The Infrastructure Investor Podcast

What to expect after infra's record fundraising year

2026-01-22 · 08:00 UTC ·PEI Group ·1 min read

Brief

Infrastructure fundraising hit a record in 2025, with Bruno Alves and Zak Bentley comparing how capital is behaving across closed-end and open-end vehicles. They emphasize that both markets are increasingly concentrated, discuss how multi-year fundraising cycles are changing firm strategy, and argue that despite some concern in the market, open-end funds are not yet seeing redemption pressure severe enough to become a central risk.

Why it matters

Infrastructure Investor data shows closed-end infrastructure funds raised $289 billion in 2025, the highest annual total ever for the asset class.

Key details

  • Bruno Alves and Zak Bentley say both closed-end and open-end infrastructure fundraising are highly concentrated markets, implying capital is flowing disproportionately to a smaller set of established managers.
  • Using bfinance data, the speakers argue 2025 is on track to be the strongest year for open-end infrastructure fundraising since 2022, and they note that a now-standard fundraising cycle of more than two years is reshaping manager strategy while elevated redemptions in open-end vehicles are not yet a major concern.
Source evidence

title: What to expect after infra's record fundraising year
author: PEI Group
contenttype: podcast
publication: The Infrastructure Investor Podcast
published: 2026-01-22T08:00:00+00:00
sourceurl: https://infrastructureinvestorpodcast.podbean.com/e/what-to-expect-after-infras-record-fundraising-year/

word_count: 116

Editor-in-chief Bruno Alves sits down with Americas editor Zak Bentley to provide a holistic view across the infrastructure fundraising market, taking in closed-end and open-end fundraising. According to Infrastructure Investor data, $289 billion was raised for closed-end structures in 2025, making it the largest-ever year for the asset class. Data from LP consultancy bfinance similarly suggests that 2025 is set to be the best fundraising year for open-end funds since 2022. Our discussion focuses on the similarities between closed and open-end fundraising – both highly concentrated markets; dissects the impact on strategies of a lasting shift to a two-year-plus fundraising timeline; explores why elevated redemptions are not yet a concern for open-end vehicles; and much more.