The world has an immense need for infrastructure—a cumulative $106 trillion in investments is imperative to meet global infrastructure requirements through 2040. This global mandate is largely being met by a surge of private capital, note McKinsey’s Adrian Kwok, Alastair Green, Connor Mangan, and coauthors. In 2025, global infrastructure fundraising reached a record of nearly $200 billion, surpassing the previous high of $180 billion in 2022. Limited partners are increasingly including infrastructure investments in their core strategies. As a result, infrastructure is outpacing other private-market categories, with fundraising growing at a 9 percent CAGR (2020 to 2025) compared with declines of about 3 to 5 percent across other asset classes.
Image description:
A bar chart shows global private markets fundraising by asset class from 2007 to 2025, measured in billions of dollars. Total fundraising rises from ~$600 billion in 2007 to a peak of ~$1.7 trillion in 2021, then declines through 2025 to just over $1.1 trillion. Private equity consistently represents the largest share, but falls notably after 2021. Real estate and private debt also decline in the most recent period. In contrast, infrastructure fundraising increases in 2024 and 2025 after slower growth earlier, becoming a larger share of total fundraising. A side table indicates overall fundraising declined at a negative annual rate from 2020 to 2025 and fell 5 percent from 2024 to 2025, while infrastructure grew strongly, with a 9.2 percent annual increase since 2020 and 58.2 percent growth from 2024 to 2025.
Source: Preqin.
End of image description.
