Fund closing timelines have shifted dramatically based on size, with large funds above $5 billion historically closing fastest at around two years. Small funds under $1 billion took the longest, while medium-sized funds fell in between. This pattern held steady for three years until 2025.

Infrastructure fundraising dynamics changed course this year. Large funds now require nearly three years to reach final close, while small funds achieve closings in just 24 months. Medium-sized funds continue to take longer than their smaller counterparts.

The reversal suggests market conditions favor smaller funds in the current environment. Large funds face greater complexity and scrutiny, while smaller funds benefit from streamlined processes and targeted investor bases. This shift could reshape fundraising strategies across the infrastructure investment landscape.