Infra Debt 30 banner

The latest Infrastructure Investor debt fund ranking – the Infrastructure Debt 30 – reveals that the 30 top debt fund managers raised more than $172 billion between them from 1 January 2018 until 31 August 2023.


The Infrastructure Debt 30 is led by BlackRock, which raised almost $18.6 billion, while the leading new entrant was Blackstone after it closed its third transition-focused credit fund on more than $7 billion.

Rank Manager Headquarters Capital raised ($m)
1 BlackRock New York 18,590
2 Ares Management Los Angeles 13,596
3 Macquarie Asset Management Sydney 12,779
4 AXA IM Alts Paris 11,217
5 Infranity Paris 10,117
6 EIG Washington, DC 10,072
7 Allianz Global Investors Frankfurt 10,056
8 Barings Charlotte 9,325
 9 Brookfield Asset Management Toronto 8,464
10 Blackstone New York 7,100


Infrastructure Debt 30 tree

Infrastructure Investor Debt 30: The biggest and the best

Credit fundraising surpasses $172bn as tailwinds point to more optimism


Infrastructure Investor Debt 30 2024: Ranking 1-10

Our latest ranking of the top fundraisers in the infrastructure debt market

Infrastructure Investor Debt 30 2024: Ranking 11-20

From Munich to Melbourne, the firms 11-20 in our ranking collectively raised over $40bn of infrastructure debt capital

Infrastructure Investor Debt 30 2024: Ranking 21-30

Firms needed to raise over $1.5bn to rank in this year's top 30 list of infrastructure debt fundraisers


PDI May 2024 cover


The 2024 Infrastructure Investor Debt ranking is based on the amount of direct infrastructure debt investment capital raised by firms between 1 January 2018 and 31 August 2023.

Where two firms have raised the same amount of capital over this time period, the higher II Debt ranking rank goes to the firm with the largest active pool of capital raised since 2017 (ie, the biggest single fund). If there is still a ‘tie’ after taking into account the size of a single fund, we give greater weight to the firm that has raised the most capital within the past one or two years.

We give highest priority to information that we receive from or confirm with the infrastructure managers themselves. When firms confirm details, we seek to ‘trust but verify’. Some details simply cannot be verified by us, and in these cases we defer to the honour system. In order to encourage co-operation from infrastructure firms that might make the II Debt ranking, we do not disclose which firms have aided us on background and which have not. Lacking confirmation of details from the firms themselves, we seek to corroborate information using firms’ websites, press releases, limited partner disclosures, etc.

  • Structures 
  • Limited partnerships
  • Open-ended vehicles (capital must be raised within the specified dates)
  • Co-investment funds/separate accounts capital raised by infrastructure managers that happen to be publicly traded
  • Seed capital and GP commitment 
  • Strategies
  • Debt strategies 
  • Mezzanine funds 
  • Financing of existing assets (brownfield), development-phase assets (greenfield) or a mix of both 
  • Expected capital commitments
  • Public funds
  • Contributions from sponsoring entities
  • Capital raised for funds of funds
  • Capital raised for infrastructure funds that seek to own assets for a period of time
  • Secondaries vehicles
  • Real estate funds
  • Private equity funds
  • Equity funds: core, core-plus, value-add, opportunistic
  • Hedge funds
  • Capital raised on a deal-by-deal basis
  • Leverage
  • PIPE investments


II Debt 30 2022: The largest infra credit GPs raise over $139bn

BlackRock tops our expanded ranking of the world’s largest debt managers, which counts 10 new firms this year.
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Meet the top 15 infra debt fundraisers

The Infrastructure Debt 15 is the second edition of Infrastructure Investor's ranking of the world's largest credit GPs, which have raised $84bn from third-party LPs.

The world’s 10 largest infra debt managers

As infrastructure debt continues its steady growth, fundraising among the asset class’s most elite firms nears $60bn.


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