Energy Infrastructure & Renewables

ABC Impact Fund II is the second flagship private equity fund managed by ABC Impact, a Singapore-based investment firm focused on generating measurable social and environmental impact across Asia. Launched in August 2023, the fund achieved a final close in April 2025, raising over USD 600 million—doubling the size of its predecessor. The fund secured commitments from a diverse group of global and regional investors, including Temasek, Temasek Trust, the Asian Development Bank (ADB), Mapletree Investments, SeaTown Holdings, a Southeast Asian sovereign wealth fund, a U.S. family office, and various ultra-high-net-worth individuals. The fund targets four key sectors: clean energy and climate resilience, inclusive finance and digital access, healthcare and education, and sustainable food systems. It provides growth capital to innovative, commercially viable companies that contribute to achieving the United Nations Sustainable Development Goals (SDGs). Representative investments include Aye Finance in India, Tekoma Energy in Japan, and DCDC Kidney Care, a leading dialysis provider serving underserved populations in India. ABC Impact implements a disciplined impact measurement and management framework, aligned with international standards such as the Principles for Responsible Investment and the Operating Principles for Impact Management. With total assets under management exceeding USD 900 million, the firm continues to scale private capital solutions that support a more inclusive and sustainable future for Asia.

The AWP Diversity Fund II LP is a private equity fund introduced by Alternative Wealth Partners (AWP) with a target of $150 million. The fund will primarily invest in Energy, Manufacturing, Real Estate and Infrastructure projects, aimed at providing investors with diversification, favorable tax advantages, and attractive yields. The fund will invest directly into various businesses and properties within these sectors with potential to deliver cash flow and equity returns within 5-7 years. AWP believes in a diversified portfolio strategy and will prioritize investments in strong, resilient, domestically-rooted businesses and properties that have the potential to triple the initial investment. The fund also aims to leverage tax incentives projected to add 10-30% to the overall return of the portfolio. Managed by Kelly Ann Winget, CEO & Founder of AWP, the fund aims to acquire strong, resilient businesses and properties across diverse industries at a discount, due to market volatility and geopolitical unrest. AWP has identified multiple opportunities and entity structures to enhance the scalability of its current portfolio and plans to participate in both existing and new opportunities as they emerge. The 2024 project pipeline for the Fund includes investments in several US-based companies and infrastructure projects, such as a Texas-based kinetics company, an Arizona-based battery tech company, and a Nebraska-based equipment company, each with a projected 500% ROI. The fund is aimed at providing investors with exposure to the alternative investment space and is designed to meet the needs of diverse individuals, executive professionals, and entrepreneurs through non-correlated investment opportunities that have typically been gate-kept from individual investors.

Ara Fund III will continue Ara's strategy of investing in the decarbonization of the industrial economy, the greatest source of carbon emissions globally. Leveraging significant technical and operations expertise, the fund will pursue both buyout and growth investments in industrial companies primarily headquartered in the United States, Canada and Europe that have the potential to achieve reductions in carbon emissions across sectors, including industrial and manufacturing, chemicals and materials, energy efficiency and green fuels, and food and agriculture. Ara's predecessor fund, Ara Fund II, closed in September 2021 at approximately $1.1 billion, above its $650 million target. Ara has total assets under management of approximately $5.6 billion. As of December 2013, Ara Fund III has already completed four investments: Vacuumschmelze, a leading global producer of advanced magnetic materials and the largest producer of rare earth permanent magnets in the Western Hemisphere; Genera, a sustainable pulp and packaging producer; CFP Energy, which provides market-facing solutions in environmental and green energy products to industrial customers across Europe; and CycleØ, a fully integrated developer of distributed biomethane facilities.

Ara Infrastructure Fund I is an infrastructure fund managed by Ara Partners and located in Houston, Texas. Ara Partners plans to acquire majority interests in 8 to 10 companies generating cash flow but not to its full potential. As of March 2024, it has acquired majority stakes in two companies developing biofuels rail terminals: Lincoln Terminal Holdings in Greenville, South Carolina; and USD Clean Fuels in Houston. In May 2025, the fund reached final close with US$800 million.

Arcano Earth Fund III continues Arcano’s thematic investment in sustainable infrastructure with a focus on energy transition, water, digital infrastructure, and sustainable transport across Europe and North America. Building on the success of AEF I & II, it targets a diversified portfolio via primaries, secondaries, and direct co‑investments. AEF III aims to leverage strong momentum from global ESG trends and post‑pandemic stimulus to deliver attractive risk‑adjusted returns and long‑term impact. It seeks visible, cash‑generative infrastructure assets resilient to market volatility, aligning with UN Sustainable Development Goals and Arcano’s robust ESG framework. Informed by prior vintages—where AEF raised ~€292 M for AEF I (launched 2019) and ~€331 M for AEF II (2021)—AEF III is poised to continue deploying capital into thematic, sustainable assets. The fund also benefits from Arcano’s ESG track record, including GRESB (93%) and UN PRI (A+) ratings. The AEF III strategy allocates 50% of its capital to primary and secondary funds and the remaining 50% to co-investments, increasing the share of co-investments compared to the 30% set in its predecessor, Arcano Earth Fund II FCR (AEF II). This structure allows the fund to maintain broad diversification — with more than 150 underlying projects expected — while enhancing fund returns through access to direct opportunities, a strategy that has been successfully implemented since its first fund, Arcano Earth Fund.

Ardian Infrastructure Fund VI (AIF VI) is a flagship infrastructure core‑plus vehicle managed by Ardian, seeking to build and scale essential infrastructure assets across Europe and selectively in North America. It follows the firm’s strategy of combining financial rigor with deep industrial and operational expertise to unlock value in long-lived infrastructure. By targeting sectors such as transport networks, utilities and energy transition, and digital infrastructure, the fund aims to deliver stable, inflation‑linked returns in an evolving macro environment. The fund is capitalized with a target close of around €10 billion (with a hard cap up to €12 billion), with a net IRR target in the range of 12 % to 15 %. AIF VI continues Ardian’s thematic emphasis on sustainability, decarbonization and digitalisation — applying data analytics, operational improvement and ESG integration across its portfolio. Its investments already include stakes in renewable energy platforms (e.g. Akuo), waste / circular economy (Attero), data centers (Verne) and a significant shareholding in Heathrow Airport. Geographically, the fund focuses on OECD Europe as its primary investment zone, with flexibility to deploy up to ~20 % outside Europe (particularly North America) where opportunities merit. This geographic balance allows the strategy to capitalize on both core European infrastructure dynamics and the selective growth pockets elsewhere. From a risk / return standpoint, AIF VI targets stable cash flows from infrastructure, combined with operational value creation upside. The fund will generally invest in brownfield or mid-life (core‑plus) assets rather than greenfield early-stage development. It seeks to partner with experienced industry operators, leverage scale in capital expenditure, and apply digital / engineering practices to improve efficiency and carbon metrics.

Ares Secondaries Infrastructure Solutions III (ASIS III) is the flagship infrastructure secondaries fund managed by Ares Management. With $5.3 billion in total commitments, ASIS III is designed to provide flexible liquidity solutions to infrastructure investors by acquiring interests in existing funds, portfolios, and assets through secondary transactions. The fund targets seasoned infrastructure assets across sectors and geographies, using strategies such as GP-led recapitalizations, LP stake purchases, and structured secondary solutions. ASIS III aims to capitalize on inefficiencies and the growing need for liquidity in the global infrastructure market, providing value to both sellers and co-investors. Through its flexible investment mandate, ASIS III can pursue a wide range of transaction types, including preferred equity, continuation vehicles, and bespoke secondary solutions. The fund focuses on creating downside-protected, yield-oriented investments with strong risk-adjusted return potential. ASIS III benefits from Ares’ global platform, deep sector expertise, and longstanding relationships across the infrastructure ecosystem. The fund seeks to deliver long-term value through diversified exposure to essential infrastructure assets with resilient cash flows and long-duration investment profiles.

Arroyo Investors Fund IV closed on July 1, 2025 with over $1 billion in equity commitments, continuing Arroyo’s established strategy of acquiring equity stakes in existing energy infrastructure platforms and late‑stage development projects. Initial investments include Seaside LNG, Mesa Solutions, Cielo Digital Infrastructure, and Fermaca Networks—demonstrating disciplined underwriting and operational rigor. Backed by a diversified base of endowments, pensions, insurance firms, family offices, and fund‑of‑funds, with strong support from global investment consultants, Fund IV was placed by Threadmark. Arroyo leverages its proprietary network and long-standing relationships across North America and Chile to source high-quality, proprietary deal flow. Fund IV targets power generation, LNG, digital infrastructure and dark fiber platforms with stable, predictable revenue and EBITDA profiles. With active in-house portfolio management and no reliance on third-party operators, the fund aims to enhance operating margins and drive capital appreciation through strategic, value-add execution.

Bain Capital Asia Fund V is a 2023 vintage buyout fund managed by Bain Capital. The fund is located in Hong Kong and invests in Asia. Bain Capital's fifth Asia-focused fund has exceeded its initial target of $5 billion and has raised around $7.1 billion from global investors. The firm, which started fundraising in the second half of last year, aims to complete the exercise in the coming weeks. Bain Capital's new Asia fund will focus heavily on Japan, where it has landed marquee deals such as the $18 billion buyout of Toshiba Corp’s memory chip business.

