot be verified by us, and in these cases we defer to the honour system. In order to encourage co-operation from infrastructure firms that might make the II Debt ranking, we do not disclose which firms have aided us on background and which have not. Lacking confirmation of details from the firms themselves, we seek to corroborate information using firms’ websites, press releases, limited partner disclosures, etc.  

  • Structures  
  • Limited partnerships
  • Open-ended 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 
  • Debt strategies  
  • Mezzanine funds  
  • Financing of existing assets (brownfield), development-phase assets (greenfield) or a mix of both  
  • Expected capital commitments
  • Public funds
  • Contributions from sponsoring entities
  • Capital raised for funds of funds
  • Capital raised for infrastructure funds that seek to own assets for a period of time
  • Secondaries vehicles
  • Real estate funds
  • Private equity funds
  • Equity funds: core, core-plus, value-add, opportunistic
  • Hedge funds
  • Capital raised on a deal-by-deal basis
  • Leverage 
  • PIPE investments


Infra Debt 20 theme 2021

II Debt 20: Meet the world’s top infra debt fundraisers – updated

Our ranking of the world's largest credit GPs show they have raised $108bn from third-party LPs over the last five years.
SHip illustration for Infrastructure Debt 15

Meet the top 15 infra debt fundraisers

The Infrastructure Debt 15 is the second edition of our ranking of the world's largest credit GPs, which have raised $84bn from third-party LPs.

The world’s 10 largest infra debt managers

As infrastructure debt continues its steady growth, fundraising among the asset class’s most elite firms nears $60bn.

Subscribe now to gain unlimited access to our latest insights, analysis and reports



The Pipeline: EQT adds €1bn to Fund VI, Blackstone raises further $1.7bn, GIP’s Edinburgh departure and continuation

EQT €4.9bn off target, UBS’s Albanese to step down and GIP plans continuation fund after Edinburgh sale. Welcome to The Pipeline, the start-the-week briefing for our valued subscribers only.

Is it time to re-think the traditional closed-end fund structure?

The answer is ‘yes’, writes Pontoro’s managing director of private markets products, especially if the objective is to reap maximum benefits when combining it with digital asset technology

Thames Water is a public-private failure

An inability to think long term has created a straitjacket that will be hard and costly to break out of.

CVC IPO: Infra secondaries and semi-liquid products top of mind

CVC Capital Partners has kicked off plans to list on Euronext Amsterdam. It is expecting to raise a minimum of €1.25bn via the IPO.

DTCP closes second digital infra fund on €1.1bn – exclusive

DIV II raised €1.12 billion, with €440 million committed to a sidecar, co-investment vehicle, bringing total funds raised to €1.56 billion.


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:


Infrastructure Investor’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.

Track investment appetite and access contact details of over 4,000 fund managers and investors, helping to bring together investors and managers with matching interests.

Find out more now >


Copyright PEI Media

Not for publication, email or dissemination