Infrastructure Q3 2025: Preqin Quarterly Update

Fundraising adjusted into a more seasonal swing in Q3, with aggregate capital raised dipping after a standout start to the year. Interim close data indicates underlying investor demand for infrastructure exposure

• Fundraising softens after a spike to start the year, although capital raised in interim closes increased for the quarter

• Fund closes in Q1 and Q2 indicate potential for a deal-making revival in the short to medium term as funds seek to deploy capital

• Mega funds still dominate fundraising market, but LPs are considering smaller commitments