Global infrastructure fundraising slows in 2026 as investors raise targets

Global infrastructure fundraising fell to a record low in the first half of 2026 even as some institutional allocators lifted their targets and AI-driven demand pushed investors toward power generation. The shift suggests capital is moving from mega-deals toward a broader mix of digital infrastructure, utilities and energy-transition assets.

Why it matters: - Global infrastructure fundraising hit a record-low $43.3 billion in the first half of 2026, down sharply from the record $250 billion raised in 2025. - The pullback shows institutional investors are becoming more selective on big projects even as AI-related infrastructure demand keeps growing. - The market shift could redirect capital toward power generation, utilities and energy-transition assets.

What happened: - With Intelligence and S&P Global released the Infrastructure Trends Report 2026 on Sept. 24, 2026. - The report says 31 closed-end infrastructure funds reached final close globally in the first six months of 2026. - Most fundraising happened in the first quarter, when $30.6 billion, or 71% of the half-year total, was raised. - Fundraising slowed sharply in the second quarter to $12.7 billion across 10 funds. - The report also says several allocators tracked by With Intelligence increased their infrastructure targets in 2026. - PSP Investments and Ohio SERS accounted for $3 billion of the $3.6 billion implied increase in target capacity across the 10 tracked allocators.

The details: - AI and demand for compute remain major drivers of digital infrastructure investment. - European data center electricity consumption is expected to rise by more than 50% between 2025 and 2030. - Energy and utilities strategies raised $7.5 billion in the first half of 2026. - Energy-transition and renewables strategies raised $6.4 billion in the same period. - With Intelligence said the data also shows continued convergence across energy and digital infrastructure. - The full report is available through the Infrastructure Trends Report 2026. - With Intelligence data and insights are also available on the S&P Capital IQ Pro platform.

Between the lines: - The fundraising slowdown does not signal a retreat from infrastructure altogether. - Instead, investors appear to be broadening the definition of infrastructure beyond pure digital assets and toward the power systems needed to support AI growth. - The report points to a market that is being reshaped by liquidity constraints, political sentiment around data centers and a reassessment of where the next demand cycle will land.

What's next: - With Intelligence said investor intent to enter the sector is growing in the second half of the year. - Managers are likely to keep leaning into strategies tied to electricity supply, utilities and AI-linked infrastructure demand. - The balance between digital infrastructure and energy infrastructure may continue to narrow as data center power needs rise.

The bottom line: - Infrastructure capital is cooling, but investor appetite is shifting rather than disappearing, with power generation emerging as a key theme in the AI buildout.**