The Ballast Rock Real Estate Private Credit Fund is a newly launched investment vehicle by Ballast Rock, designed to offer private credit exposure through senior-secured loans to real estate and solar development projects. Leveraging Ballast Rock's established track record in real estate and infrastructure, the fund aims to address capital gaps for small- and medium-sized developers, focusing on projects with strong fundamentals and short-term financing needs. This $50 million fund seeks to deploy capital across four key strategies: lot banking, Delaware Statutory Trust (DST) financing, franchise location development, and commercial solar initiatives. It offers investors a chance to tap into a niche segment of the credit market, often underserved by traditional financial institutions, while benefiting from enhanced structuring capabilities and potential equity-like upside through structured debt. Investments are structured as senior-secured loans, typically ranging up to $5 million, with a targeted hold period of 6 to 18 months. The fund is available to accredited U.S. investors with a minimum commitment of $50,000, and emphasizes capital preservation and income generation through robust risk management and developer selection.

Blackstone Strategic Partners Infrastructure IV is a 2024-vintage infrastructure secondaries fund managed by Blackstone, focusing on acquiring mature core and core‑plus infrastructure assets. Launched in August 2023 and activated in July 2024, Fund IV seeks discounted opportunities that offer attractive yield, NAV appreciation, and capital gains. It has already raised approximately $5 billion by July 2025 (over target of $4 billion. The fund concentrates on core and core-plus operational infrastructure across energy transition, transportation, and digital assets, with an emphasis on North America and Western Europe, complemented by selective exposure to Asia and Latin America. By targeting mature assets poised for exit, Fund IV pursues “secondary‑like returns for core‑like risks,” leveraging Blackstone’s expertise in buying at discounts from over‑hauled NAVs. With a 12‑year term (plus up to four one-year extensions), Infrastructure IV is structured to deliver 14–16% net IRR, a performance range consistent with its predecessor’s ~16% achieved returns. Institutional backing has been strong—including commitments from Arkansas Teachers (~$100 M) and San Francisco Employees’ Retirement (~$75 M).

The Brookfield Global Transition Fund II (BGTF II) is dedicated to investing in the global transition to a net zero economy. The fund targets investments in clean energy expansion, sustainable solutions, and the transformation of companies operating in carbon-intensive sectors to more sustainable business models. It focuses on accelerating the global transition to a net zero economy while delivering strong risk-adjusted returns for investors. The fund is co-headed by Mark Carney and Connor Teskey and has a robust pipeline of investment opportunities in various sectors and geographies. It aims to capitalize on trends such as supplying clean power to the data and technology sector, building new industrial supply chains, and scaling technologies required for industrial decarbonization. The fund is the largest transition investor among private fund managers and is on track to exceed the size of its predecessor fund. It is managed to science-based sector pathways for net zero and has a goal of achieving net-zero greenhouse gas emissions by 2050 or sooner.

The Green Credit Fund I (CI GCF I) launched by Copenhagen Infrastructure Partners is the firm’s first‑ever private debt fund, designed to provide subordinated project‑finance loans for late‑stage renewable energy infrastructure. With a target size of approximately €1 billion, the fund achieved its final close in August 2023, backed by a global base of institutional investors spanning the Nordics, Europe, North America and select Asia‑Pacific jurisdictions. CI GCF I is structured to invest both in green‑field and brown‑field assets in the energy transition space. Technology areas include offshore and onshore wind, solar PV, biomass, energy storage, and transmission assets. The underlying premise is to deliver attractive risk‑adjusted returns via subordinated debt capital, while offering diversification and lower correlation to traditional equity markets. Geographically the fund focuses on OECD markets — primarily Europe and North America — with the flexibility to invest in carefully selected jurisdictions in the Asia‑Pacific region. The fund emphasises direct investments, but retains the ability to participate in risk‑sharing transactions arranged alongside developers or other capital providers. By stepping into the private credit niche for renewable infrastructure, CI GCF I offers institutional investors a novel exposure to the decarbonisation theme, leveraging the sponsor’s track‑record in energy infrastructure. It is positioned to address the growing financing gap in the energy transition, by deploying subordinated debt in mature projects where there is a clear cash‑flow and visibility, yet where incremental capital is needed to bridge risk.

Cathay Innovation Fund III is a €1 billion global venture capital fund launched by Cathay Innovation to invest in startups driving the sustainable transformation of industries and society. The fund focuses on application-layer AI companies across sectors such as digital health, fintech, consumer applications, and energy/mobility. It targets Series A to late-stage startups, with investment amounts ranging from €5 million to €80 million. Fund III is backed by institutional investors and multinational corporations, including Sanofi, TotalEnergies, and BNP Paribas Cardif. The fund aims to support companies that are accelerating the sustainable transformation of industries and society through next-generation technologies, business models, and platforms. Cathay Innovation leverages its global investment platform and extensive corporate ecosystem to provide startups with access to new markets and strategic partnerships. The fund integrates sustainability into every step of the investment cycle to measure, track, and maximize the impact of startups while helping entrepreneurs build more responsible, resilient businesses. Cathay Innovation has a strong investment track record, having backed over 120 early-stage startups across Europe, Asia, and North America. Of these, 19 have become unicorns, including Chime Bank, Wallbox, Ledger, and Glovo. Fund III continues this legacy by investing in companies with high growth potential and the capacity to expand internationally, aiming to empower businesses to lead the large markets of the future.

Climate Investor Two (CI2) is a blended‐finance facility designed to mobilise both public and private capital into climate adaptation infrastructure across emerging markets. Established in 2019 and managed by Climate Fund Managers, the fund targets infrastructure in water services, sanitation, waste management and ocean sectors in Africa, Asia and Latin America. With a final close at USD 1.065 billion, CI2 is positioned as the largest climate‑adaptation infrastructure fund focused on emerging markets globally. CI2 uses a “whole‑of‑life” financing strategy, spanning from early‑stage project development through construction and operations. It comprises distinct components (e.g., a Development Fund for early‑stage risk, a Construction Equity Fund for build‑out) to support project developers in geographies typically underserved by private capital. The fund aims to deliver measurable social and environmental impact at scale, directing investment into hard‑to‑reach markets and addressing the substantial climate‑adaptation gap in developing countries. According to the fund’s disclosures, CI2 by end of life aims to serve 16.5 million beneficiaries with safe drinking water/improved sanitation and protect or restore 2.2 million hectares of ecosystems. Its investor base is diverse, including development finance institutions, multilateral banks, public sector banks and institutional investors (asset managers, pension funds, insurers). The fund also pioneered a “Bridge‑to‑Bond” mechanism, enabling bond investors to access the underlying asset base via a structure led by CFM and strategic partner Sanlam Alternative Investments, under an EU guarantee.

Crayhill Capital Management, a New York-based alternative asset manager specializing in asset-based finance, announced the final close of its third flagship fund, Crayhill Principal Strategies Fund III, in April 2025. The fund secured approximately $1.31 billion in capital commitments, surpassing its $1 billion target. This total includes $162 million in committed co-investment capacity. Fund III focuses on providing capital solutions to specialty finance platforms and other asset-heavy companies across sectors such as residential housing, energy, commercial real estate, media, and digital infrastructure. The fund targets highly structured investments backed by segregated, cash-flowing assets, including loans, leases, royalties, receivables, and power purchase agreements. This strategy aims to offer downside protection and a resilient expected return profile. As of the fund's closing, over 75% of its capital had been deployed across a diverse portfolio of investments. Notable transactions include a $15 million credit facility for Universal Kraft Canada Renewables and a $200 million facility for AMPYR Energy USA to support utility-scale solar and energy storage projects.

The Decarbonization Partners Fund I focuses on investing in late-stage venture capital and growth private equity for next-generation companies that support the acceleration of decarbonization and the transition to a net-zero economy. The fund has attracted a diverse set of over 30 institutional investors representing 18 countries, including public and private pension funds, sovereign wealth funds, insurance companies, and corporates and family offices across North America, Europe, and Asia Pacific. The diversity and depth of the investor base reflect the global nature of the opportunity around climate investing, directly aligning with Decarbonization Partners’ global focus. The Fund’s target investments include companies that drive intentional, material, and measurable decarbonization outcomes. It invests in companies with de-risked technologies that are ready to scale and can benefit from BlackRock and Temasek’s complementary platforms and deep access. The Fund’s investments span several innovative decarbonization technologies, including sustainable materials, clean hydrogen, science-based carbon management services, low-emissions battery recycling, EV fleet management, and thermal energy storage for industrial applications. The partnership aims to invest in companies that provide solutions and technologies to help accelerate global efforts to achieve a net-zero global economy by 2050. The sectors targeted for investment include Carbon Capture, Storage and Utilization, Bio and Low Carbon Products, Next Generation Energy, Advanced Mobility, Carbon Management Services, and Digital Transformation. The team has built a robust pipeline of proprietary deal flow and intends to continue executing on this in the coming months. The Decarbonization Partners team, which has grown to over 25 members, includes experienced venture capital and growth equity investment and portfolio management professionals across offices in New York, San Francisco, Singapore, London, Paris, and Houston. The team was intentionally constructed to provide portfolio companies with trusted value-add partners who bring significant technical and operational experience to the table.

