Carlyle eyes over $3bn for new infrastructure fund amid growing investor interest

Carlyle Group is setting its sights on raising more than $3bn for its latest infrastructure-focused vehicle, Carlyle Global Infrastructure Opportunity Fund II, as it seeks to expand its footprint in the asset class, according to sources cited by Bloomberg.

The private equity giant has begun preliminary discussions with potential investors, though details remain confidential. A Carlyle spokesperson declined to comment.

Carlyle has recently joined the UK Private Equity Conference in London.

The new fund follows the success of its predecessor, which raised $2.2bn in 2019 and has since been 88% deployed, generating a 1.6x multiple on invested capital (MOIC) and an 11% net internal rate of return (IRR) as of December 31, 2024, according to regulatory filings. 

Notable investments from the first fund include Terminal One at JFK International Airport—where Carlyle later sold a majority stake to Ferrovial SA in 2022—alongside Crimson Midstream, a crude-oil storage and transportation provider, and renewable energy player Amp Solar Group.

Infrastructure remains a key focus for private equity firms seeking stable, long-term returns. Industry leaders, including Apollo Global Management, BlackRock, and Blue Owl Capital, have all ramped up infrastructure-related acquisitions in recent months. However, while investor demand remains strong, global infrastructure fundraising has seen mixed results.

In 2024, the sector secured $95bn, slightly above the $94bn raised in 2023 but still lagging the $142bn annual average recorded between 2018 and 2022, according to Preqin.

Carlyle’s move underscores the firm’s commitment to infrastructure as a critical investment theme, positioning itself to capitalise on long-term growth opportunities in transport, energy, and digital assets.