Mega Funds Drive Resurgence in Infrastructure Fundraising Amid High-Rate Backdrop

UBS’s latest infrastructure insights report highlights a strong rebound in unlisted infrastructure fundraising in H1 2025, underpinned by capital concentration in mega funds and renewed institutional demand.

• USD 116 billion was raised in the first half of 2025, surpassing the full-year total for 2024 and matching H1 2022’s pace—despite persistent monetary and geopolitical headwinds.

• Just five mega funds accounted for 65% of inflows, reinforcing the trend of capital consolidation and raising access challenges for newer LPs.

• Institutional target allocations continue to rise, with dry powder expected to grow as exits improve and capital is recycled.

Curious how allocation trends and fund dynamics are reshaping infrastructure investing? Read the full report for insights on deal flow, exit cycles, and access strategies.