EQT Infrastructure VI Fund is an infrastructure value added fund managed by EQT and located in Stockholm, Sweden. The fund follows the same strategy as its predecessor, targeting opportunities in midstream energy, power, transportation, utilities, environment and telecoms across Europe and North America.  The fund targets the lower end of the risk-return spectrum, aiming to hold assets over a longer term of 15 to 25 years.

The European Diversified Infrastructure Fund III (EDIF III) targets investments in European mid-market, sustainable, mature, economic infrastructure assets in the energy, transportation, utility, and telecommunications sectors. The fund has a hard cap of €5.0 billion and is focused on delivering rapid deployment of investors' capital. On 26 March 2024 Igneo Infrastructure Partners concluded the Series 3 fundraising for the European Diversified Infrastructure Fund III (EDIF III), resulting in the fund growing to over €4.1 billion in fund commitments and a further approximately €2.1 billion of potential co-investment commitments received from 55 leading global institutional investors. The majority of commitments to EDIF III come from European institutional investors, with additional commitments from Asian, Australian, and North American institutional investors. The fund anticipates further fundraising in a Series 4 round, and aims to maintain a focused investment discipline while continuing to grow its portfolio. The fund has deployed c.€2.7 billion across the 5 businesses currently in the EDIF III portfolio. These businesses include enfinium, the UK’s largest energy-from-waste platform; Finerge, a c.2GW Iberian renewables generator; EVOS, the pan-European liquid energy storage platform; Westconnect, a German fibre-optic network owner; and DAH Gruppe, a German biogas producer.

Flow Capital Partners has launched the Asia Credit Master Fund, a $125 million vehicle focused on private credit opportunities across the Asia-Pacific region. The fund will concentrate on asset-backed lending to companies with strong collateral positions, aiming to generate stable, risk-adjusted returns. It will seek opportunities where traditional financing channels are limited, offering bespoke solutions to mid-sized borrowers. The strategy is designed to capitalize on the growing demand for alternative credit in the region, particularly in countries like Australia, Singapore, and parts of Southeast Asia. By targeting loans backed by real assets—including infrastructure, real estate, and equipment—the fund aims to provide downside protection while tapping into under-served credit markets. Flow Capital Partners is leveraging its local networks and structuring capabilities to underwrite and originate transactions directly. With a flexible mandate and a disciplined investment approach, the fund is expected to appeal to institutional investors seeking diversification and yield outside traditional fixed income.

The GAIA Climate Loan Fund is a pioneering blended‑finance vehicle designed to deliver long‑dated credit to public and quasi‑public entities in 19 emerging market countries, with a particular emphasis on climate adaptation. Anchored by leading institutions including MUFG Bank, FinDev Canada and the Green Climate Fund, the platform combines concessional capital with private sector funding to mobilise substantial private credit for resilience outcomes. Targeting a first close of USD 600 million (with a final size up to USD 1.48 billion), GAIA allocates at least 70% of its portfolio to adaptation activities — such as water management, climate‑resilient agriculture, ecosystem protection and climate‑smart infrastructure — while up to 30% may support mitigation investments in renewable energy and low‑emission transport. A minimum of 25% of commitments is reserved for Least Developed Countries and Small Island Developing States, ensuring the most climate‑vulnerable markets are reached. The structure features tiered capital: a junior concessional tranche absorbs early risk, a senior debt component opens access for institutional lenders, and a dedicated currency hedging facility and technical assistance facility support project preparation and mitigate currency and execution risk. By aligning development goals with market discipline, GAIA aims to unlock private capital that has historically shunned adaptation finance due to sovereign, currency and long‑tenor risks. Ultimately, GAIA aspires to benefit 19 million people, create more than 11,000 jobs, avoid roughly 30 million tonnes of CO₂, deliver about 700 MW of renewable‑energy capacity and generate about 36,000 GWh of clean energy annually. Through its innovative blended model the fund seeks to deepen climate‑finance flow into emerging markets and demonstrate a scalable path to resilience‑infrastructure funding.

GEF US Climate Solutions Fund II LP is a private equity fund managed by GEF Capital Partners. It focuses on investing in North America-based lower middle-market companies that have developed solutions to address climate change and pollution mitigation. The fund exceeded its original $250 million target, closing with $325 million of capital commitments. Limited partners in Fund II include various climate change-focused institutions such as Blue Earth Capital, HQ Capital, ODDO BHF, INGKA Investments, GEM Investments, Första AP-fonden, Quilvest Capital Partners, Granite Capital Management, and Nordea. The fund aims to support small-scale businesses critical to the transition to a net zero and circular economy by providing both capital and guidance from impact investors. GEF Capital invests in companies in sectors including clean energy, energy efficiency, waste, water, and resource efficiency. As of May 2024, the fund has invested in six companies: InSite, a Washington DC-headquartered provider of software used by real estate owners and operators to reduce energy usage and improve building performance in order to meet sustainability goals (2021); Lifecycle Renewables, a Massachusetts-based recycler of used cooking oil into a branded heating oil that is used by universities, hospitals and utility companies to attain net zero carbon emission targets (2022); Murf E-Bikes, a California-based designer and maker of electric bikes (2022); Polargy, a California-based designer of energy efficient systems for hot and cold aisle containment systems, modular walls and structural ceilings in data centers (2023); Civic Renewables, a Maryland-based provider of residential solar energy installation services (2023); and Next Step Energy Solutions, a Colorado-based provider of LED lighting systems used in the healthcare, manufacturing and commercial real estate sectors (2023).. With the closing of Fund II, GEF Capital welcomed two new operating partners, bringing expertise in carbon credit development, sales, marketing, and operational support to deepen value creation and impact for portfolio companies. The fund aims to showcase that environmental outcomes can result in strong financial and environmental benefits. FirstPoint Equity served as the lead placement agent for GEF Capital in fundraising for Fund II, attracting a broad spectrum of responsible investors. Additional placement agent services were provided by Asante Capital, TritonLake, and Impactus Partners. Latham & Watkins served as legal counsel for the formation of Fund II.

The GIP Australia Fund II has completed fundraising with aggregate committed capital of A$4.0 billion, at the upper end of the target A$3.0 – 4.0 billion range. The fund has commitments from institutional investors across Australia, Asia, Europe, and North America, with the majority of commitments coming from Australian institutions. GIPA II is a dedicated Australasia-focused open-ended fund that seeks to capture attractive investment opportunities in areas with favorable demographic, economic, and regulatory conditions, as well as rapidly growing demand for private infrastructure investments. The region represents one of the most active infrastructure markets globally, and GIP currently manages investments in nine infrastructure assets in Australia. The fund targets investment opportunities in the energy, transport, digital infrastructure, and water and waste management sectors. It aims to capitalize on opportunities in areas underpinned by favorable demographic, economic, and regulatory conditions, as well as rapidly growing demand for private infrastructure investments. The majority of GIPA II’s commitments, by value, are from Australian institutions.

The GIP Emerging Markets Fund I is focused on investing in infrastructure opportunities in 11 Target Countries in Asia and Latin America. The fund seeks to capture investment opportunities in these geographies that are underpinned by favorable demographic, economic, and regulatory conditions coupled with a rapidly growing demand for private infrastructure investments. This indicates a focus on sectors such as energy, transport, digital infrastructure, and water and waste management. The fund closed $2.1 billion in commitments in March 2024. The fund has attracted a diversified investor base, including public and private pension plans, sovereign wealth funds, insurance companies, financial institutions, asset managers, endowments, and family offices across North America, Europe, Asia, and the Middle East. This indicates a broad geographic focus and a wide range of potential investment targets within the emerging markets. With over $1 billion already deployed across a diversified portfolio of assets, the fund has a financial target of making significant investments in infrastructure projects in the target countries. The fund's leadership expressed confidence in the investment climate in these emerging markets, emphasizing the potential for positive economic impact for communities.

Global Infrastructure Partners V (GIP Fund V) is Global Infrastructure Partners’ largest-ever flagship vehicle, having achieved a final close of $25.2 billion in late June 2025—surpassing its original $25 billion target. The capital was raised from 278 institutional investors across 35 countries, marking it as one of the year’s biggest fund closes. The fund is structured to deliver 15–20 % gross returns and 11–15 % net returns, with a targeted cash yield of 5–7 %, and typically makes equity investments sized between $1 bn and $3 bn. It acts as a core-plus fund, with a strategic emphasis on energy, transportation, digital infrastructure, water, and waste assets. Geographically, GIP Fund V is diversified, with a primary focus on North America, and selective exposure to Europe (especially the UK), Australia, and Southeast Asia. Portfolio highlights include a 40 % stake in Columbia Pipelines (Canada), investments in Rio Grande LNG (Texas), the Perdaman Karratha ammonia‑urea project in Western Australia, Allete (US utility), Hutchison Ports, and Malaysia Airports Holding.

