€265bn raised in critical infrastructure investment in 2020s

Invest Europe launches maiden pan-European infrastructure activity data report
Private infrastructure funds invested €167bn in European companies or projects from 2020 to H1 2025

Brussels, Belgium, 09 December 2025, 1100 AM CET - Invest Europe, the association representing Europe’s private equity, venture capital and infrastructure sectors, as well as their investors, has released Building Europe’s foundations: The role of private capital in infrastructure, its first ever report into fundraising, investment and divestment activity in the infrastructure funds sector in Europe. The study draws attention to the importance of private capital investment in critical European infrastructure and points to the burgeoning growth in the asset class, as investors and funds target strong investment potential aligned with European sustainable development goals, including the green and digital transitions.

European infrastructure funds raised €265 billion from 2020 to H1 2025, including €41 billion in the first half of 2025. The figure nearly matches the €42 billion raised in all of 2024 and represents 91% of the average of the past five full years, indicating a significant step up in investor appetite for private infrastructure funds.
Funds invested €167 billion into 1,039 infrastructure projects or companies over the full period, with some 17% of investment into new greenfield assets and the remainder in existing assets. Since 2023, renewable energy has been the largest investment sector, followed by telecoms focused on Europe’s digital transition, while transport is the third biggest sector.

Building Europe’s foundations: The role of private capital in infrastructure also digs into the geographic breakdown of fundraising and investment, activity by fund stage and size, and domestic and cross-border flows to present a broader picture of private capital activity in Europe.

Eric de Montgolfier, CEO of Invest Europe, commented:

“There will never be enough public money for Europe’s green and digital transitions or transport upgrades. Yet, there are sizeable pools of private capital ready and willing to invest in critical infrastructure that can deliver outperformance and diversification, as well as yield and stability. In doing so, private infrastructure investment can address pressing climate and technology challenges and quite literally build a path for European growth and competitiveness.”

Invest Europe’s infrastructure analysis drawn from data submitted by some 250 infrastructure fund managers active in Europe. There are strong contributions for France and Italy thanks to annual statistics already gathered by Invest Europe partner associations in those countries. Invest Europe expects the scope of report to improve and broaden as more managers across Europe submit their data for the report.

The report reflects Invest Europe’s developing role as the voice of private infrastructure in Europe. Invest Europe has over 50 Infrastructure Roundtable members and looks forward to fully welcoming and integrating the Long-Term Infrastructure Investors Association members into the association from the start of 2026.

Click to download a copy of Building Europe’s foundations: The role of private capital in infrastructure.