Infrastructure Data Insight (Year-End 2019)
Infrastructure funds raised USD5.2b in 2019, led by closes for Actis and NIIF funds
EM-focused infrastructure fund managers raised USD5.2 billion in 2019, led by commitments to two landmark funds: the USD1.2 billion Actis Long Life Infrastructure Fund and National Infrastructure Investment Fund’s Master Fund, which reached a fourth close of USD2.1 billion. The largest infrastructure funds to reach a close in 2019, they also represent a shift in EM infrastructure investing. Both funds hold a mandate to exclusively invest in operational infrastructure assets for a long-term hold, rather than pursuing greenfield and development-stage opportunities for shorter holding periods. ‘Core’ infrastructure funds have historically been more common in developed markets. That they are becoming more prevalent in emerging markets points to a maturing infrastructure landscape with more operational, income-generating assets available than ever before.