The Greenbelt Capital Partners III fund is a dedicated middle‑market private equity vehicle focusing on companies that are at the intersection of energy, power, and infrastructure transformation. Backed by institutional investors globally, the fund reached its hard cap of US$1 billion, surpassing an initial target of US$750 million, signalling strong confidence in the strategy. The strategy centres on backing commercial leaders that enable electrification, digitalisation, grid‑modernisation, energy efficiency and decarbonisation in the built energy system. By partnering with management teams in the middle‑market, the fund seeks to scale businesses that are driving the “new energy economy” and bridging the gap between traditional energy infrastructure and more modern, resilient, low‑carbon systems. With a seasoned leadership team that has deployed over US$6 billion in equity across more than 260 transactions in their careers, the fund leverages sector experience, operational know‑how and a collaborative culture to generate value for both investors and portfolio companies. The fund targets companies with robust growth potential, operating in geographies around North America, Europe and Asia‑Pacific, and aims to deploy capital initialising now that the fund is closed. The manager is actively building a pipeline of investment opportunities aligned with global megatrends around electrification, infrastructure modernisation and sustainability.

HarbourVest Infrastructure Opportunity Fund III is an opportunistic infrastructure secondary fund designed to invest in existing infrastructure assets across North America and Western Europe. It is structured to acquire stakes via secondary market transactions, providing liquidity and access to mature infrastructure exposures. The fund leverages HarbourVest’s global platform and relationships to source differentiated opportunities. The investment strategy focuses on buying into infrastructure assets that are already operating or nearing maturity, thus reducing development risk. The fund seeks value creation through operational improvements, capital optimization, and repositioning of assets when appropriate. Risk management, ESG integration, and alignment with long‑term infrastructure trends are central to its approach. The target fund size was approximately USD 865 million, as achieved at final close. The fund is positioned to supplement HarbourVest’s previous infrastructure vehicles and intends to double down on the firm’s track record in private markets, applying lessons from prior vintages to drive performance in a dynamic macro environment. The blend of geography, structure, and asset maturity is intended to deliver resilient returns. HarbourVest intends for IOF III to act as a bridge between high-barrier infrastructure deals and institutional investors seeking exposure via secondary markets. The fund targets a diversified portfolio across sub‑sectors including energy, transport, utilities, digital infrastructure, and natural resources, with careful attention to inflation linkage, regulatory risk, and cash yield.

INVL Baltic Sea Growth Fund, managed by INVL Asset Management, is a closed-end private equity fund launched in June 2018 with committed capital of €164.7 million. The fund invests in late-stage growth SMEs and small to mid-cap companies, acquiring either controlling or significant minority stakes. Typical equity investments range from €5 million to €25 million, with capacity for larger deals via co-investments. Target companies are generally valued between €10 million and €100 million. The fund focuses on businesses with strong potential to become industry leaders in their respective sectors. Core geographies include the Baltic States and Poland, while investment scope extends across the broader European Union. INVL Baltic Sea Growth Fund specializes in complex transactions, providing customized capital solutions for companies undergoing structural, strategic, or ownership transitions. It supports growth through a combination of organic expansion, acquisitions, and active value creation initiatives. Taking an active ownership approach, the fund works closely with management teams to align long-term goals and drive transformation. It typically invests by acquiring stakes from existing shareholders and providing growth capital. With an ESG-integrated investment model and a hands-on strategy, INVL Baltic Sea Growth Fund helps its portfolio companies scale operations, increase efficiency, and execute cross-border expansion strategies.

INVL Renewable Energy Fund I (REFI), launched on 20 July 2021 by INVL Asset Management, is a closed‑end investment vehicle tailored to informed investors. Focused on developing and acquiring utility‑scale solar and wind projects, mainly in Poland and Romania, REFI aims to deliver attractive risk‑adjusted returns while supporting Europe’s clean‑energy transition. The fund invests in greenfield and brownfield projects of mid‑ to large‑scale size (approximately €20 m–€70 m each), structured via direct ownership or SPEs, and financed through a mix of equity and debt. Investments are backed by long‑term revenues such as Power Purchase Agreements and Contracts for Difference, ensuring predictable cash flows and asset value enhancement. By mid‑2025, REFI had raised about €73.9 million (through investor units and bond programmes) and built a development portfolio of roughly 389 MW—eight solar parks in Romania (356 MW) and 32 MW+ in Poland—with expected total project investment of over €250 million. Construction is slated for completion by end‑2027, and bond‑based refinancing and new issuance remain key tools for funding this growth trajectory.

ISQ Global Infrastructure Fund III is a 2021 vintage infrastructure value-added fund managed by I Squared Capital. The fund closed at its legal cap of $15 billion, surpassing the initial target of $12 billion, with commitments from over 200 institutional investors across 27 countries. Including a dedicated co-investment vehicle, the fund has $15.5 billion in investable capital. The fund focuses on investments in sectors such as transportation, water and waste management, telecommunications, renewable energy, supply chains and logistics, energy transition, and digital infrastructure. It aims to make impact investments in infrastructure, preferring to invest in 15 to 20 companies globally. ISQ Global Infrastructure Fund III seeks to address critical challenges in a post-COVID world, including climate change, supply chain disruptions, digital transformation, and the energy transition. The fund targets gross returns of 15–20% and a cash yield of 6%.

ISQ Global Infrastructure Fund IV is the latest infrastructure value-add fund from I Squared Capital, aiming to raise $15 billion following the $12 billion Fund III closed in 2021. The fund continues I Squared’s strategy of investing in essential infrastructure assets with operational upside, leveraging its global platform and local expertise. The fund focuses on platform investments, with at least 60% of capital expected to be deployed in scalable opportunities where additional investments can be made over time. This approach allows for building and expanding infrastructure businesses across various sectors and geographies. ISQ Global Infrastructure Fund IV maintains a diversified investment strategy across sectors such as renewables, transport, and utilities, targeting opportunities in North America, Latin America, Western Europe, and Asia-Pacific. The fund seeks to capitalize on the growing demand for sustainable and resilient infrastructure globally.

J.F. Lehman & Company (“JFLCO”)'s is a continuation fund for JFL Credit Opportunities I, L.P. Credit Fund I’s assets under management include new capital commitments as well as the portfolio of credit positions formerly held indirectly by JFL Equity Investor VI, L.P. and its affiliates (“Fund VI”) in high-quality, middle-market companies within the firm’s target industries (aerospace, defense, government, maritime, environmental and infrastructure sectors). Pantheon, a leading global private markets investor, acted as the lead investor, with StepStone Group also participating. JFLCO’s credit strategy is opportunistic in nature, spanning syndicated credit, secondary direct lending and distressed situations across the firm’s core industries.

KKR Diversified Core Infrastructure Fund is a dedicated infrastructure strategy focused on acquiring mature, brownfield infrastructure assets. It targets essential service businesses with strong cash flows and long-term contracts or regulated revenues, helping to deliver downside protection and steady income. The fund invests primarily in OECD-developed regions, notably North America and Western Europe, to ensure portfolio stability and regulatory transparency. It pursues a diversified sector mix including energy, transportation, telecom, water and utilities, with tickets generally ranging from USD 250 million to USD 750 million per investment. Structured as a core strategy, the fund emphasizes capital preservation and inflation-protected value through investments in critical infrastructure assets. Its risk‑based asset selection process favors lower volatility opportunities with predictable returns, often supported by regulated or contracted frameworks. Managed by KKR’s global infrastructure platform, the vehicle leverages deep operational expertise across geographies to generate attractive risk‑adjusted returns. With multiple domiciles (Delaware, Luxembourg, Canada), it is accessible to a broad universe of institutional investors seeking infrastructure exposure.

Kayne Anderson Capital Advisors has successfully closed its third energy income fund, Kayne Private Energy Income Fund III (KPEIF III), with $2.25 billion in capital commitments, surpassing its initial $1.5 billion target. This fund continues Kayne Anderson's decade-long strategy of investing in large-scale oil and natural gas assets that generate stable and predictable free cash flow. The firm's approach focuses on acquiring and developing high-quality private energy companies, primarily in North America. KPEIF III builds upon the success of its predecessors, KPEIF I and KPEIF II, which, along with co-investments and associated funds, have deployed over $3.7 billion across 15 portfolio companies. The fund aims to provide attractive risk-adjusted returns through a combination of current income and capital appreciation. Kayne Anderson's dedicated energy private equity team, with a track record dating back to 1998, manages approximately $7 billion of energy-focused capital across multiple funds and strategies. The fund has already begun deploying capital, with a notable $400 million equity investment in South Wind Exploration & Production, led by a management team with a successful history in the sector. KPEIF III's strategy is well-suited to navigate market volatility, focusing on assets that offer robust margins and predictable free cash flows, while utilizing modest financial leverage and hedging forecasted production to mitigate commodity price volatility.In early June 2025, the fund invested $300 million of equity commitments in Terra Energy Partners II, LLC, a newly formed independent oil and natural gas company headquartered in Houston, Texas. Terra II will focus on the acquisition and development of large, cash flowing oil and natural gas assets with significant existing production throughout the Lower 48.

LS Power Equity Partners V, a 2023-vintage buyout fund managed by LS Power Group and domiciled in the U.S., closed in July 2024 with $2.7 billion in commitments—exceeding its $2.5 billion target. The fund invests across North America in power and energy infrastructure, including renewables, conventional generation, transmission, and distributed energy assets, prioritizing complex, high-quality opportunities where LS Power holds operational advantage. To date, Fund V has deployed or committed approximately $1.6 billion into projects spanning renewable and gas-fired generation, renewable fuels, green hydrogen, and has acquired assets like Algonquin Power & Utilities Corp.’s North American renewable portfolio (≈3 GW operating + 8 GW pipeline). LS Power leverages its 35+ years of experience in generation and grid infrastructure to actively manage and optimize its investments.

