Private infrastructure assets under management reached $1.6 trillion in the first half of 2025.
Boston Consulting Group's fifth annual report on private infrastructure investing and strategy, Infrastructure Strategy 2026: A Year of Increasing Scale and Diversification, shows the asset class regaining momentum, with assets under management reaching $1.6 trillion in the first half of 2025 and fundraising rising almost 60% over the year.
Key findings:
• Private infrastructure AUM reached $1.6 trillion in H1 2025, representing 10% of all private market assets.
• Fundraising rose almost 60% in 2025, setting a new record and recovering more strongly than other private asset classes.
• Nearly three-quarters of capital raised in 2025 went to the top 50 infrastructure funds, with close to half going to the top five.
• Digital infrastructure now represents almost 20% of portfolio companies, while data center demand and power constraints are reshaping investment priorities.
"Private infrastructure has regained scale, but the shape of the market is changing," said Wilhelm Schmundt, a coauthor of the report. "Investors continue to back the asset class for stable, reliable returns while directing more capital to the largest managers."
Digital infrastructure is the only major sector to post considerable growth over the past five years and now accounts for almost 20% of all portfolio companies, up from 15% in 2020. Within that segment, deal activity is shifting toward data centers, which represented 41% of digital deals in 2025, up from 26% a year earlier.
In energy and environment, the number of deals increased from 176 to 207 in 2025, but the composition changed significantly. Processing and distribution rose to 50% of deals, while renewables fell to 22% from 42%.
"One clear trend in 2025 is that digital infrastructure is increasingly inseparable from energy strategy," said Alex Wright, a coauthor of the report. "Power availability, grid connectivity, and integrated energy solutions are becoming central to how investors assess data centers and related infrastructure opportunities."
