Transport Infrastructure & Services (traditional)

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

Mediterrania Capital IV Mid Cap (MC IV) is a private equity fund managed by Mediterrania Capital Partners, focusing on growth investments in mid-cap companies across North Africa and Francophone Sub-Saharan Africa. With a target fund size of €350 million, MC IV aims to support businesses with strong growth potential and established market positions. The fund seeks to invest in sectors crucial for the region's development, including healthcare, education, financial services, consumer goods, and manufacturing. By providing both capital and strategic support, MC IV assists companies in scaling operations, enhancing governance, and expanding into new markets. MC IV is committed to responsible investing, integrating environmental, social, and governance (ESG) considerations into its investment process. The fund also emphasizes gender diversity, aligning with the 2X Challenge by aiming for a significant portion of its portfolio to meet gender inclusion criteria.

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.

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.

Pacific Avenue Fund II is a buyout fund managed by Pacific Avenue Capital Partners, focused on complex corporate carve-outs and operationally intensive situations in the middle market. The fund leverages Pacific Avenue’s experience in building standalone businesses from non-core divisions of large corporations. The fund closed with over $1.65 billion in commitments, raised in a single fundraising cycle completed in under four months. This swift and oversubscribed raise reflects strong investor confidence in the firm’s track record and its differentiated strategy during a time when capital raising has been generally more challenging across private equity. Fund II includes a dedicated European sidecar of over €100 million to pursue cross-border carve-outs and platform investments. This reflects the firm’s growing international footprint, with operations and deal sourcing capabilities in both Los Angeles and Paris. Backers of the fund include a diverse set of institutional investors such as public pensions, consultants, endowments, insurance companies, funds of funds, and family offices. The fund was advised by Lazard (placement agent) and Weil, Gotshal & Manges LLP (legal counsel). With Fund II and its sidecar, Pacific Avenue now manages approximately $3.8 billion in total assets.

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.

Platinum Equity Small Cap Fund II, L.P. is the second fund in Platinum Equity’s dedicated lower middle market strategy. Legally domiciled in Delaware and managed from the firm’s Beverly Hills headquarters, the fund was launched to target smaller buyout opportunities that fall outside the scope of the firm’s flagship mega-fund strategy. The fund closed in September 2025 with total capital commitments of $2.28 billion, significantly exceeding its original $1.75 billion target. This robust fundraising effort reflects strong LP confidence in Platinum’s approach to operationally intensive investing in the lower mid-market segment. Small Cap Fund II focuses exclusively on North American and European companies with less than $450 million in annual revenue and under $45 million in EBITDA. The investment strategy includes founder- or family-owned businesses, corporate carve-outs, and take-private transactions, especially where Platinum’s hands-on operational model can accelerate value creation. The fund complements Platinum Equity Capital Partners VI, the firm’s $12.4 billion flagship buyout vehicle, by targeting a distinct deal size bracket. Its dedicated team of more than 40 investment and operations professionals specializes in identifying and managing these smaller, often more complex transactions across key sectors.

The Radical Fund is an early-stage venture capital firm dedicated to supporting Southeast Asia's transition to a more resilient future. With a target fund size of $40 million, it invests in startups that address climate change through both adaptation and mitigation strategies. The fund focuses on pre-seed, seed, and pre-Series A stages, providing not only capital but also operational and technical assistance to its portfolio companies. Recognizing the unique challenges faced by Southeast Asian countries, The Radical Fund prioritizes solutions tailored to the region's specific needs. It seeks out ventures that may not traditionally be classified as climate tech but have the potential to make significant environmental impacts. This includes sectors like agriculture, food, circular economy, financial services, mobility, and logistics. The fund is part of the Utopia Capital Management group, which has supported over 130 early-stage startups in emerging markets. The Radical Fund's team is based in Bangkok and Singapore, with plans to expand in the Philippines, Vietnam, and Indonesia. Its mission is to build an ecosystem of climate-oriented companies that deliver both commercial returns and measurable climate impact.

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.

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.

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.