The Libra Hybrid Capital Fund is a private credit vehicle launched by Granite Asia, a Singapore-based multi-asset investment platform. The fund has secured over US$250 million in anchor commitments from leading Asian sovereign wealth funds, general partners, and a network of founders and entrepreneurs. With a target size of US$500 million, the fund aims to provide non-dilutive capital to mid-market companies across the Asia-Pacific region. Libra focuses on offering secured loans with a defensive risk profile, targeting established businesses that are profitable or have positive cash flow. These companies span various sectors, including those undergoing digital transformation or pursuing growth through acquisitions. The fund leverages Granite Asia's technology ecosystem and operational expertise to deliver stable cash yields and enhanced returns. Managed by partners Ming Eng and Roger Zhang, the fund is part of Granite Asia's broader strategy to support a diverse range of businesses that form the backbone of Asia's economy. By providing flexible, non-dilutive financing solutions, Libra aims to bridge funding gaps for companies scaling within and across the region.

Macquarie’s inaugural infrastructure secondaries vehicle, the Macquarie Alliance Partners Infrastructure Fund (MAPIF), reached its final close with US $711 million in commitments. Launched in August 2023 with a $750 million target, MAPIF is structured to capitalize on secondary and GP‑led infrastructure opportunities globally, drawing capital from institutional investors including pension funds, insurance companies, and family offices. The Fund is positioned in the opportunistic infrastructure secondaries segment, focusing on both LP‑led and GP‑led deals in key infrastructure sub‑sectors such as transportation, utilities, digital infrastructure, energy, and waste infrastructure. Its mandate spans multiple regions—EMEA, Asia‑Pacific, and the Americas—providing investors with diversified global infrastructure exposure via secondary market entry points. Capped at approximately US $1 billion, MAPIF targets companies with resilient cash flows, established operations, and potential for value enhancement. By acquiring secondary positions in high-quality infrastructure assets, the fund seeks to deliver attractive risk‑adjusted returns and portfolio diversification benefits for its investors.

Macquarie Asset Management’s Macquarie Infrastructure Partners VI (MIP VI), a 2022‑vintage core‑plus infrastructure fund, achieved a final close at approximately $6.8 billion, with a hard cap targeting $7–8 billion—anchored by ~70 % re‑investment from existing LPs and North American investors. The fund focuses on transportation, digital infrastructure, utilities, energy, waste and social infrastructure across the Americas. Its core-plus approach emphasizes stable, income-generating assets with inflation linkage, high barriers to entry, and structural, contracted characteristics. MIP VI has deployed capital into several landmark assets, including a 40 % stake in Dow-linked US utility infrastructure, Montreal Met Airport, SwyftFiber, and Brazil’s Monte Rodovias toll roads. It aims for a 10–12 % net IRR and 4–6 % annual cash yield, investing $50–125 million per project.

Macquarie’s Green Energy Transition Solutions Fund (MGETS) is a closed‑ended vehicle designed to deploy capital into technologies and infrastructure that go beyond traditional renewables. It targets growth‑stage companies offering decarbonisation solutions in sectors such as energy storage, distributed energy, clean transport, renewable fuels, carbon capture, and circular economy. At final close, MGETS surpassed its initial $2 billion target, raising over $2.4 billion in fund commitments and $647 million in co‑investment, for a total capital pool exceeding $3 billion. Over 65 % of that capital has already been committed across 12 investments spanning multiple geographies and technology domains. The fund targets a net IRR of 13 % to 15 %. It seeks companies that balance growth potential with infrastructure‑like characteristics, backing opportunities that are scaling and de‑risked yet operate in the next wave of energy transition technologies. MGETS has built a diversified portfolio including names like Eku Energy (battery storage), SkyNRG (sustainable aviation fuel), Verkor (EV battery manufacturing), and Calibrant Energy (distributed energy). Its geography‑agnostic approach allows deployment across Europe, North America, Asia‑Pacific, and beyond.

Magnesium Capital I focuses on profitable European companies with proven technologies or tech-enabled services that are positively impacting the decarbonisation of the production, distribution, and consumption of energy. The team has been backing the buyouts of such businesses for a number of years on a direct deal basis. Since inception, Magnesium has completed seven platform investments, signed six follow-on acquisitions, and exited two investments for 4.2x gross MOIC. The fund targets high-growth, profitable businesses in Europe and the UK that support the energy transition. It likes to partner with entrepreneurial management teams and support them on their next stage of growth. Magnesium looks for companies with competitive advantages in their core technology or tech-led service that have a positive impact on the way energy is produced, distributed, or consumed. The fund takes controlling stakes in each of its investments but considers significant minority positions in certain circumstances. The fund closed its inaugural Fund, Magnesium Capital I, at its hard cap of €135m, exceeding the €100m Fund target. The final close occurred less than a year after the Fund’s first close with Magnesium attracting blue-clip institutional investors from the US, Europe, and the UK. The combined impact of these portfolio companies already directly contributes to the avoidance of over 30 million tonnes of CO2 equivalent per annum, demonstrating their focus on impactful investments with positive environmental outcomes. The fund prefers investments ranging from €15 million to €50 million in companies with enterprise values of €25 million to €100 million.

Maniv's third and latest fund, known as Maniv III, continues to focus on an early-stage investment strategy in the intersection between mobility, transportation, and energy. The firm previously had a strong focus on Israeli startups but has now expanded its geographic focus and has active portfolio companies in nine countries. The $140 million fund reflects new goals, including a more diverse group of investors as well as the inclusion of financial investors who see the decarbonization and digitization of all forms of transportation as a trend that generates the best financial returns. The fund includes investors from diverse industries such as leasing, fintech, logistics, vehicle maintenance, energy, fleet management, and repair. Maniv's fund also reflects an evolving investment strategy as the firm is now investing in the broader climate tech world, particularly where it overlaps with transportation. The fund has made investments in companies involved in green hydrogen production, e-motorcycle battery swapping, and the use of post-consumer recycled plastic in manufacturing. Overall, Maniv's fund targets investments in startups and companies that are driving innovation and technological advancements in mobility, transportation, and energy across various sectors and geographies globally. Investors in the fund include BNP Paribas Personal Finance, the venture arms of Shell and Enterprise Mobility, Valeo, Jaguar Land Rover venture arm InMotion Ventures, Toyota Motor Corp.’s Woven Capital, vehicle leasing company Arval, transportation infrastructure giant Ferrovial, the industrial manufacturing firm ITT Inc., fleet payments business WEX and an unnamed European insurance company.

Manulife Infrastructure Fund III is a core‑plus infrastructure fund co‑sponsored by Manulife Investment Management and John Hancock. The vehicle seeks to deploy equity capital into infrastructure assets with attractive yield, long-term durability, and opportunities for value enhancement. The fund’s strategy emphasizes balancing stable cash flows with moderate upside potential through operational, regulatory, or growth initiatives. The latest close was oversubscribed, with commitments reaching US $5.5 billion, underscoring strong investor demand in the infrastructure domain. The capital raise is intended to support a diversified portfolio of infrastructure assets across energy, utilities, transportation, digital infrastructure, and related sectors. The fund aims to partner with experienced operators and leverage Manulife’s global infrastructure platform and deal sourcing network. Investments may be targeted toward brownfield, greenfield, and expansion opportunities, with the potential to improve operations, optimize capital structure, or realize strategic growth. The fund may also pursue value‑add initiatives such as efficiency upgrades, contract re‑negotiations, or technology enhancements. Given its core-plus mandate, the fund balances risk and return, focusing on resilient assets while selectively capturing upside. Over the fund’s life, the investment team will seek to generate returns through a combination of current yield (from contracted cash flows) plus appreciation via operational or capital improvements. The exit strategy may include sale to strategic buyers, refinancing, or monetization via secondary markets. The fund’s diversified barrel of assets aims to provide institutional investors with access to infrastructure with both stability and growth potential.

The Mastercard Foundation Africa Growth Fund is a $200 million Fund-of-Funds initiative that supports African-owned and African-led investment vehicles. These vehicles finance early-stage and growth-oriented small and medium-sized enterprises (SMEs) with the aim of fostering inclusive economic development across sub-Saharan Africa. The Fund is deeply focused on enabling dignified and fulfilling work opportunities for young people, especially young women. It accomplishes this by de-risking and strengthening impact investment vehicles that are committed to gender equity and social inclusion. Since its launch in 2022, the Fund has backed 18 investment vehicles operating in 12 African countries, facilitating financing for 49 SMEs and creating more than 2,500 full-time jobs—over 1,100 of which are held by women. Through this structure, the Fund not only boosts access to capital for underrepresented entrepreneurs but also builds the long-term capacity of Africa’s investment ecosystem.

