Global infrastructure fundraising has entered the fall with renewed momentum, as multiple managers announced significant closes and mandates in recent weeks. Over the past month, more than $15 billion has been committed to infrastructure strategies, spanning mid-market European equity, secondaries, digital platforms, and infra debt mandates.  

The activity underscores a resurgence of investor appetite for inflation-linked real assets, liquidity solutions, and platform roll-ups tied to digitization and the energy transition. Despite lingering macro headwinds and volatile long-end interest rates, institutional allocators continue to view infrastructure as a resilient and diversified anchor within portfolios. 

Asterion Industrial Partners led the September wave with a €3.4 billion final close for Fund III (plus co-investments bringing the total to €3.65 billion), reflecting strong support for its European core-plus strategy. Intermediate Capital Group (ICG) followed closely with €3.15 billion raised for European Infrastructure Fund II, extending the reach of its mid-market franchise. In parallel, Blackstone Strategic Partners secured $5.5 billion for Infrastructure Secondaries Fund IV, reinforcing the growing role of GP-led processes and strip sales as a liquidity valve for LPs managing denominator pressures. 

In North America, Austin-based Pennybacker closed its debut infrastructure vehicle, Pennybacker Critical Infrastructure Partners I, with $430 million in commitments and an additional $285 million in co-investments—more than $700 million across its platform. The fund targets lower- to mid-market opportunities in LNG, distributed power, and water treatment, aligning with energy transition themes. Meanwhile, GreenPoint, a New York–based real assets investor, raised $1 billion for its inaugural flagship fund, emphasizing digitization, electrification, and logistics. The strategy includes building out platforms such as Lysara, a £1 billion EV charging and fleet infrastructure business in Europe, and Outpost, a $1 billion U.S. automated freight terminal network. 

Infra debt also remained in focus, with Dutch pension APG awarding Schroders Capital a €425 million mandate to deploy into senior loans, illustrating ongoing appetite for stable, income-oriented exposures. First closes continue to add momentum, such as Legal & General’s roughly €600 million launch for its Digital Infrastructure Fund, which targets fiber, towers, and data centers. 

Collectively, these raises show how investor demand is tilting toward diversified strategies: mid-market equity for growth, secondaries for liquidity management, debt for downside protection, and platform-driven real assets for secular themes. Quantitatively, the tally from mid-August through mid-September amounts to roughly €7.8 billion and $7.2 billion—equivalent to $15–16 billion. 

For sellers, the fundraising surge offers an opportune window to run competitive processes, as newly closed funds seek to deploy dry powder before year-end. For LPs, the influx of secondaries capital presents a path to manage allocations and vintage diversification. On the debt side, mandates like APG’s highlight continued spread compression for top-tier sponsors, while more complex or merchant-exposed deals will still price wider. For CRE-adjacent investors, strategies like GreenPoint’s show how digitization and infrastructure are increasingly converging with real estate, reshaping the investable universe. 

Infrastructure’s fundraising rebound reflects a broader market recalibration: even amid macro uncertainty, investors are doubling down on assets with contracted cash flows, inflation linkage, and tangible growth drivers. September’s wave of closes signals that capital formation is no longer lagging the cycle but leaning into it, setting the stage for heightened competition, active secondary markets, and selective deal-making in the months ahead.