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Appetite for real assets funds remains robust
With a few major closes in Q1 2025, 18 real assets funds raised $52 billion. That is roughly half of what they raised in the entirety of 2024. While the asset class is unlikely to keep up this momentum throughout the rest of the year, there are reasons for optimism around an enduring allocator appetite for infrastructure funds. The three secular trends of decarbonization, digitalization, and deglobalization continue to drive interest in the space, even amid the persistent and intensifying economic and geopolitical uncertainty.
This report spotlights our 2029 real assets AUM forecast and contains updated data on energy transition and digital infrastructure fundraising, North American and European infrastructure performance, and oil & gas dealmaking activity.
Table of contents
| Overview | 3 |
| Spotlight: 2029 Private Market Horizons | 8 |
| Infrastructure | 10 |
| Natural resources | 17 |