Meridiam Infrastructure North America Fund IV (MINA IV) is the fourth-generation infrastructure vehicle targeting North America, structured to deliver long-term, resilient returns through a build-to-core, contractually backed approach. The fund successfully closed on October 2, 2025, raising over US$1.8 billion, surpassing its initial US$1.7 billion goal. MINA IV seeks to invest in infrastructure sectors across energy, mobility (transportation and toll roads), and critical public services, leveraging Meridiam’s experience in public-private partnerships. Assets are intended to generate revenue through a mix of availability / take-or-pay contracts and demand-based income, blending downside protection with upside leverage. The fund follows a greenfield / development-to-core strategy: it designs, builds, finances, operates, and maintains infrastructure assets over their full life cycle. The fund’s lifespan is 25 years (with the option to extend another 15 years), reflecting the long-term nature of infrastructure investments rather than relying heavily on short-term exits. Because of its structure, distributions to LPs are expected to be modest during the early construction years, with cash flows ramping up in later stages. MINA IV is thus less dependent on asset sales to generate returns; instead, it focuses on stable operating cash flows and contractual income.

Mirova Energy Transition 6 (MET6) is the sixth investment vehicle of Mirova, an affiliate of Natixis Investment Managers focused on sustainable infrastructure and renewable energy. The fund seeks to invest in proven clean‑energy technologies—including onshore and offshore wind, photovoltaics, hydropower, energy storage and efficiency solutions—while also supporting low‑carbon mobility and hydrogen infrastructure. With a target size of up to €2 billion, MET6 aims primarily at European infrastructure markets, but remains open to investments in other OECD countries, leveraging Mirova’s strong relationships with developers and its flexible investment approach of taking majority or minority stakes, and deploying equity or subordinated debt. The fund builds on Mirova’s prior energy‑transition funds and draws on a dedicated infrastructure team with decades of investments behind it. The strategy positions itself to help accelerate decarbonisation across the energy value‑chain by backing both project promoters and platform scale‑ups throughout full project life‑cycles. MET6 is aimed at institutional investors seeking both financial returns and positive environmental impact, offering a means to deploy capital into resilient energy transition infrastructure aligned with global net‑zero ambitions.

Northleaf Capital Partners has announced the final close of its latest infrastructure fund, Northleaf Infrastructure Capital Partners IV (NICP IV), achieving its hard cap of $2.6 billion and exceeding the initial target of $2.25 billion. This milestone marks the firm's largest infrastructure fund to date, reflecting strong investor confidence in Northleaf's mid-market investment strategy. The fund attracted commitments from over 70 institutional investors across 14 countries, underscoring its global appeal. NICP IV focuses on control investments in contracted mid-market infrastructure assets, primarily in North America, with selective opportunities in Western Europe and Australia. The fund targets sectors such as renewable energy, telecommunications, transportation, and outsourced services, aligning with emerging trends like the energy transition and digital infrastructure expansion. By concentrating on businesses operating within a single country, Northleaf aims to mitigate risks associated with cross-border activities and tariffs. Since commencing investments in 2023, NICP IV has completed five deals, including commitments to Shared Tower, Provident Energy Management, Tillman FiberCo, EVPassport, and Combined Cargo Terminals. These investments exemplify Northleaf's approach of acquiring high-quality assets with long-term contracted revenues. The firm's active value creation strategy involves working closely with management teams to grow and de-risk each investment, leveraging its extensive industry networks and disciplined investment process.

Nuveen has successfully completed the first close of its Energy & Power Infrastructure Credit Fund II (EPIC II), securing $1.3 billion in initial commitments toward a $2.5 billion target. This private credit strategy is designed to support energy and power infrastructure companies across OECD regions amid rising demand driven by digitalization, electrification, and reindustrialization. EPIC II extends Nuveen’s Energy Infrastructure Credit (EIC) platform—led by Don Dimitrievich and backed by a seasoned team—offering flexible, bespoke credit and structured financing across the energy and power ecosystem. The strategy emphasizes downside protection through hard asset collateral, long‑term contracts with strong counterparties, and strong pricing safeguards. The fund deploys capital into a broad array of energy‑related sectors—including renewables, energy storage, hydrocarbons, midstream, and liquified natural gas (LNG)—supporting secure, reliable energy generation. It targets investments that deliver resilient, predictable cash flows while mitigating macro, inflationary, and geopolitical risk. EPIC II is anchored by commitments from a Canadian pension fund manager and TIAA, with nearly half of capital coming from outside the U.S.—including global insurers and Japanese and Korean pensions. It builds on the success of EPIC I and positions investors to tap enduring energy infrastructure demand with durable income potential.

Oaktree Power Opportunities Fund VII is the latest installment in Oaktree Capital Management’s long-running strategy focused on investing in companies that provide essential products and services to critical infrastructure sectors. With a target size of $2.5 billion, the fund aims to capitalize on transformative trends such as decarbonization, electrification, and modernization of utility networks. It seeks to partner with established businesses that are well-positioned to benefit from these shifts, particularly in the electric power, natural gas, water, and wastewater industries. The fund's investment approach emphasizes value creation through operational improvements and strategic growth initiatives. Oaktree leverages its deep sector expertise and extensive executive network to work closely with portfolio company management teams. This collaborative approach aims to drive performance enhancements, identify new market opportunities, and strengthen operational capabilities. Geographically, Fund VII focuses on opportunities in North America and Europe, regions where infrastructure modernization and energy transition efforts are accelerating. The fund targets companies that are not startups or turnarounds but are proven performers with strong market positions. By investing in such companies, Oaktree aims to generate attractive risk-adjusted returns for its investors while contributing to the advancement of critical infrastructure.

Partners Group Direct Infrastructure IV is an infrastructure value added fund managed by Swiss private equity investor Partners Group. The fund was launched in 2023 and it has a fundraising target of around $8 billion. Its predecessor was called Partners Group Direct Infrastructure 2020, which closed at $6.4 billion in 2022. Partners Group Direct Infrastructure IV seeks ESG investment. This fund is an article 8 under EU SFDR. Partners Group invests in the following themes around infrastructure: - Decarbonization & Sustainability: clean power, low carbon fuel, carbon management, water sustainability and circular economy. - New living: new mobility, social infrastructure and critical supply chain. - Digitization & Automation: data transmission and data storage and services.

The newly closed Patria Infrastructure Fund V represents a major commitment to Latin America's long-term infrastructure development. With total capital of approximately US$2.9 billion, the vehicle is structured to invest across multiple geographies—anchored in Brazil, Colombia, and Chile—targeting highways, renewable energy, sanitation, and digital infrastructure. The fund seeks inflation-linked, resilient cash-flows and value creation via active asset-management and Patria's regional origination platform.By leveraging Patria’s local network in a fragmented Latin-American infrastructure market, the strategy aims to navigate regulatory complexity, currency dynamics, and project-cycle risk. The fund is backed by a diversified investor base including sovereign wealth funds, global asset managers, and institutional investors seeking exposure to long-dated infrastructure assets with stable returns.The investment horizon spans a multi-year deployment cycle, aligned with Latin America's growing need for transport modernization, energy transition, and digital connectivity. With a portfolio focused on sectors such as transport, renewables, sanitation, and digital infrastructure, the fund is positioned to tap structural growth while delivering yield and upside.

The PennEnergy Continuation Fund 2025 is a dedicated continuation vehicle formed to enable the existing controlling owner base of PennEnergy Resources to extend their investment horizon while provisioning growth capital for new bolt‑on opportunities. Anchored by EnCap with longstanding institutional partners and new family‑office capital, the vehicle closed at over US$2.0 billion, reflecting strong investor appetite for high‑quality upstream gas assets in the current commodity environment. PennEnergy Resources is a Pittsburgh‑based independent operator focused on developing its long‑life inventory in the Marcellus Shale play in North America. The fund supports continued drilling and production optimisation across the acreage, as well as disciplined acquisitions of complementary assets to deepen the inventory and drive per‑well returns. The structure allows existing investors to crystallise partial liquidity while retaining upside exposure over a longer term, and gives new investors access to a proven upstream operator with a mature drilling portfolio, driven by favourable gas market fundamentals such as tighter U.S. supply, resilient domestic power demand and global LNG flows. With the backing of institutional anchors and EnCap’s longstanding LP relationships, the vehicle represents one of the largest continuation‑style offerings in the upstream energy sector to date. Its formation signals investor confidence in the mid‑cycle growth potential of dry‑gas focused plays in the U.S. and EnCap’s value‑creation capabilities in the energy space.

Pennybacker Critical Infrastructure Partners I (PCIP I) is the inaugural infrastructure-focused fund from Pennybacker Capital Management. With over $700 million in commitments, PCIP I marks a strategic expansion of Pennybacker’s investment platform, bringing its proven real asset expertise into critical infrastructure. The fund aims to invest in essential infrastructure assets that exhibit durable demand, long-term contracted revenues, and inflation-linked cash flows. The strategy is centered around control-oriented investments in lower- to middle-market infrastructure companies and assets. PCIP I focuses on sectors essential to the functioning of society, including transportation, environmental services, energy transition infrastructure, and communications. Pennybacker brings its operational value-add approach to infrastructure, integrating deep sector expertise with active asset management. PCIP I benefits from a differentiated team with backgrounds in infrastructure private equity, public-private partnerships, and real asset operations. The fund leverages proprietary sourcing channels and seeks opportunities often overlooked by larger players, capitalizing on the fragmentation in the infrastructure middle market. The fund’s approach emphasizes ESG integration, operational resilience, and community impact. The investor base for PCIP I includes a diverse mix of global institutions, including pension funds, endowments, foundations, insurance companies, and family offices. Pennybacker’s infrastructure platform builds on its longstanding track record in real estate and real assets, positioning PCIP I as a long-term partner for infrastructure solutions vital to economic and societal stability.

