The global infrastructure market continues to slow.
In Q1 2025, fundraising reached 52 billion dollars, a drop of nearly 50% compared to Q1 2024. Far from the past frenzy, while underlying needs remain intact.
The European Central Bank estimates that Europe will require 5.4 trillion euros between 2025 and 2031 to finance the energy transition of its infrastructure.
Despite the global decline, Europe stands out, capturing 80% of capital raised since the beginning of the year, well ahead of North America (20%).
Behind this strong performance lies a growing concentration of investments.
Three European mega-funds — EQT Infrastructure VI, Copenhagen Infrastructure V and Antin Infrastructure V — raised nearly 48 billion dollars combined, roughly 92% of the total.
In other words, the market is increasingly dominated by a handful of major players.
This dominance is driven by European firms, with Sweden’s EQT leading the way and capturing 46.9% of all capital raised in Q1 2025. A clear illustration that a smaller domestic market does not prevent the rise of a global leader.
Another distinctive trend emerges: a few funds, guided by strong conviction, are beginning to diversify their LP base. More on this below.
Weekly focus – Private Infrastructure 3
Among the sector’s major players, we chose to highlight Access Capital Partners, and more specifically its new brand, Otentiq Private Markets.
Founded in 1998, the firm has built a targeted infrastructure expertise since 2013 and established itself early on as a key player in co-investment. The principle: partner with the largest to amplify impact.
The approach delivered results. In just over a decade, Access’s infrastructure platform reached 3.5 billion euros in assets under management, with a smart allocation of 75% co-investments and 25% fund commitments across Europe.
In 2024, Access Capital reached a new milestone with the launch of Otentiq, a brand designed specifically for individual investors. Its ambition is clear: democratise infrastructure investing. This ambition materialises through the launch of OTENTIQ PRIVATE INFRASTRUCTURE, enabling individuals to co-invest alongside top-tier players in the same assets as its institutional counterpart, ACIF INFRASTRUCTURE 3.
Access Capital’s historical performance is notable. Its first fund delivers a 12.5% IRR, well above the industry median (10.1% across all vintages, and 9.5% for the 2018 vintage). The second fund is currently being deployed.
To learn more about this fund, visit Beyond the Pitch and Owners, available across all platforms.
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