A Year of Increasing Scale and Diversification

BCG

Research

32 Pages

Boston Consulting Group argues private infrastructure is regaining momentum after two difficult years. Fundraising has rebounded, but capital is concentrating in bigger managers and pushing the asset class toward broader sector exposure and a slightly higher risk appetite.

Key Takeaways

AUM Keeps Climbing: Infrastructure AUM reached $1.6 trillion in H1 2025 and now represents 10% of private market assets.
Capital Is Concentrating: The 50 largest investors captured almost three quarters of 2025 fundraising, while the top 5 took close to 50%.
Risk Appetite Is Broadening: Core plus and value added strategies captured almost 70% of total new funds in 2025.
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