Pioneer Infrastructure Partners II SCSp is the second flagship fund managed by Pioneer Point Partners, a London-based private equity firm focused on sustainable infrastructure investments. The fund closed in April 2025 with €1.1 billion in commitments, exceeding its original target and highlighting strong investor appetite for environmentally focused strategies. The fund is structured as an Article 9 vehicle under the EU Sustainable Finance Disclosure Regulation (SFDR), which denotes its primary objective as sustainable investment. Its mission aligns with the broader push toward decarbonization, energy transition, and circular economy initiatives in Europe. Pioneer Infrastructure Partners II targets platform investments that promote long-term environmental sustainability. The fund’s strategy involves acquiring controlling stakes in lower mid-market companies and scaling them through operational improvements and strategic growth. The investment team brings sector-specific expertise to build value over time. Target sectors include renewable energy (such as wind, solar, and geothermal), clean fuels, energy efficiency technologies, sustainable mobility solutions, and environmental infrastructure like waste and water treatment. These areas are key to supporting Europe’s transition to a low-carbon economy. Geographically, the fund focuses on Western Europe, particularly the Netherlands, Belgium, Germany, Italy, and Spain—markets with strong regulatory support and infrastructure needs aligned with its thesis. The fund typically invests in companies with enterprise values between €50 million and €200 million, annual revenues of €10 million to €100 million, and positive EBITDA. These companies often require capital for expansion, innovation, and market development as they contribute to sustainable economic growth.

The Eurazeo Planetary Boundaries Fund 1 (EPBF) is a next-generation impact buyout vehicle focused on companies that contribute to restoring or adapting to Earth’s critical environmental limits, as defined by the planetary boundaries framework. Launched with a target of €750 million, the fund invests in small to mid-market companies offering scalable solutions in areas like circular economy, biodiversity, low-carbon energy, and sustainable agriculture. EPBF integrates scientific guidance and measurable impact KPIs into its investment strategy, aligning financial success with environmental progress. Managed by Eurazeo partners Erwann Le Ligné and Wilfried Piskula, the fund is backed by a high-level advisory board with experts from science, policy, and industry. Its first investment is in Bioline AgroSciences, a leader in natural pest control, marking a strong commitment to eco-positive innovation.

Post Oak Energy Partners V is a closed‑end, $600 million private equity fund launched in 2023 by Houston‑based Post Oak Energy Capital, with total strategy capital reaching $764 million including a co‑investment vehicle. The fund focuses on North American upstream oil and gas, targeting development, acquisition, and recapitalization capital. With an initial equity raise of approximately $415 million in November 2023 and final close in May 2025, the fund is positioned to support growth in core basins like the Permian, Utica, and Haynesville. Post Oak employs a growth‑equity strategy in the lower‑middle market, backing experienced management teams with flexible equity capital. The fund has already committed capital to five portfolio companies, including a minerals and royalty position in the Permian Basin designed for yield and growth. It also supported Quantent Energy’s expansion in the Haynesville and East Texas—underscoring its tactical commitment to natural gas infrastructure and production. Managed by Post Oak Energy Capital—an energy‑focused firm with a history dating to 2006—the fund builds on prior experience investing in over 30 energy companies across upstream, midstream, and oilfield services. The team’s deep basin relationships and operational background are key to driving value in complex energy investments amid evolving North American energy dynamics.

Quinbrook Valley of Fire Fund is a buyout continuation fund managed by Quinbrook Infrastructure Partners. The Fund is a continuation of the large scale solar+storage strategy of Quinbrook’s Low Carbon Power Fund (“LCPF”) which held its final closing in 2019. The Quinbrook Valley of Fire Fund is focused on acquiring and developing large scale solar + storage projects. The Fund acquired a 51% stake in the Gemini Solar + Storage project and 100% of the remaining Valley of Fire project development portfolio. This includes seven projects totaling over 2.65GW of solar PV capacity, with the potential to add a further 1.5GW of battery storage capacity. These projects span across Nevada, Colorado, and Arizona. The Fund is targeting investments in renewable energy project development and new asset creation, with a focus on optimizing returns for investors wanting exposure to the energy transition. The projects are expected to provide primary capital commitments to fund the continued development and construction of large scale solar + storage projects. The lead investor in the Quinbrook Valley of Fire Fund is Blackstone Strategic Partners, and cornerstone investor Ares Management Infrastructure Secondaries funds. The Gemini Solar + Storage project, located just outside of Las Vegas, Nevada, is one of the largest solar + storage projects in the US and is operational under a 25-year off-take contract. This project includes 690 MWac of solar and a 1,416 MWh battery storage facility. The Valley of Fire portfolio is managed by Quinbrook portfolio company, Primergy Solar, and consists of several large scale solar + storage projects. The offtake customer for the Purple Sage Energy Center, one of the projects in the Valley of Fire portfolio, is San Diego Community Power. Overall, the Fund is focused on investing in the infrastructure needed to drive the energy transition, with a particular emphasis on large scale solar + storage projects and the development of renewable energy assets. The Fund has successfully closed with $600 million in capital commitments from leading US and European institutional investors, demonstrating a strong track record in pursuing strategies to enhance value and optimize returns in the energy transition sector. The lead investor in the Quinbrook Valley of Fire Fund is Blackstone Strategic Partners and Ares Management Infrastructure Secondaries funds.

Rockland Power Partners V represents the fifth generation of Rockland’s power‑infrastructure investment vehicles, capturing a wave of investor confidence by raising $1.2 billion — a more than 70% increase versus its predecessor — in less than eight months. This rapid, oversubscribed close underscores the growing institutional appetite for stable, dispatchable energy assets that bolster grid resilience at a critical juncture in the energy transition.The fund’s core strategy centers on acquiring control stakes in operating power generation assets — often under‑managed, undervalued or “option‑rich” plants — that present opportunities for operational and commercial optimization. Through hands‑on asset management, Rockland intends to repurpose or modernize these facilities so they deliver reliable, flexible capacity to support electricity grids under stress from renewables integration, demand spikes, and supply volatility.While the bulk of capital will go into existing plants — generating near‑term cash flow and reliability services — a portion of the fund is earmarked for development and construction of new power generation capacity. These are expected to address rising demand from data centers and other high‑reliability customers who require fast‑deploying, resilient on-site power solutions. In doing so, the fund aims to sit at the nexus of structural energy‑transition trends: the growth of digital infrastructure, reshoring of industrial capacity, and accelerated penetration of intermittent renewables.

Stonepeak Asia Infrastructure Fund, with $3.3 billion in capital commitments, exceeding its initial target of $3.0 billion. This fund marks Stonepeak's first dedicated strategy in the Asia-Pacific region, is Stonepeak's inaugural Asia-focused infra fund, the aiming to capitalize on the region's long-term economic and demographic tailwinds. The fund seeks to construct a diversified portfolio of infrastructure assets, primarily within the communications, transport and logistics, and energy sectors. Its geographic mandate spans the Asia-Pacific region, including both developed and high-growth countries. To date, the fund has made six investments across its target sectors, demonstrating its commitment to addressing the region's pressing infrastructure needs. Stonepeak's approach combines deep sector expertise with a "boots-on-the-ground" strategy, supported by a dedicated team of 49 employees across offices in Hong Kong, Singapore, and Sydney, with additional presence in Seoul and Tokyo. This localized presence enables effective asset management and value creation for stakeholders.

Stonepeak Asia Infrastructure Fund II is Stonepeak’s second dedicated infrastructure vehicle for the Asia-Pacific region, building on the success and experience of its inaugural Asia vehicle. The fund is structured as an opportunistic / “value-add / core-plus” infrastructure fund that seeks to invest in platform-level assets and development‑stage infrastructure across sectors that support the region’s structural transformation. With a target size of approximately USD 4 billion, the fund is designed to capture premium risk-adjusted returns by backing scalable infrastructure platforms across geographies. The investment philosophy emphasizes a “boots on the ground” approach, combining Stonepeak’s global infrastructure experience with local operational presence. The team intends to deploy capital across markets in Asia — from developed East Asian markets to high-growth Southeast Asia, India, and potentially frontier markets — while ensuring execution discipline, rigorous financial underwriting, and active asset management. Stonepeak will likely lean on its prior Asia fund’s deal pipeline, sector relationships, and regional footprint to accelerate sourcing, diligence, and value creation. Sectorally, the fund is expected to target areas aligned with digital and energy transformation, such as data centres, transmission & grid infrastructure, renewables and energy storage, transport/logistics, and social infrastructure (e.g. last‑mile utilities, telecom towers). It will seek assets that provide stable cash flows, long-term contracted or concession-based revenues, and opportunities for operational enhancement or platform consolidation. Early public reporting suggests a gross IRR target between 15% and 20% on the fund-level basis, consistent with a mid‑to‑high risk infrastructure return ambition. Given the nature of infrastructure and long time horizons in Asia, the fund is expected to operate with a multi‑year deployment schedule, a typical 10‑12 year life (with extensions), and will maintain some reserve capital for follow-on investments. The fund’s success will hinge on its ability to navigate permitting, power / grid constraints, regulatory risk, local partnerships, and capital cost pressures. Stonepeak’s prior experience in Asia, integrated origination, and its global resources aim to mitigate these execution risks.

