The unlisted infrastructure fund industry has experienced significant growth since the beginning of the millennium, with dry powder (uncalled capital commitments) figures increasing from $4bn as of December 2013 to just over $100bn as of April 2014, representing an increase of 2400%.
In analyzing the regional breakdown of dry powder on a historical basis, it is evident that North America has consistently accounted for the highest amount of dry powder, with a total of $51bn of dry powder as of April 2014, accounting for 51% of the total. Similar levels were seen historically, with North America-focused funds accounting for 42% of total dry powder in 2003, 52% in 2008 and 45% in December 2013.
Europe-focused fund managers currently have $32bn in dry powder, representing 32% of the total. However, unlike their North America-focused counterparts, Europe-focused funds have experienced slight fluctuations in their dry powder figures, accounting for as much as 57% of total global dry powder in 2004, and just 28% in 2009.
Dry powder for Asia-focused funds currently account for 8% of the total, at $8bn as of April 2014, compared to $0.6bn as of 2003. Elsewhere, dry powder for funds focusing outside of North America, Europe and Asia account for $9bn, accounting for 9% of the total as of April 2014.