Preqin 2025 Global Report: Infrastructure

While the fundraising environment remains challenging, resilient primary deals in the renewable energy sector demonstrate the relevance of the energy transition as an enduring investment theme.

• The volume of North America-focused funds closing has fallen from a peak in 2021, but investors remain attracted to opportunities in the region

• Record-low levels of dry powder could affect asset valuations in the long term, while risk to the deals market in the short term is contained given slowing capital calls

• Fund managers are concerned about the impact of the geopolitical landscape on return generation, while investors appear less worried about interest rates following rate cuts