Stonepeak Core Fund is an open-ended infrastructure investment vehicle managed by Stonepeak Partners, a leading global alternative investment firm. Launched in 2022, the fund has successfully raised $3.1 billion to date, with significant commitments from institutional investors such as the Washington State Investment Board and the Oregon State Treasury. The fund aims to reach an initial target of $5 billion, focusing on long-term investments in essential infrastructure assets that provide stable, inflation-linked cash flows. The fund's investment strategy targets core infrastructure assets across developed markets, including North America, Europe, Australia, and New Zealand. Stonepeak Core Fund seeks to invest in sectors such as digital infrastructure, transportation and logistics, and energy and energy transition. The fund's inaugural investment was a $2.5 billion commitment to American Tower’s operating data centre platform, followed by a $500 million investment in October 2022. Stonepeak Core Fund is designed to deliver net internal rates of return (IRR) in the range of 8-10%, focusing on assets that offer long-term, inflation-linked revenue streams. The fund's strategy includes both brownfield (existing operating assets) and greenfield (new assets requiring construction) investments across its target infrastructure subsectors.

Stonepeak Infrastructure Fund V is a core-plus infrastructure fund launched in September 2023 by Stonepeak Partners LP. The fund aims to invest in high-quality infrastructure assets that provide essential services and have strong growth potential. With a focus on North America, the fund seeks opportunities in sectors such as digital infrastructure, energy and energy transition, transportation and logistics, and social infrastructure. The fund has a target size of $15 billion and has already secured significant commitments from institutional investors. As of January 2025, the fund had raised $7.29 billion from 98 investors, with additional commitments expected to bring the total closer to its target. Notable commitments include $350 million from the Oregon State Treasury and $300 million from the New York State Common Retirement Fund. Stonepeak's investment strategy emphasizes value creation through active asset management and operational improvements. The firm's experienced team leverages deep sector expertise and a hands-on approach to drive performance across its portfolio. Stonepeak Infrastructure Fund V continues this approach, aiming to deliver attractive risk-adjusted returns to its investors.

Strategic Value Special Situations Fund VI is the latest flagship fund from SVPGlobal, targeting distressed and special situation investments worldwide. The fund is designed to identify mispriced or underperforming credit and equity opportunities, focusing on companies experiencing operational or financial distress. With a flexible mandate, the fund invests across the capital structure—including debt, equity, and hybrid instruments—tailoring its approach to the unique needs and dynamics of each situation. This adaptability allows SVPGlobal to pursue opportunities across industries and regions, optimizing for value creation and downside protection. The strategy emphasizes hands-on value enhancement. Fund VI leverages SVPGlobal’s deep expertise in restructuring, turnaround execution, and stakeholder negotiation to unlock trapped value in distressed businesses. The fund often takes an active role in governance and strategic decision-making to guide portfolio companies toward recovery and growth. Strategic Value Special Situations Fund VI continues SVPGlobal’s legacy of producing strong returns through contrarian investing, capitalizing on inefficiencies in global credit markets, particularly during periods of volatility or economic transition.

Synergy Capital Fund III is the latest offering from Dubai-based Synergy Capital, aiming to raise $1 billion to invest in special situations across the industrial and infrastructure sectors. Building on the firm's track record, this fund seeks to identify and capitalize on unique opportunities where operational improvements and strategic capital can unlock significant value. The fund's strategy involves targeting companies facing transitional challenges, such as underperformance, succession issues, or being non-core divisions of larger corporations. By providing structured investments that combine recurrent income with capital gains, Synergy Capital aims to deliver strong, risk-adjusted returns while maintaining downside protection through contractual and structural seniority. With a global mandate, Synergy Capital Fund III focuses on investments in Asia and the Americas, leveraging the firm's extensive experience and operational expertise across over 100 countries. The fund's flexible investment approach allows it to tailor solutions across the capital structure, ensuring alignment with the specific needs and circumstances of each opportunity.

TDK Ventures Fund 3 is a $150 million venture capital fund launched in April 2025 by TDK Corporation's corporate venture-capital subsidiary, TDK Ventures, Inc. The fund focuses on investing in early-stage deeptech startups that are poised to drive significant advancements in technology and sustainability. Building upon the success of its previous funds, Fund 3 aims to catalyze the next generation of iconic companies by providing not only capital but also strategic support through TDK's extensive global network. This includes access to TDK's R&D, manufacturing capabilities, and market channels, enabling startups to scale efficiently and effectively. Fund 3 continues TDK Ventures' mission to invest in transformative technologies that align with global megatrends, contributing to TDK's long-term vision of sustainable growth and innovation.

TPG Rise Climate II is the second fund in TPG’s global climate impact investing platform, launched in December 2023. The vehicle is designed to scale commercially viable businesses that offer measurable and sustainable carbon reduction solutions. It follows a sector-diverse strategy with a strong emphasis on clean energy, green mobility, sustainable fuels, low-carbon materials, and carbon management technologies. The fund has held multiple closes: an initial close of $4.41 billion in October 2024, followed by a second close in December that brought commitments to around $4.7 billion. As of mid-2025, the fund has surpassed $6.2 billion in capital commitments. TPG is targeting a final close at $8 billion, with a hard cap of $10 billion. TPG Rise Climate II is part of TPG’s broader $10 billion fundraising strategy that includes both this vehicle and the Global South Initiative. ALTÉRRA, a climate-focused investment vehicle backed by the UAE, has committed approximately $1 billion to Rise Climate II as part of a broader $1.5 billion pledge to TPG’s climate platform. This capital supports both developed and emerging market efforts to accelerate the low-carbon transition. The fund has already started deploying capital. Notable investments include Intersect Power, a clean energy developer co-funded with Google to support AI-ready energy infrastructure. It also backed Altus Power, a U.S. solar energy provider, in a $2.2 billion take-private deal. These investments exemplify the fund’s strategy of backing scalable platforms in critical sectors where climate innovation meets economic viability.

Vision Ridge Partners Sustainable Asset Fund IV is a $2.5 billion private equity vehicle focused on accelerating the global transition to sustainability. The fund targets real assets in energy, transportation, and agriculture—sectors responsible for over 80% of global greenhouse gas emissions. By investing in and transforming complex assets, Vision Ridge aims to deliver both strong financial returns and measurable environmental impact. The fund plans to make 10 to 14 privately negotiated equity or equity-related investments, typically involving direct ownership of underlying assets. This approach allows Vision Ridge to actively manage and enhance these assets, preparing them for eventual sale to larger buyers, primarily infrastructure funds. The firm emphasizes climate change mitigation and adaptation, tracking metrics such as avoided greenhouse gas emissions, water conservation, and energy efficiency improvements. With a target net internal rate of return (IRR) of 15–20% and a 10-year term, Fund IV is designed for investors seeking long-term growth through sustainable investments. The fund has attracted commitments from notable institutional investors, including a $150 million allocation from the New York State Common Retirement Fund and $80 million from the San Francisco Employees Retirement System. Vision Ridge's strong track record and diversified, multi-sector strategy position Fund IV to capitalize on the growing demand for sustainable infrastructure.

Warburg Pincus Global Growth XV marks the firm’s latest flagship growth vehicle, aiming for approximately $17 billion in capital commitments. Following the record‑breaking $17.3 billion close of Global Growth XIV in 2023, this new fund continues the firm’s trajectory of scaling its global growth‑stage investment mandate. The fund will deploy capital across sectors including technology, healthcare, financial services, industrial & business services, real estate, and energy. It will focus on high‑growth, mid‑to‑late stage companies with operational traction and scalable business models across the Americas, Europe, Asia, and other global markets. Ticket sizes are expected to range from $175 million to $200 million, targeting companies with revenue of $50 million to well over $500 million, positive EBITDA, and valuations at growth‑equity multiples. The fund looks to partner with strong management teams and invest with conviction while maintaining sector and geographic diversification. As part of Warburg Pincus’s disciplined global growth strategy, Global Growth XV will build on strong past performance and the firm’s deep operational support model. With a diversified LP base—from global institutional investors to high‑net‑worth and family offices—it continues the firm’s thesis‑driven, long‑term partnership model across cycles.

iCON Infrastructure Partners VII (“iCON VII”) is the seventh flagship infrastructure fund managed by iCON Infrastructure. Registered in the United Kingdom in February 2025, the fund successfully closed in mid‑2025, raising approximately USD 3.7 billion— a testament to iCON’s solid track record and institutional investor trust. The fund adheres to a core‑plus investment strategy, seeking long‑term equity stakes in privately held, mid‑market infrastructure businesses. With an expected investment horizon of six to ten years and a plan to execute around 15 transactions, iCON VII is poised to balance stable returns with value‑addition opportunities. iCON VII targets infrastructure sectors that underpin essential services and societal needs, including transport, utilities, telecoms, energy & environment, and social infrastructure, with added emphasis on renewable energy and waste management. The fund’s strategic approach leverages iCON’s deep sector expertise and commitment to environmental, social, and governance (ESG) principles. Geographically, iCON VII focuses on mid‑market opportunities in Europe and North America, continuing iCON’s successful regional deployment strategy. The fund’s structure, performance credentials, and investor backing position it to deliver resilient infrastructure solutions while generating attractive long‑term returns for its stakeholders.