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In this report:
Targets too good to be true?
Concentration brings uneven fundraising
Moderating times
Shifting sands in arid times
Calmer dealings reflect broader lull
The energy sector: powering on
By Alex Murray, PhD
April 28, 2023
A muted end to 2022 becomes a difficult start to 2023
While we expected a muted 2023 after a record year of capital raising in 2022, few could have called such a slow start for the infrastructure asset class. Aggregate capital raised in the first quarter of 2023 stood at a mere 9% of the quarterly average of the last five years, and with fundraising stalled, dry powder stocks have fallen for the first time since 2014. But one sector has remained resilient to this slowdown. Deals in conventional and renewable energy made up 77% of all deals in the first quarter, a brand-new quarterly high.
Read the Infrastructure Q1 2023: Preqin Quarterly Update for more on the trajectory of the asset class as we enter the second quarter.